Financial Institutions and Markets (J)
Hot on the heels of the Central Bank's ‘Dear CEO Letter’ to Regulated Financial Service Providers (RFSPs) on compliance with their obligations under the Fitness and Probity Regime, comes a Government announcement that it is to begin drafting the Central Bank (Amendment) Bill 2019.
The aim of the proposed legislation will be to enable the Central Bank of Ireland to introduce an enhanced Fitness and Probity Regime that will increase the levels of responsibility and accountability of senior individuals working in RFSPs.
This article is republished from LexisNexis Financial Services Newsletter 2019 - Vol 17 No 10.
Authored by Andrea Beatty, Partner and Chelsea Payne, Law Graduate.
“Buy now pay later’ is a rapidly expanding industry. It is particularly attractive to young people – it is like ‘credit’, but it is not considered ‘credit’ under Australian credit laws. As a result, it is not regulated like consumer credit.
In November 2018, ASIC released the much anticipated Report 600: review of buy now pay later arrangements (Report), which provides insight into the relatively unregulated ‘buy now pay later’ industry (industry). The review, which examined six buy now pay later providers (providers), identified areas that ASIC intends to monitor and potentially extend its new product intervention power to.
Author: David B. West
Executors have a duty to gather all of the assets of the decedent’s estate and prepare an inventory of the assets and debts. In days of old, this meant obtaining paper files that had been in the possession of the deceased. The digital world changed all that. Digital content is generally held, not by the owner of the information, but by a third-party custodian. The custodian of digital assets has an obligation to protect against disclosure of data to unauthorized users. Can an executor really be considered an unauthorized user?
Author: Andrea Beatty
In a large step towards the long-promised update to its responsible lending guidance, ASIC released a consultation paper setting out its proposed updated guidance and inviting public feedback. Partner, Andrea Beatty and lawyer, Gabor Papdi, review the proposed updated guidance.
On 14 February 2019, the Australian Securities and Investments Commission (ASIC) announced that it is reviewing and planning to update Regulatory Guide 209: Credit licensing: Responsible lending conduct (RG 209) and published Consultation Paper 309: Update to RG 209: Credit licensing: Responsible lending conduct (CP 309). This comes over four years after RG 209 was last revised and follows a number of judicial decisions, ASIC issue-specific reviews, non-judicial enforcement action and a royal commission that have occurred during the intervening period.
The Financial Services Authority (Otoritas Jasa Keuangan/”OJK”) has issued regulation on Equity Crowdfunding, i.e. OJK Regulation No. 37/POJK.04/2018 concerning Equity Crowdfunding (“POJK No. 37/2018”) which has been in force since 31 December 2018.
POJK No. 37/2018 sets out the terms and conditions for companies (particularly start-up companies) which intend to gain capital by way of fundraising with a concept of offering equity securities directly to investors through online platform operated by an equity crowdfunding operator (“Equity Crowdfunding”). The type of equity securities that are allowed to be offered in an Equity Crowdfunding platform are shares, whether conventional shares or sharia-based shares.
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