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.

The Australian Prudential Regulation Authority has set out its initial risk management expectations for regulated entities that engage in activities associated with crypto-assets, and a policy roadmap for the period ahead in a letter to industry.

The Australian Prudential Regulation Authority (APRA) has set out its initial risk management expectations for regulated entities that engage in activities associated with crypto-assets, and a policy roadmap for the period ahead in a letter to industry. We explore the APRA proposals in more detail below.