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Financial Services Regulatory Timeline

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Financial Services Regulatory Timeline What’s Ahead: Financial Services Regulatory Timeline Ashurst’s 2021 Financial Services Regulatory Timeline sets out the key dates you should be aware of in what will be a busy end to 2021. This timeline is current at the date of publication and events and dates in the timeline may change. An interactive timeline CASES TO WATCHˆ ASIC v Bank of Queensland with further details on the key milestones and links to additional resources will be available on our website shortly. Alleged breaches of unfair contract terms and section 12BG of the ASIC Act (unconscionable conduct and consumer APRIL MAY/JUNE protection provisions) • Payments System Report Status: Final hearing heard 24 November 2020. Judgment expected in April • 5 April: Unfair contracts regime • 15-16 April: Standing Committee • 21 May: Submissions close for the • 18 June: Key AML/CTF reforms reserved extends to insurance contracts on Economics Public Hearings – Parliamentary Joint Committee on commence, including changes to • Review of life insurance advice reforms ASIC v CBA Review of the Four Major Banks (CBA, Corporations and Financial Services customer identification procedures, • 9 April: Submissions on draft new Alleged misleading or deceptive conduct and failure to provide • Responsible lending reforms Westpac, ANZ, NAB) Inquiry into Mobile payment and correspondent banking relationships, Breach Reporting Regulations close financial services efficiently, honestly and fairly for charging before Senate digital wallet financial services tipping-off offences and access to • 23 April: ASIC consultation on customers monthly access fees when not entitled to do so • 15 April: ASIC COVID-19 relief information • ASIC’s Immunity Policy for individuals implementing a deferred sales model • 27 May: Proposed date to announce measures in relation to financial Status: Case management hearing not yet set who think they may have contravened for add-on insurance products ends the ACCC’s final decision in relation • 30 June: Independent Review of advisers advising consumers a provision in Part 7.10 of the to its review of Aon’s proposed the Australian Financial Complaints ASIC v NAB Early 2021 Early impacted by COVID-19 ends Corporations Act with at least one acquisition of Willis Towers Watson Authority expected to be finalised Two separate proceedings concerning alleged contraventions of other person commenced on 24 financial services laws in relation to: Fees for No Service conduct; February 2021 and for charging fees for making periodic payments when not contractually entitled Status: Second case management hearing adjourned to 30 April • Draft legislation to address several JULY AUGUST/SEPTEMBER 2021; and case management hearing scheduled for 31 May 2021 Royal Commission recommendations • 1 July: Consumer Data Right – • 1 July: If passed, superannuation • 30 July: Deadline to announce • 14 August: Australian Banking expected to be introduced, including: Data sharing obligations of non- reforms commence to change “best the ACCC’s determination on an Association members’ ACCC ASIC v RI Advice Group a disciplinary system for financial major banks commence for Phase 1 interest” obligations and to introduce application for merger authorisation authorisation to coordinate Alleged breaches of financial services laws for failure to have advisors, a compensation scheme of products a strict liability offence for record regarding BPAY Group Pty Ltd and COVID-19 relief measures ends adequate cyber security systems last resort, extension of BEAR to all keeping contraventions BPAY Pty Ltd, eftpos Payments Status: Trial tentatively listed for 29 November 2021 • 1 July: Consumer Data Right – • 1 September: Banking Code of APRA-regulated entities (FAR), and Australia Limited and NPP Australia Non-major banks required to share • 1 July: Introduction of new licence Practice Special Note relating to CDPP Criminal Cartel Cases joint administration of FAR by APRA Limited and ASIC product reference data in respect of condition for body corporate relief from certain time frame Two separate proceedings involving alleged cartel conduct: Phase 3 products trustees of a superannuation entity • 31 July: Financial Services Council requirements under the BCOP ceases ANZ, Citigroup, Deutsche Bank and senior banking executives; • Legislation expected in mid 2021 to prohibiting (subject to exceptions) and life insurance members’ and Vina Money Transfer Pty Ltd and Ors • 1 July: Consumer Data Right – • Late September: APRA Connect data increase AFCA’s role in remediations a duty to act in the interests of ACCC authorisation to implement Status: