by Jim Bulling and Julia Baldi
ASIC has released updated guidance on electronic disclosure. RG 221:Facilitating online financial services disclosures. It outlines ASIC’s expectations for financial services providers that use (or plan to use) technology, including email and the internet, to deliver financial product and financial services disclosures to clients.
See RG 221 here.
by Jim Bulling and Julia Baldi
ASIC Report 429
In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. The Report indicates that ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks.
Click here to read the full article.
by Jim Bulling and Julia Baldi
Australian Federal Government Cybersecurity Review
The Australian Federal Government holds a Cybersecurity Review.
See the Australian Government’s summary of the review here.
SEC Guidance Update
The SEC’s Investment Management Team published a Guidance Update which outlines measures managed funds and investment advisers may wish to consider in addressing cybersecurity risk. The guidance includes practical tips applicable to Australian entities.
See the Guidance Update here.
by Jim Bulling and Julia Baldi
China Introduces new Cybersecurity Laws
China introduced new cybersecurity laws, which require both local and foreign banks and financial institutions with Chinese clients (including Australian financial institutions) to use IT equipment deemed “secure and controllable” by Beijing. The breadth of the laws has upset foreign financial institutions given the potential cost of compliance if foreign entities must implement IT equipment systems in accordance with Chinese directives.
See the Financial Times report here.
by Jim Bulling and Julia Baldi
The European Union has indicated an intention to finalise the General Data Protection Regulation (GDPR) before the end of 2015. This has the potential to effect Australian companies operating or storing data in Europe.
See the EU press release here.
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