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Showing 11 - 20 of 102 results for "Design and distribution obligations"

ASIC sues Binance over customer protection failures

ELIZA BAVIN  |  THURSDAY, 19 DEC 2024
... scheme. ASIC said Binance was also required to make a target market determination under the Design and Distribution Obligations regime. ASIC deputy chair Sarah Court said Binance allegedly failed to ensure that the services it provided under its Australian ...

Crypto operator to fork out millions after court ruling

ANDREW MCKEAN  |  FRIDAY, 13 DEC 2024
... therefore required a TMD, meaning each time it was offered to a customer, Bit Trade breached design and distribution obligations (DDO). Justice Nicholas said Bit Trade "didn't turn its mind to the requirement of the DDO regime," adding that "the ...

Gap exists between licensees' AI use and governance processes: ASIC

MATTHEW WAI  |  TUESDAY, 29 OCT 2024
... identify customers who are not in a product's target market and lead to breaches of the design and distribution obligations," ASIC said. The review found about half of licensees did not update risk management policies when they introduced AI capabilities. ...

APRA calls out high-cost super platforms

ELIZA BAVIN  |  TUESDAY, 24 SEP 2024
... "Trustees need to have robust product governance in place to ensure they meet their product design and distribution obligations under ASIC Regulatory Guide 274. This includes determining an appropriate target market and ensuring the distribution of the ...

Lack of talent challenging DDO compliance

JAMIE WILLIAMSON  |  MONDAY, 23 SEP 2024
... this month, ASIC released the findings of its review of product issuers' compliance with the design and distribution obligations (DDO), calling for them to improve their distribution practices after identifying numerous shortcomings. Among other things ...

ASIC issues warning over shoddy DDO practices

JAMIE WILLIAMSON  |  TUESDAY, 10 SEP 2024
... on consumers to self-certify they fit a target market, an ASIC review into compliance with design and distribution obligations (DDO) shows. The regulator is calling on product issuers to ensure their distribution practices are sound, as its latest round ...

ASIC wins case against crypto exchange Kraken

ANDREW MCKEAN  |  MONDAY, 26 AUG 2024
... operator of Kraken in Australia, after the crypto exchange was found to have not complied with design and distribution obligations when offering a margin trading product to its customers. Bit Trade's "margin extension" product, which allowed for ...

ASIC, APRA provide FAR update

ELIZA BAVIN  |  FRIDAY, 12 JUL 2024
... reporting; hardship processes; insurance risk management; operational risk management; product design and distribution obligations; product origination; recover and exit planning and resolution planning; reinsurance management; scam management; technology ...

ASIC delivered court win over Firstmac DDO failure

JAMIE WILLIAMSON  |  THURSDAY, 11 JUL 2024
... deterrent to anyone engaged in cross-selling financial products who fails to consider their design and distribution obligations before sending product disclosure statements." Firstmac failed to take reasonable steps to ensure the distribution of the ...

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... this was only taken into account by 47% of respondents." Retail licensees said getting the design and distribution obligations (DDO) right was a top priority even though it resulted in substantial work. "The same cannot be said for reportable situation ...