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ASIC consults on consumer remediation guidance

Business, Industry, Regulations /

ASIC has today released a consultation paper on proposed updates to Regulatory Guide 256: Client review and remediation conducted by advice licensees. Consultation Paper 335 Consumer Remediation: Update to RG 256 (CP 335) includes clarification of RG 256’s application to all financial services licensees, credit licensees and superannuation trustees. Announcing the consultation, Acting Chair Karen Chester said, “Putting money back in […]

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Australia Plans to Test Paperless Trade with Singapore Using Blockchain

Blockchain /

ABF launched a trial with Singapore authorities to simplify cross-border trade through blockchain technology. The Australian Border Force (ABF) announced today that the agency is working on cross-border trade solutions with Singapore to make the entire process simple and paperless through the integration of blockchain technology. In an official press release, the ABF stated that

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AFS License Not Required by Foreign Brokers to Deal with Professional Clients

Forex, Industry, Regulations /

Dealing with sophisticated clients is permitted without an AFS license. Increasingly CFD and FX dealers are looking to provide financial services in highly-regulated jurisdictions. Many of these dealers are unaware that Australia offers a little-known exemption to the financial services licensing requirements. Under the Corporations Regulations 2001 (Reg 7.6.02AG), foreign CFD and FX brokers do

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