High-level overview of some of the changes introduced under the reforms.

ASIC finds 5 major gaps between PI Insurance Cover requirements outlined in RG 126 when compared to the standard AFS policies.

Civil penalties apply for failure to lodge business activity metrics by 27th September 2023. Links to further reading.

AUSTRAC guidelines encourage affected businesses to establish transparent communication with financial institutions.

ASIC provides licensing relief and exemptions for FFSPs who wish to provide services to clients in Australia.

ASIC has released its 3rd report into the reportable situations regime, highlighting some key action items for AFS & credit licensees.

ASIC has updated its guidance in relation to the financial resource requirements that apply to some types of AFSLs.

Checklist of important items for AFS licensees & Limited AFS licence holders to keep in mind in preparing for audit.

Employee Entitlement Scheme operators face a critical deadline of 1 September 2026 to obtain an Australian Financial Services License (AFSL) to continue operations. Understanding the application requirements and compliance obligations is essential for businesses managing employee contribution schemes. Sophie Grace provides comprehensive support for AFSL applications, AUSTRAC registration, and tailored AML/CTF compliance programs.

High-level summary of practical steps that reporting entities can take to transition to the new AML/CTF regime in an orderly manner.

Reporting entities are ultimately responsible for compliance with the AML/CTF Act.

AFSL holders providing financial advice must be registered as a tax agent or recognised as a qualified tax relevant provider.

ASIC has explicitly called on AFS licensees to review their distribution practices in Report 795.

Civil penalties apply for failure to lodge, so all AFSL and ACL holders should lodge their metrics as soon as possible.

Discusses common systemic issues AFCA identified across industry sectors starting with defining systemic issues.

ASIC has conducted a review of consumer leases, to evaluate the implementation of the reforms which commenced in 2023.

Financial advisers must have achieved relevant qualifications and training standards to provide advice to retail clients.

ASIC has now released a second Information Sheet in relation to Ongoing Fee Arrangements ("OFAs").

The AML/CTF Regime for Tranche 2 entities takes effect on 1 July 2026.

This Info Sheet aims to provide useful information on the key considerations in an acquisition of a financial services or credit services business.