In this Funds Update for 14 March 2025:
- ASIC releases enforcement and regulatory update
- ASIC consults on updates to ASIC Derivative Trade Repository Rules 2023
- ASIC updates AFS licence Information Sheets
ASIC releases enforcement and regulatory update
On 28 February 2025, ASIC released its enforcement and regulatory update covering events from July to December 2024 (Report 804).
Notably, Report 804 sets out that:
- ASIC achieved significant court penalties imposed for greenwashing, and design and distribution breaches, including $46.6 million in civil penalties;
- investigations undertaken by ASIC increased by 31%, when compared to the prior corresponding period;
- ASIC commenced 15 new civil proceedings; and
- ASIC released its first review on AI adoption by financial services licensees and invited industry feedback on proposed updates to their digital asset guidance.
ASIC’s media release regarding Report 804 can be found here.
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ASIC consults on updates to ASIC Derivative Trade Repository Rules 2023
On 10 March 2025, ASIC proposed to amend the ASIC Derivative Trade Repository Rules 2023 to have the effect of:
- updating two definitions under Rule 1.2.3 to reflect the changed location of definitions under the Corporations Act 2001 Cth (Act);
- removing six definitions under Rule 1.2.3 that duplicate definitions provided under the Act and a related note under Rule 1.2.2; and
- correcting an erroneous reference under Rule 2.4.4.
Submissions on the proposed amendments should be emailed to ASIC by 8 April 2025.
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ASIC updates AFS licence Information Sheets
On 5 March 2025, ASIC released updated versions of Information Sheet 100 titled ‘Margin lending: Getting or varying an AFS licence’ (INFO 100) and Information Sheet 229 titled ‘Limited AFS licensees: Complying with your licensing obligations’ (INFO 229).
INFO 100 provides guidance to issuers and advisers of margin lending facilities who intend to apply for either a new Australian financial services (AFS) licence or a variation to an existing AFS licence.
INFO 229 sets out the licensing obligations that apply to limited AFS licensees.
The updates to both Information Sheets seek to clarify dispute-related information and introduce minor changes to ensure currency.
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Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.