Australian Financial Services Regulatory Update | Q3–Q4 2022

This edition of the Update covers: 

• Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and Optus, the release of the inaugural Climate Vulnerability Assessment, the extension of the CDR to non-bank lenders, ASIC guidance on the effectiveness of target market determinations and the new reportable situations regime, and the extension of relief for foreign financial services providers;
• Recent financial services litigation, including civil penalty proceedings commenced by ASIC against Amex and Firstmac for alleged failure to comply with the design and distribution obligations and civil penalty proceedings commenced by AUSTRAC and ASIC against the Star Group and 11 of its directors and officers for alleged AML/CTF failures; and