ASIC

Super fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.

Directors owe duties of care and diligence (s 180), good faith (s 181), no improper use of position (s 182) or information (s 183).

Directors must prevent the company incurring debts while insolvent — or face personal liability.

AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.

AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.

Credit licensees must not enter into credit contracts unsuitable for the consumer.

Brokers must act in the consumer's best interests when providing credit assistance.

Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.

Banking entities from 15 March 2024; insurers and super trustees from 15 March 2025.

Listed entities must immediately disclose price-sensitive information to the market.

Every director needs a Director ID before appointment — apply via ABRS.

Self-managed super funds must be audited by an ASIC-registered auditor each year.

AFSL holders providing financial services to retail clients must hold adequate professional indemnity insurance.

Relevant providers must be on the Financial Advisers Register and meet education + CPD + Code of Ethics.

AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.

BNPL captured by the NCCP Act as a regulated credit product from 10 June 2025.

Credit providers must respond to hardship notice + assess variation request.

From 1 January 2022, insurance claims handling is a financial service requiring AFSL authorisation.

AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.

Schemes with 20+ retail members must be registered with ASIC as MIS.

ASX Listing Rule 12.12 requires written policy on directors + senior managers trading entity securities.

Offers of securities to retail investors require a prospectus or OIS lodged with ASIC.

Directors can place company in voluntary administration when insolvent — pause creditor claims for restructuring window.

Group 2 (mid-tier entities) start climate disclosure FY27.

FAR accountable persons must have 40% of variable remuneration deferred 4 years.

Financial Services Guide before service; Statement of Advice for personal advice.

Personal advisers must act in client's best interests + meet related obligations.

SACC + consumer lease fee caps + responsible lending tightened post-Royal Commission.

Issuers of OTC derivatives to retail clients face product intervention orders + tightened conditions.

Group 1 entities must report Scope 3 from year 2 + escalating assurance through to FY30.

Issuers + distributors of retail financial products bound by DDO from 5 October 2021.

SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.

Representatives advising on financial products to retail clients must meet RG 146 training standards.

ICA member insurers bound by service standards + claims handling timeframes.

Companies must pay annual fees + lodge prescribed forms within statutory periods (e.g. Form 484 for changes).

Retail financial product issuers must provide a current PDS before issuing.

FSC member life insurers bound by Code 2.0 (commenced 1 July 2023).

Credit providers must consider hardship notices within 21 days under s 72 NCC.

AASB likely to mandate S1 (general sustainability) following S2 climate phasing.

RCAs must maintain ASIC registration + 120 hours CPD over 3 years.

Treasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.

ABA member banks bound by the Banking Code — fair conduct + dispute resolution requirements.

Companies must retain financial + business records for 7 years.

Entities with consolidated revenue ≥$100M must publish a Modern Slavery Statement annually.

ASX-listed entities must disclose against 8 Principles + 38 Recommendations annually.

S2 mandates climate scenario analysis at least 1.5°C-aligned + an additional scenario.

ICA Code binds member insurers on conduct + claims + complaints.

Every Australian company has an annual review date — confirm details and pay the fee.

Group 1/2/3 entities must publish ASRS-aligned climate disclosures with their annual financial reports.

From November 2023, unfair contract terms carry pecuniary penalties — up to $100M per term (from 28 March 2026).

Treasury reforms scoping payment stablecoin licensing under PSP regime.

Directors must contemporaneously document discharge of duties for defence in s 180-183 cases.

Small companies (<$1M liabilities) can use SDR to restructure without full external admin.

APES 110 binds CA ANZ, CPA Australia and IPA members (and auditors) to five ethical principles via a threats-and-safeguards framework — who it covers and the penalties.

Auditors must conduct audits per ASA — Aus equivalent of ISA, with Aus additions.

Annual percentage + comparison rate must accompany credit product ads under NCCP Regulations.

Large proprietary, public and disclosing entities must prepare and lodge audited financial reports.

