Let’s call this edition ‘ASIC does good’. As you know, I’m not afraid of calling out the regulators or government when I think they are heading in the wrong direction. So when there’s sensible things happening, we should be celebrating that too! Lol. Here’s what I’m talking about:
Dialling back breach reporting. On this one, I was actually in staunch agreement with ASIC’s earlier stance of ‘report everything and stop messing about’ as the reality before that was, er, not good. But now that’s happening, ASIC are being sensible about reducing what needs to be reported and in what circumstances. Decisions made on data. I like it.
Buy Now Pay Later finally getting getting some legislation, including the need to hold an ACL. About bloody time, but at least it’s happening!
ASIC reg roadmap for private markets. As we all know, private credit is ‘so hot right now’ and that’s a dangerous state of affairs. We can ill afford another GFC, especially when there’s so much else going on globally. I’m here for ASIC taking a broad view of the changing mix between public and private capital and looking to support good decision making.
Death benefits. I know it's hard to manage. I know members don't get the legalities. But you know what, the current state of affairs is just not good enough and ASIC is trying it's hardest to get better results for members, something that funds should be doing!
On a different note, we had 160 women at our CREW webinar yesterday on the topic of Anti-Money Laundering with Alice Molan, Partner and Laura Newton, Senior Associate from Herbert Smith Freehills - a very engaging session.
And don't forget to mark your calendars for the Federal Election on 3 May - though with all the carry-on, memes and general 'he said she said', it's going to be hard to miss!
Cheers
Sarah
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ASFA National Legislation Discussion Group: Monday, 14 April at 1-2pm via Zoom. Topic is "Fund expenditure requirements under updated SPS 515 and APRA scrutiny” with guest speaker Simun Soljo, Partner at Allens. Register here.
CREW Webinar - Wednesday, 14 May from 1-2pm via Zoom. Topic is ESG Reporting with guest speaker Rebecca Gunn from AIA. Registration details to come. If you're not yet a CREW member, sign up - women only, sorry blokes.
FUTURE FUND ADMIN 2025:15-16 May 2025, Sydney Central Hotel. I'll be hosting a panel on the role of the CTO. Should be fun :) Register here.
PDS Manager Roundtable - our next roundtable webinar will be held on Wednesday, 21 May from 12:30-2pm with special guest speakers Lisa-Marie McKechnie and Kathy Neilson from Piper Alderman. Please contact Katie if you wish to join.
FUND EXPENDITURE UNDER SPS 515
Now that APRA are releasing expenditure information into the public sphere, the pressure is on to make sure every dollar meets 'best financial interest duty'.
Luckily we have Simun Soljo, Partner at Allens, on hand to help you navigate these tricky waters. Don't miss out. Register here.
(If your employer is an ASFA member, then you are welcome to attend. Not sure? Check here).
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