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  • ASIC Releases Guidance On The Registration Of Financial Advisers

    Date 28/11/2023

    KEY POINTS:

    • ASIC has issued guidance to financial advisers and Australian financial services (AFS) licensees about the new requirement for financial advisers to be registered.
    • From 1 February 2024, financial advisers who provide personal advice to retail clients on relevant financial products must be registered with ASIC.

  • New Zealand Financial Markets Authority Cancels Foundation Advice Limited’s financial Advice Provider Licence

    Date 28/11/2023

    The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has cancelled Foundation Advice Limited (FAL)’s Financial Advice Provider (FAP) licence. FAL was an Auckland-based FAP offering advice on life and health insurance as well as KiwiSaver. 

  • The Evolving Regulatory Landscape And The Implications For Australasian Listed Entities - Address By ASIC Chair Joe Longo At The Australasian Investor Relations Association Forum, 28 November 2023

    Date 28/11/2023

    KEY POINTS

    • ASIC Chair Joe Longo addressed investor relation professionals at the AIRA 2023 forum with a key focus on the evolving regulatory landscape and the implications for Australian listed entities.
    • Transparency and engagement are at the heart of investor relations, and help build a strong, fair, and efficient financial ecosystem. 
    • ASIC is calling on these professionals to focus on areas fundamental to maintaining market integrity, including continuous disclosure, sustainable finance reporting, and shareholder responsibility and activism. ASIC will take action against poor practices in these areas.

  • Prohibiting Conflicts Of Interest In ABS Securitizations, SEC Commissioner Jaime Lizárraga, Nov. 27, 2023

    Date 27/11/2023

    Today the Commission adopted a new rule to address harmful conflicts of interest in the asset-backed securities (“ABS”) market. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), Congress directed the Commission to issue rules prohibiting those conflicts of interest, which played a significant role in causing the 2008 financial crisis.

  • Statement On The Final Rule: Prohibition Against Conflicts Of Interest In Certain Securitizations, SEC Commissioner Mark T. Uyeda, Nov. 27, 2023

    Date 27/11/2023

    Today, the Commission adopted Rule 192 under the Securities Act of 1933 to implement Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Section 621 is intended to prohibit those involved in the securitization process from profiting from the securities’ failures. While the Commission’s initial 2011 proposal to implement Section 621 largely tracked the text of Section 621, commenters expressed concerns that this approach lacked clarity regarding the scope of prohibited and permitted conduct. When re-proposing Rule 192 earlier this year, the Commission provided greater detail in the rule text, including the types of transactions that constitute “conflicted transactions” prohibited by the rule and defining certain key terms used in the rule. The Commission stated that its re-proposed rule “would provide strong protection against material conflicts of interest while not unnecessarily hindering routine securitization activities that do not give rise to the risks that Section [621] was intended to address.”

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