COVID-19 has deferred most, but not all, of the regulatory changes planned for 2020. But your implementation projects should not be shut down.
ASIC still expects the usual regulatory compliance during the COVID-19 pandemic period, except where specific relief has been given.
Here’s a snapshot of key changes coming up (that have been passed or announced) for the rest of 2020 and 2021.
The Government says that by 30 June 2021, legislation for all Financial Service Royal Commission recommendations requiring legislative change will have been introduced into parliament. These changes and other reviews will be implemented in 2021-2022.
All of these changes will have an impact on your customers as well as affecting your internal systems and processes. Some, like open banking, will have major technological changes.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
