Keeping on top of the latest financial services regulatory & compliance trends?

Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian regulators weekly wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past week, analysis and practical considerations for the future.

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Thought for the future: the new onerous breach reporting regime is coming in October 2021. Under it, a ‘deemed significant breach’ which needs to be reported is anything — irrespective of the circumstances which: (a) constitutes the commission of an offence and the commission of the offence is punishable on conviction by a penalty that may include imprisonment for: (i) three months or more if the offence involves dishonesty; or (ii) 12 months or more in any other case; (b) contravenes a civil penalty provision (except where excluded by the regulations — of which none have been yet) or for credit licensees constitute a contravention of a key requirement under s111 of the National Credit Code (Sch 1 to the NCCP); (c) contravenes s1041H(1) of the Corporations Act or s12DA(1) of the ASIC Act (misleading or deceptive conduct); or (d) that result, or are likely to result, in material loss or damage to clients, or to members of a managed investment scheme or superannuation entity. My firm has developed a really comprehensive and intuitive hyperlinked register which covers all (a)–(c) above for the key items of legislation e.g. CA, ASIC Act, NCCP, etc. Some of our clients are using this work product to retrospectively consider their incidents register to see how much extra reporting they will need to do come October 2021. Please get in touch if you wish to obtain a copy!

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