Trial listed for April 2022; and committal hearing listed Reciprocal data holders required to collection solution goes live another person COVID-19 commitments for for July 2021 share Consumer Data Right data in Mid 2021 healthcare workers ends respect of Phase 2 and 3 products • 1 July: Mandatory comprehensive Epic Games v Apple credit reporting regime commences, Alleged anti-competitive behaviour in relation to Apple’s • 1 July: Financial advice reforms requiring large ADIs who are removal of Epic’s game “Fortnite” from the App store due commence, including changes credit providers to provide credit to the game’s in-app payment processing system to ongoing fee arrangements, information on consumer credit Status: Interlocutory application to be determined on the papers personal advice disclosures and accounts to credit reporting bodies on or by 23 April 2021 superannuation advice fees J Wisbey & Associates Pty Ltd v UBS Ag & Ors Class action concerning cartel conduct in the foreign • Select Committee on Australia OCTOBER NOVEMBER/DECEMBER exchange market as a Technology and Financial Centre’s • 1 October: Strengthened breach • 5 October: New ASIC Regulatory • 1 November: Consumer Data Right • 1 November: Consumer Data Right Status: Case management hearing scheduled for 17 May 2021 Final Report into the current state reporting regime commences Guide 271 on Internal Dispute – Major banks required to enable both – Data sharing obligations of non- of Australia’s Fin Tech and RegTech Resolution commences business consumers in the context major banks commence for Phase 2 • 1 October: Reference-checking and industries scheduled to be delivered of business partnerships and non- products information sharing obligations • 5 October: Timeframes for handling individuals as well as secondary users • ASIC expected to release updated in relation to mortgage brokers customer complaints under BCOP • 31 December: First reporting date ON RADAR FOR 2022 to share Consumer Data Right data guidance for second round commence harmonised with ASIC RG 271 for portfolio holdings disclosure, 1 Digital infrastructure and cyber security systems consultations on Consumer • 1 November: Consumer Data Right requiring most registered scheme • 1 October: Mortgage brokers • 5 October: Hawking of financial 2 Preparing for the extension of BEAR and transition to Remediation Regulatory – Major and non-major banks must entity licensees to publish on their required to investigate misconduct products banned and existing FAR and joint administration with APRA Guide 256 commence joint account data sharing website information about their Late 2021 Late and to remediate affected clients prohibitions strengthened 3 Litigating cases that fall within ASIC’s new and higher under the new joint account rules fund’s portfolio holdings penalties • 5 October: Design and distribution • 5 October: Industry-wide deferred 4 Amendments to Privacy Act to permit reporting of financial obligations commence sales model for the sale of add-on insurance commences hardship information within the credit reporting framework ˆA selection of the key cases in the financial services space Your Key Financial Services Regulatory Contacts Dispute Resolution Finance Regulatory Competition Risk Advisory MELBOURNE MELBOURNE MELBOURNE MELBOURNE Mark Bradley Lucinda Hill Angus Ross Philip Trinca Caroline Ord Justin Jones Philip Hardy Jodie Bennett Partner Partner Partner Partner Counsel Partner Partner, Head of Director T +61 3 9679 3363 T +61 3 9679 3029 T +61 3 9679 3735 T +61 3 9679 3258 T +61 3 9679 3667 T +61 3 9679 3640 Ashurst Risk Advisory T +61 3 9679 3254 M +61 400 338 104 M +61 402 035 486 M +61 437 096 120 M +61 407 977 001 M +61 413 806 352 M +61 412 426 826 T +61 3 9679 3155 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] M +61 411 104 250 [email protected] SYDNEY SYDNEY Liz Seddon Morgan Spain Counsel Senior Associate Gwladys Ngo Tedga Yagla T +61 3 9679 3892 T +61 3 9679 3214 Director Jonathan Gordon Corey McHattan Silvana Wood Peter Armitage Melissa Fraser [email protected] M +61 417 819 132 T +61 3 9679 3795 [email protected] Practice Group Head, Partner Partner Practice Group Head, Australia, Partner M +61 435 421 699 T +61 2 9258 5949 Global, Finance Regulatory T +61 2 9258 6381 T +61 2 9258 6334 Competition, Sydney [email protected] T +61 2 9258 6186 M +61 416 127 992 M +61 427 011 800 T +61 2 9258 6119 M +61 400 507 068 SYDNEY M +61 409 830 098 [email protected] [email protected] M +61 418 973 700 [email protected] [email protected] [email protected] SYDNEY Ian Bolster Andrew Carter Lorraine Hui Partner Partner Partner Nicky Thiyavutikan Dominic Tran Ross Zaurrini Tihana Zuk Chris Baker Philip Hope T +61 2 9258 6697 T +61 2 9258 6581
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