Federal Parliament - Financial product design and ASIC Intervention Bill released

Source: Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018

On 20 September 2018, the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (Bill) was introduced into the House of Representatives and received its second reading. The Bill was also referred to the Senate Economics Legislation Committee on the same day and a report is due by 9 November 2018.

According to the Explanatory Memorandum, the Bill proposes to amend the Corporations Act 2001 (Cth) and National Consumer Credit Protection Act 2009 (Cth) in order to introduce:

  • "design and distribution obligations in relation to financial products" (proposed date of effect is two years after the Bill receives Royal Assent); and
  • "a product intervention power for ASIC to prevent or respond to significant consumer detriment" (proposed date of effect is the day after the Bill receives Royal Assent).

APRA - Release of updated information paper relating to outsourcing which involves cloud computing

Source: Information Paper: Outsourcing Involving Cloud Computing Services

On 24 September 2018, APRA released an updated information paper titled "Outsourcing Involving Cloud Computing Services" (Information Paper). The Information Paper has been updated due to "the growing usage of cloud computing services by APRA-regulated entities, an increasing appetite for higher inherent risk activities, as well as areas of weakness identified as part of [APRA's] supervisory activities".

ASIC - Deadline for submission of industry funding information

Source: ASIC industry funding

The due date for ASIC regulated organisations to submit industry funding information and business activity metrics online is 27 September 2018. The information will be used to determine ASIC levies for the next financial year. ASIC has advised that a failure to meet this deadline may result in penalties for the organisation.

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