Australian Financial Services Regulatory Update

This edition of the Update addresses:

1. Recent legal and regulatory developments which relate to licencing and regulatory relief, consumer protection, financial markets, anti-money laundering and capital and prudential requirements for authorised deposit-taking institutions ("ADIs"); 
2. The recent decision of Federal Court in Australian Securities and Investments Commission v Hutchison [2020] FCA 978, which affirmed that the phrase "in relation to" a financial service is to be construed widely;
3. The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA remain committed to taking enforcement action in relation to matters referred by the Commissioner; and