Test the three large-prop thresholds at the end of each financial year — failing any two triggers Chapter 2M reporting.

Financial firms must acknowledge complaints within 24 hours and resolve within prescribed timeframes.

Issuers and distributors must observe any product intervention order made by ASIC.

Credit card limit increase offers cannot be sent without prior written consent.

Treasury consultation 2024 on bespoke crypto licensing — separate from AFSL.

Treasury scoping CASP regime for digital asset platforms.

Group 3 (smaller entities) start climate disclosure FY28.

AFSL holders must authorise representatives in writing and notify ASIC of new ARs within 15 business days.

BI insurance policies must clearly define pandemic exclusions per Federal Court guidance.

Scope 3 emissions become mandatory year 2 of ASRS reporting (varies by Group).

Public companies and large proprietary companies must have a whistleblower policy and protect disclosers.

Proposed beneficial ownership register for unlisted companies and trusts — consultation through 2024-2025; commencement TBD.

Voluntary but industry-standard code covering electronic transaction terms, mistaken internet payments, and unauthorised transactions.

Temporary residents may purchase 1 established dwelling for own residence + new dwellings without limit.

If a remuneration report attracts 25%+ no votes twice running, a spill resolution must be considered.

First AASB S2 climate disclosures by Group 1 entities for years ending 30 June 2025; ASIC + AASB review for compliance.

BNPL captured by NCCP from 10 June 2025 as Low Cost Credit Contracts; transition period for existing providers.

ASIC progressed multiple greenwashing civil penalty proceedings into 2025 — including against listed entities + super funds.

SIA continued anti-doping enforcement across professional + amateur sport; significant focus on NRL + cycling + powerlifting.

ASIC alleges 4 banks engaged in conduct on the bond market relating to a 2015 ANZ capital raising.

ASIC product intervention orders continued in 2025 — short-term credit, BNPL post-Jun 2025 reform, CFDs (extension).

FAR (Financial Accountability Regime) banking phase began 15 March 2024. First wave of accountability statements + maps + accountable persons; insurance + super phase from March 2025.

ASIC published 2 reports + 35+ infringement notices on ASX greenwashing 2023-2024.

Multiple anti-doping bans across professional + amateur sport in 2024.

Substantial EPBC prosecutions through 2024 against mining + ag entities for unauthorised clearing / MNES impacts.

Multiple ASIC product intervention orders + extensions through 2024 across CFDs, binary options (now banned), pre-NCCP BNPL, short-term credit.

ASIC continued market integrity surveillance — short-selling disclosure, market manipulation, insider trading.

ASIC alleged Binance Australia Derivatives misclassified 500+ retail clients as wholesale; failed AFSL retail client protections.

ANZ admitted to continuous disclosure contraventions in connection with a 2015 institutional share placement, including failure to disclose that a substantial parcel of the placement was acquired by the underwriters.

FIRB compliance program detected residential property + business acquisitions in breach.

Class action filed against Mercer Super following ASIC greenwashing finding.

CBA was found to have applied incorrect interest charges on credit card accounts after promotional periods, affecting thousands of customers.

Multiple anti-doping bans across professional + amateur sport in 2024.

ASIC reviews of investment-performance + member-outcomes processes across major super funds.

Multiple CBA class action settlements in 2024 — fees-for-no-service, junk insurance, AML disclosure.

Multiple EPBC civil penalty proceedings 2024 against mining + agricultural entities for unauthorised clearing impacting MNES.

ASX abandoned CHESS replacement in 2022; ASIC + RBA intervened + ASX subject to special supervision.

Mr Hooper was the director of multiple companies and failed to apply for a Director Identification Number despite repeated requests from ABRS.

Vanguard made misleading representations about ESG exclusionary screens applied to one of its funds, when the screens did not in fact exclude all the categories represented.

ASIC proceedings on mortgage broker best interests duty + appropriate-product test.