Venn King

What you need to know On 1 May 2024, the Federal Treasurer announced plans to reform and renew the current FIRB framework with a risk-based approach that is a “stronger, faster and more transparent approach to foreign investment”. Changes will be administered through polices, processes and resources, rather than through legislation. Existing requirements for notifiable security actions will continue to apply.

What you need to know Financial product advice can’t separate out different elements of a product for separately provided advice – it’s all or nothing. The anti-hawking regime will be enforced in relation to superannuation products. Background In December 2022, ASIC cancelled the Australian financial services licence (“AFSL”) of Gold Coast-based National Advice Solutions Pty Ltd (“NAS”) and banned two of its responsible managers (“RMs”) from providing financial services for a period of 10 years.

Key takeaways The following are intended to remain: the regulatory framework for IDPSs, and exemptions for IDPSs from the requirement to be registered as a MIS; and the relief granted to IDPS-like schemes from certain MIS, fundraising, financial product disclosure and other investor rights provisions.