ASIC guidance on auditor reporting obligations. The Australian Securities & Investments Commission released an updated Regulatory Guide 34, Auditors’ obligation: Reporting to ASIC. The updated guide provides guidance on the obligations of auditors of companies and registered schemes to report suspected contraventions of the Corporations Act 2001 to ASIC. It also introduces guidance for auditors of credit licensee trust accounts. (5/31/2013) ASIC press release.

ASIC consultation on auditor resignation, removal and replacement. The Australian Securities & Investments Commission published a consultation paper on its approach to the resignation, removal and replacement of auditors. Comments should be submitted on or before August 30, 2013. (5/30/2013) ASIC press release.

ASIC consultation on ASX Managed Funds Service relief. The Australian Securities & Investments Commission released a consultation paper proposing relief for retail clients who apply for an interest in a registered simple managed investment scheme through the proposed ASX Managed Funds Service. Comments should be submitted on or before July 11, 2013. (5/30/2013) ASIC press release.

Australia issues guidance on credit licenses. The Australian Securities & Investments Commission updated Regulatory Guide 203, “Do I need an Australian credit license?” to help individuals and entities in the credit industry decide whether they engage in credit activities and whether they need an Australian credit license. The guidance also assists existing licensees and representatives concerning when certain exemptions can be relied upon. (5/29/2013) ASIC press release.

Australia seeks additional feedback regarding hedge funds. The Australian Securities & Investments Commission will consider submissions from industry in order to refine the definition of “hedge fund” after concerns were raised that the current definition affected a number of funds that do not exhibit the same risks to investors as “true” hedge funds. ASIC has extended to February 1, 2014, the transitional relief to hedge fund issuers provided under Class Order [CO 12/749], Relief from the Shorter Product Disclosure Statement regime. (5/23/2013) ASIC press release.