The Government has released exposure draft legislation to update the Payments Systems (Regulation) Act 1998 (PSRA). This follows consultation conducted in June 2023 to “modernize” the application of the PSRA and to ensure the framework appropriately regulates emerging and future payment functions.
For the fourth time since its inception in September 2016, the Australian Securities and Investments Commission (ASIC) has extended the transitional relief period for Foreign Financial Services Providers (FFSPs) for a further 12 months until 31 March 2025. In its introduction of the ASIC Corporations (Amendment) Instrument 2023/588 on 4 August 2023, FFSPs have been offered a further extension on relief from the requirement to hold an Australian financial services license when providing certain financial services.
In this edition of Bite-size Briefings, we take a bite-size look at the latest developments concerning AI regulation as it affects financial services in Australia, the EU, Hong Kong SAR, Thailand, the UK and the US.
The Australian Government has released its Strategic Plan for Payments System: Consultation Paper. It is significant insofar as it demonstrates the current Government’s commitment to reform by creating a fit-for-purpose regulatory framework in respect of payments mirroring international developments. It is also significant in that the paper expressly states that the reform agenda includes implementing a tiered licensing framework for payment services providers. Interested parties are invited to comment on this consultation. Responses are due on 6 February 2022.
This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).
The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).
The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging.
This virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Set out below are details of our 2022 series.
On 5 May 2022, in a landmark Australian decision, the Federal Court found that RI Advice had breached its obligations as an Australian financial services licensee to act efficiently, honestly and fairly, as a result of its failure to have in place adequate risk management systems to manage cybersecurity risks. In handing down her judgment, Justice Rofe warned that “cybersecurity risk forms a significant risk connected with the conduct of the business and provision of financial services”. Her Honour noted that the declarations ordered in the matter should deter other AFS licensees from engaging in similar conduct.
This edition of Bite-size Briefings explores the regulation of crypto (or digital) assets across a number of jurisdictions: Australia, Brazil, Hong Kong SAR, Singapore, the UK and the US.
On 5 May 2022, in a landmark Australian decision, the Federal Court found that RI Advice had breached its obligations as an Australian financial services (AFS) licensee to act efficiently, honestly and fairly, as a result of its failure to have in place adequate risk management systems to manage cybersecurity risks.