ASIC has updated Regulatory Guide 236 Do I need an AFS licence to participate in carbon markets? (RG 236).
ASIC’s guidance is intended to assist carbon market participants to understand their financial services licensing obligations.
RG 236 provides guidance for participants in the carbon markets including people involved in the Australian Carbon Credit
ASIC has registered ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 which inserts a new section 912G in the Corporations Act.
Unless extended, the new section will be repealed at the start of 1 October 2029.
Under new section 912(G)(4) of the Corporations Act, authorised representatives have a
ASIC has consolidated the two breach reporting instruments in ASIC Corporations and Credit (Breach Reporting – Reportable Situations) Instrument 2021/716 and ASIC Credit (Breach Reporting – Prescribed Commonwealth Legislation) Instrument 2021/801 into a single document: ASIC Corporations and Credit (Breach Reporting–Reportable Situations) Instrument 2024/620.
ASIC Corporations and Credit (Breach Reporting–Reportable Situations) Instrument 2024/620 remakes
The Government has introduced the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 into the House of Representatives to amend the Competition and Consumer Act 2010 (Cth) from 1 January 2026 to require certain acquisitions of shares or assets to be notified to the Australian Competition and Consumer Commission (ACCC) for assessment prior to
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 has been passed by the House of Representatives and introduced into the Senate. Background.
The Bill has been referred to the Senate Legal and Constitutional Affairs Legislation Committee which is due to report by 13 November 2024.
If the Bill is not passed in the
The Government has introduced the Cyber Security Bill 2024 and the Intelligence Services and Other Legislation Amendment (Cyber Security) Bill 2024 into the House of Representatives to require reporting of cyber security incidents.
If passed the Cyber Security Bill will:
Commonwealth Parliament resumes on 8 October 2024 until 10 October 2024 before the final sittings for the year from 18 November 2024 to 28 November 2024.
Acts previously passed
Bills awaiting passage include:
The Australian Accounting Standards Board (AASB) has issued two inaugural Australian Sustainability Reporting Standards – AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures. Background.
Both AASB S1 and AASB S2 will apply to annual reporting periods beginning on or after 1 January 2025.
ASIC is
AUSTRAC has released for consultation draft alternative identification processes reporting entities can use to assist customers who may have difficulty providing standard identification.
The updated guidance would clarify that reporting entities:
ASIC has released updates to Regulatory Guide 274 Product design and distribution obligations (RG 274) to provide greater clarity around ASIC’s guidance on the appropriateness requirement for target market determinations (TMDs). ASIC says the changes to RG274 will not require product issuers to update their TMDs.
Notes that have been added include:
