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ARTICLE · 01 JULY 2024

Australian Financial Services Regulatory Update | January-June 2024

Jones Day
Jones Day
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Jones Day

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The government introduced Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (the "Bill"), which includes a new regime for standardised requirements...

AustraliaFinance and Banking
Jo Dwyer
Jo Dwyer
John Emmerig
John Emmerig
Alastair Gourlay
Alastair Gourlay
Daniel Moloney
Daniel Moloney
Evan J. Sylwestrzak
Evan J. Sylwestrzak
Holly Sara
Holly Sara
Isaac C. West
Isaac C. West
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This edition of the Update covers:

  • Recent legal and regulatory developments, including the joint release of APRA and ASIC guidance concerning the new Financial Accountability Regime, APRA's announcement that it will publish superannuation expense data to enhance transparency in the industry, ASIC's recently announced expectations of superannuation trustees in monitoring investment performance, introduction of climate-related disclosure requirements, and ASIC's review of lending practices.
  • Recent financial services litigation, including ME Bank's sentencing after pleading guilty to criminal charges in connection with its consumer lending activities, a successful appeal by ASIC in its misrepresentations case against ACBF Funeral Plans and Youpla Group, and the Federal Court's finding that a crypto-backed product offered by Block Earner was a financial product for which a financial services licence was required.

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