FINANCIAL SERVICES NEW YEAR HEALTH CHECK

Christmas is well and truly over, and as we brace ourselves for whatever is in store for 2012, it is probably a good time to reflect on the key legal and regulatory changes that occurred across the financial services sector in 2011, and look ahead to next year…

Financial Services Update – December 2011

With Christmas just around the corner it is probably a good time to sit back, take stock of yet another turbulent year, and focus on the key issues that will impact the financial services sector in 2012…

Financial Services Update – October 2011

In this update we cover:
- Code of Private Equity Governance
- Key Actions for AVCAL Members:
- Draft of the Corporations Amendments (Future of Financial Advice) Bill 2011: Second Tranche
- Allocate more time for your Audits
- More on the monitoring and reporting of your core AFSL obligations…
- Time to review your financial product and services material?
- AML/CTF Update

Final reminder about additional requirements for threshold transaction reports

From 1 October new obligations for threshold transaction reports (TTRs) will come into effect. This blog provides a summary on who it applies to, TTR additional requirements and reporting details….

New enrolment requirements for all reporting entities

From the 1st of November 2011 AUSTRAC will be introducing enrolment requirements which apply to all AML/CTF reporting entities. This blog provides a summary of the enrolment procedures, as well as some background as to the reasons for this new enrolment…More>>

Financial Services Update July 2011

In this update we look at the dawn of the new Australian Director; fraud corruption and FIFA; moves to improve disclosure; and new AML/CTF Customer Identity Verification Procedures.

Financial Services Update June 2011

Welcome to the June Financial Services Compliance Update. This month we cover:
- New sheriff in town. Incoming ASIC boss to shake up monitoring and enforcement activity
- Focus on gatekeepers – five new measures to protect consumers
- There’s more…….Indirect Brokers also to face further scrutiny
- Shorter PDS – Implementation relief announced
- AML/CTF Update
- Autonomous Sanctions Act 2011

Financial Services Compliance Update – April 2011

In this month’s Financial Services Compliance Update we cover:
-New Rules for Managing Related Party Transactions
-Updated Regulatory Guide 122: Independent Expert Reports
-Back to the drawing board with Prospectus document?
-Simplified PDS documents issues
-AML/CTF Draft Rules

FINANCIAL SERVICES COMPLIANCE UPDATE FOR EXECUTIVES ON THE GO

Welcome to the first of our monthly Financial Services Compliance Update for executives on the go! In this update we cover:

* Government review of retail/wholesale distinction
* AML/CTF update
* ASIC introduces new Regulatory Guides to enhance consumer protection
* New exemption for foreign funds
* ASIC standardises reporting of short positions

Governance Elephant Awards 2010

On Friday 22 October 2010 CompliSpace Managing Director, James Field, presented the inaugural “Governance Elephant Awards” at a plenary session of the Australian Compliance Institute’s 14th National Conference in Melbourne.

The awards recognise governance “elephants in the room”, being obvious truths that are largely ignored or unaddressed despite being almost impossible to overlook. People (usually regulators and law makers) pretend the big issues aren’t there, instead choosing to concern themselves with tangential or small and irrelevant issues.

So the winners are ….