Australian regulators weekly wrap — Monday, 4 May 2020

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.

Never miss an update by signing up to receive emails here or by following me on LinkedIn here. You can also access past editions of the Australian regulators weekly wrap by clicking here.

  1. Modern Slavery (Legislation): I wrote last week about an underwhelming update from the Australian Border Force, specific to the fact that it did not address any revision of the timing of Modern Slavery reports. In the wake of broader comment, this week the Australian Government has extended the deadline for entities due to lodge statements in 2020 under the Modern Slavery Act 2018 (Act) by three months. The Assistant Minister for Customs, Community Safety and Multicultural Affairs announced this decision via Media Release and additional information is available on online. This three month deadline extension applies to all reporting entities under the Act operating on reporting periods that end on or before 30 June 2020. This volte face is in recognition of the fact that the COVID-19 pandemic is significantly impacting many reporting entities due to submit modern slavery statements in 2020. This extension only changes the deadline for submission of modern slavery statements and does not alter the reporting periods for entities, which remain unchanged. In all, a sensible judgment.

Thought for the future: I think that the ABA’s queries to ASIC, and ASIC’s response, are great. Regulators owe a duty to the regulated to convey their expectations as much as possible. Now for the other financial services industry groups, advisers and representatives to follow the ABA’s lead and seek to extract useful information to assist industry participants who will also have their own queries e.g. insurers and super.

(These views are my own and do not constitute legal advice. Photo credit Tom Wheatley)

AU financial services lawyer in compliance, regulatory & disputes. Email sign-up: http://eepurl.com/gG9Kk1 and LinkedIn: https://www.linkedin.com/in/lthennessy/