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ASIC calls on licensees to strengthen remediation procedures

ASIC is calling on Australian financial services and credit licensees (licensees) to ensure they remediate affected customers quickly and fairly, in line with ASIC’s guidance in Regulatory Guide 277 Consumer Remediation (RG 277). This follows ASIC’s recent review of the remediation policies and procedures of some large financial institutions to assess their implementation of RG...

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ASIC consults on remaking ‘sunsetting’ class orders on unit pricing discretions for managed investment schemes

ASIC is seeking feedback on proposals to remake managed investment scheme unit pricing class orders that are due to expire (‘sunset’) on 1 October 2023. The proposals relate to the following class orders: [CO 13/655] – Provisions about the amount of consideration to acquire interests and withdrawal amounts not covered by ASIC Corporations (Managed investment...

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ESMA APPOINTS NEW MEMBER TO ITS MANAGEMENT BOARD

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has elected a new member to its Management Board to replace an outgoing member who has stepped down from his position. The election took place at the Board of Supervisors meeting in Paris on 14 December and the successful candidate, who...