Fund Regulatory Update

AUSTRAC examined by Senate

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is to see greater scrutiny from the Senate as Labor Senator Deborah O’Neill put forward a motion to set up an inquiry into the agency and it was approved. O’Neill wants the government to examine more closely AUSTRAC’s management of anti-money laundering and counter-terrorism financing regime, and understand if Australia is an attractive target.

New regulator to regulate ASIC and APRA

Legislation has passed in the government to establish an independent regulator to regulate the regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). The effectiveness of both is under scrutiny. This action is being undertaken as part of the Hayne Royal Commission to establish the Financial Regulator Assessment Authority (FRAA).

Your Future, Your Super reforms pass Senate

The Senate has passed Your Future, Your Super reforms and are expected to be passed into law by the House of Representatives soon. The reforms are also part of the Hayne Royal Commission recommendations to ensure consumers have a single, high-quality superannuation fund that can go with them from job to job, like a bank account or tax file number.

Regal action dropped by ASIC

ASIC has dropped enforcement action against Regal Funds Management after a 2019 investigation. No action will be taken. The initial investigation related to trading in certain securities.