Fund Regulatory Updates

APRA and ACCC sign MOU for greater collaboration

The Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC) are working more closely, with a Memorandum of Understanding (MOU) signed for closer collaboration. The MOU means the two regulators will more broadly engage with one another in terms of intelligence and information sharing, and collaboration. The two regulators already have a close working relationship, particularly of late during the pandemic.

Read the full Memoranda of understanding and letters of arrangement.

IPO Wealth under orders to be wound up

The Supreme Court of Victoria has ordered Mayfair 101’s IPO Wealth fund be wound up. Mayfair 101 has been embroiled in controversy after accusations that it was running a Ponzi scheme, amongst other allegations by the Australian Securities and Investments Commission (ASIC).