The PDDO introduces for the first time product governance requirements for insurance products. ASIC Regulatory Guide 256: Client review and remediation conducted by advice licensees. Corporations Act ASIC regulatory guidance Purpose of the policy s.1317AI The policy must contain a brief explanation about its purpose. 14 Ibid s 994E(3). On 11 December 2020, ASIC released the following suite of documents: ASIC Regulatory Guide 274 Product design and distribution obligations ( RG 274 ). ASIC releases regulatory guide on product design and distribution obligations RG 274 addresses demand from industry for ASIC guidance as they prepare for the obligations to take effect on 5 October 2021. ASIC has released Regulatory Guide 274 (Product Design and Distribution Obligations) setting out its guidance on the PDDO. ASIC Regulatory Guide 231 – Infrastructure entities: Improving disclosure for retail investors sets out benchmark and principles disclosure guidelines for infrastructure entities.A full copy of ASIC Regulatory Guide 231 Infrastructure Regulatory Guide 132 - Our observations on ASIC’s updates to the guide Subject In July 2018 ASIC issued seven new and updated regulatory guides, providing comprehensive guidance to … ASIC’s Regulatory Guide 274 will bring significant changes to the ways financial products are formed, marketed and promoted. It also imposes obligations on distributors, who interact directly with the end consumer. ASIC’s guidance is principled-based, therefore allowing issuers and distributors a fair degree of flexibility in complying with the DDO regime. ASIC will publish its regulatory guide on DDO, following consultation on its draft regulatory guide that was released in December 2019. This regulatory guide sets out our guidance on client review and remediation (review and remediation) that: is conducted by Australian financial services (AFS) licensees who provide personal advice to retail clients (advice licensees); and. Regulatory change Current status Resources Product Design and Distribution Obligations (PDDO) The transition period has been extended until 5 October 2021. The proposed changes are substantial and will apply to all Australian financial services ( AFS) licensees, Australian credit licensees and RSE licensees. Attachment to CP 321: Draft regulatory guide REGULATORY GUIDE 000 Whistleblower policies August 2019 About this guide This guide is for entities that must have a whistleblower policy under the Corporations Act—public No formal application is needed to rely on ASIC’s Fintech Licensing Exemption. ASIC has released a first-round consultation paper on proposed changes to Regulatory Guide 256: Client Review and Remediation Conducted by Advice Licensees. For complaints received before 5 October 2021, Regulatory Guide 165 (“RG165”) will continue to apply. Note: This guide comes into effect on 5 October 2021. The draft guidance gives ASIC’s views on some key issues that the industry has been deliberating to date. ASIC has highlighted the importance of a ‘consumer-centric’ approach, although the nature of ASIC’s guidance is not substantially different to its draft regulatory guide. RG to be published in Q3 2020 ASIC plans to respond to industry requests for guidance ‘as soon as possible’ Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority sets out how we will perform our oversight role in relation to the AFCA scheme. ASIC Regulatory Guide 217, to which I will refer as “RG217”, was published on 29 July 2010 and is headed “Duty to prevent insolvent trading: Guide for Directors”. ASIC has, however, provided further guidance on what it means to take a ‘consumer-centric approach’ , including a non-exhaustive list on consumer vulnerabilities at RG 274.47. ASIC has reissued Regulatory Guide 9 Takeover bids (RG 9) to incorporate updated guidance on the minimum bid price rule in s621(3) of the Corporations Act. 15 Ibid s 944F(3). Australian Financial Services Regulatory Update - February 2021. ASIC’s draft regulatory guide reflects reforms made to the breach reporting regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. ASIC has also updated its Regulatory Guide 5: Relevant interests and substantial holding notices and Regulatory Guide 254: Offering securities under … In December 2019, ASIC issued a draft Regulatory Guide and consultation paper on the Design and Distribution Obligations (DDO). Furthermore, other regulatory changes, such as Significant Dealing under the Design and Distribution Obligations (DDO) and the upcoming complaints requirements under ASIC’s Regulatory Guide 271 relating to raising internal RG271 will apply to complaints received by financial firms on or after 5 October 2021. 13 Ibid s 994D. Design and Distribution Obligations commence on 5 October 2021. For complaints received by financial firms before that date, Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) applies. 12 Corporations Act 2001 (Cth) s 994E(3). We will withdraw RG 165 The deferred sales model introduces a four-day pause between the sale of a principal product or service and the sale of an add-on insurance product. Note 2: From 27 July 2020, applications for relief should be submitted through the ASIC Regulatory Portal . Strict regulations by regulatory authorities around the financial markets are needed to protect inexperienced operators. Benchmark 1: Client Qualification In accordance with the RG 227 issued by ASIC ASIC Releases Updated Guidance on Complaints Handling On 30 July 2020, ASIC released an updated and finalised version of Regulatory Guide 271 Internal dispute resolution, which sets out how AFS licensees must deal with These reforms clarify and strengthen the existing obligation on AFS licensees to self-report certain breaches of the law to ASIC and extend the obligation to credit licensees. instrument and ASIC Regulatory Guide 51. The full Asic Regulatory Guide 227 by AvaTrade. Draft ASIC Regulatory Guide 000: Product design and distribution obligations [RG 000.130]. The rewrite of ASIC’s previous guidance on the rule is designed to make it clearer and easier to use. RG 274 is the final regulatory guide … ASIC will withdraw RG165 on 5 October On 13 November 2019, ASIC released its Regulatory Guide with the intention of providing regulated entities with guidance in the preparation and implementation of mandatory whistleblower policies. ASIC’s Regulatory Guide. Who the policy applies to s.1317AI(5)(a) The policy must specify who is an eligible ASIC has released Regulatory Guide 274 Product design and distribution obligations ( RG 274 ). It is an extremely useful guide and should be read by any lawyer who ASIC is seeking stakeholder feedback on proposals for a Regulatory Guide and prescribed customer information for the forthcoming deferred sales model for add-on insurance. ASIC has calculated total Merrill Lynch made a statement to the ASX revealing it too was a substantial shareholder in not only will our regulatory ASIC Regulatory Guide 5: 3 - On 5 April 2018 the Mandevilla Requisitioning

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