Article
KYC process changes and tipping off provision expansion – Amendments to the AML/CTF Rules
Reporting entities should review the AML/CTF Rules to ensure that their program and processes are up to date.
Sophie Grace Pty Ltd
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What happens if your Key Person leaves the business?
In a licence application or variation, ASIC has the discretion to impose a Key Person condition on an ACL or an AFSL.Sophie Grace Pty Ltd - Article
What is the Corporate Collective Investment Vehicle (CCIV) regime?
A CCIV is a type of company limited by shares that operates as a collective investment vehicle.Sophie Grace Pty Ltd - Article
Understanding the importance of wholesale client classification for AFSL holders
Licensees should understand the criteria for classifying clients and potential ramifications for misclassification.Sophie Grace Pty Ltd - Article
ASIC Enforcement Action: Claims Handling
Licensees authorised in relation to claims handling, insurance products or superannuation have been put on alert.Sophie Grace Pty Ltd - Article
ASIC Financial Adviser Register (FAR)
FAR is a listing of those who can provide advice on investments, superannuation, and life insurance to retail clients.Sophie Grace Pty Ltd - Article
Breach reporting – ASIC Insights
A new breach reporting regime has commenced for Australian financial services licensees and Australian credit licensees.Sophie Grace Pty Ltd - Article
Greenwashing: ASIC's recent actions on this current investing issue
Greenwashing distorts certain information that an investor might need to make informed investment decisions.Sophie Grace Pty Ltd - Article
Preventing Licence Cancellations And Suspensions
For many financial services and credit businesses, holding an Australian Financial Services Licence (AFSL) or Australian Credit Licence is fundamental to operating lawfully in Australia.Sophie Grace Pty Ltd - Article
Foreign Financial Service Providers (FSPs)
Foreign Financial Services Providers have a number of avenues to provide services to clients in the Australian market.Sophie Grace Pty Ltd - Article
AFS Licensees On Notice – Serious And Repeated Failures Can Lead To Cancellation Of Your AFSL
In recent case ASIC cancelled AFS Licence for serious failures in meeting its compliance obligations.Sophie Grace Pty Ltd - Article
ASIC Strengthens Oversight Of Credit And Debt Management
ASIC will utilise its full range of powers to protect consumers seeking credit.Sophie Grace Pty Ltd - Article
Failure to Manage PDS Notifications with ASIC May Attract Serious Consequences
AFS Licensees have requirements to notify ASIC when the contents in a PDS are changed.Sophie Grace Pty Ltd - Article
Updated Guidance on Financial Services Guides – Website Disclosure Information
AFS Licensees must keep a record of each version of the website disclosure information.Sophie Grace Pty Ltd - Article
AFSL Auditor replacement, removal and resignation – updates implemented by ASIC
The changes that impact Australian Financial Services Licensees ("AFS licensees").Sophie Grace Pty Ltd - Article
Should You Be Conducting More Stringent Monitoring And Supervision Of Your Authorised Representatives? – Key Take-aways From The Lanterne Case
ASIC expects all Licensees to comply with the conditions of their AFS or credit licence as well as the obligations which arise from the relevant financial services or credit laws.Sophie Grace Pty Ltd - Article
Consumer Credit changes start in June 2023
Summary of changes to SACCs and Consumer Leases.Sophie Grace Pty Ltd - Article
AUSTRAC's new guidance on conducting source of funds and wealth checks
All Reporting Entities have an obligation to determine the source of high risk customers' funds and wealth.Sophie Grace Pty Ltd - Article
Complying With Requirements When Receiving Credit Card Payments From Clients
Businesses should take the necessary steps in order to comply with the regime.Sophie Grace Pty Ltd - Article
AFSL Cancelled After CSLR Payment
The CSLR is an independent not-for-profit company authorised to provide compensation of up to $150,000 to a consumer for an unpaid AFCA determination.Sophie Grace Pty Ltd
