COVID-19 regulatory information
In August 2021, ob体育 published its听, which sets out four priorities to tackle the challenges presented by COVID-19:
- Promoting economic recovery 鈥� including through better and more efficient regulation, facilitating innovation, and targeting regulatory and enforcement action to areas of greatest harm.
- Reducing risk of harm to consumers exposed to poor product governance and design, and increased investment scam activity in a low-yield environment.
- Supporting enhanced cyber resilience and cyber security among ob体育鈥檚 regulated population, in line with the whole-of-government commitment to mitigating cyber security risks.
- Driving industry readiness and compliance with standards set by law reform initiatives (including the Financial Accountability Regime, reforms in superannuation and insurance, breach reporting, and the design and distribution obligations).
Information for small business
ob体育 has听information to help small business operators, including how to protect your small business. It is important to think through financial decisions and seek business advice from a trusted professional adviser.
ob体育 also has resources for small business operators when companies are听experiencing financial distress听辞谤听trading while insolvent. There are also resources to听听from the Australian Restructuring Insolvency and Turnaround Association (ARITA), Chartered Accountants ANZ (CA ANZ) and CPA Australia.
The Australian Government introduced further听听to help small businesses, which came into effect on 1 January 2021.
听for small businesses affected by COVID-19.
When making decisions about your superannuation and other investments, consider your long-term plan, take your time and seek advice to make an informed decision. Moneysmart has more information about听听补苍诲听.
If you are aware of any scams or bad behaviour, you can submit tip-offs, information of concern, and reports of misconduct via ob体育鈥檚听how to complain听辫补驳别.
Stay up-to-date on the latest small business information from:
- Australian Taxation Office:听听补苍诲听
- state-based small business commissioners:听,听,听听补苍诲听
- industry associations:听,听,听听补苍诲听
- scams: Australian Competition and Consumer Commission听听guide and听.
For mental health support and resources, visit:
- 听or phone 1800 413 828
Information for directors
Insolvent trading
In response to the COVID-19 pandemic, the Australian Government introduced听. This includes temporary relief for directors from personal liability for trading while insolvent.
The Australian Government has introduced further听听for small businesses, which came into effect on 1 January 2021.
We encourage directors to seek independent advice from qualified advisers.
Information for market participants
ob体育 is working closely with exchanges and market participants to make sure the financial system is able to operate effectively and markets remain open.听
We will continue to actively monitor market developments domestically and overseas and take action as appropriate.
On 7 May 2020, ob体育 released new听guidance for directors and other company insiders on share trading.
For all market-related COVID-19 updates from ob体育:
Information for public companies
ob体育 issued听guidelines for meeting upcoming annual general meetings (AGM) and financial reporting requirements听补苍诲听guidelines for investor meetings using virtual technology.
ob体育 also provided听temporary relief听to listed companies to help them raise capital quickly by enabling certain 鈥榣ow doc鈥� offers to be made to investors.
Information for insurers
ob体育 encourages fair and efficient insurance claims handling. ob体育 expects firms involved in handling insurance claims to act with the utmost good faith. ob体育 expects industry to communicate clearly and accurately to customers about their cover recognising the changing situation they may be facing.
ob体育 has听written to insurers听to set out expectations in relation to claims handling, communication and flexibility to assist consumers at this time.
ob体育 has听written to insurers, Lloyd鈥檚 coverholders and brokers听about handling business interruption insurance claims arising听from the COVID-19 pandemic.
As a result of regulatory relief given to Australia Post by the Government, ob体育 has听issued a no-action position听in relation to certain breaches of the Corporations Act and Corporations Regulations.
ob体育 sets听expectations of life and general insurers听following a review of insurers鈥� responses to consumers experiencing financial hardship during the COVID-19 pandemic.
Information for superannuation trustees
ob体育 is working with the Australian Prudential Regulation Authority (APRA) to provide superannuation trustees with the latest information on regulatory issues that have arisen from the COVID-19 pandemic.
ob体育 has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as 鈥榠ntra-fund advice鈥�.
Information for financial advisers and advice licensees
ob体育 is closely monitoring how market conditions are affecting the financial advice industry during the COVID-19 pandemic. We have outlined the steps we will take to reduce regulatory burden for the industry, and will provide updated information regularly.
Information for lenders
On 27 August 2020, ob体育 published information for lenders about听dealing with debt management firms.
APRA announced an听听on 8 July 2020. This means that lenders have the option of extending repayment deferrals for an additional听four months for borrowers that require further assistance. An extension to a repayment deferral will not be automatic and lenders will be contacting borrowers to determine what are the best options for them given their circumstances.
ob体育 is听closely monitoring how lenders are assisting consumers听who are experiencing financial difficulties due to COVID-19.
Lenders must also do all things necessary to ensure that the credit activities authorised by their licence are engaged in efficiently, honestly and fairly.
In April 2020, ob体育听wrote to lenders听about responsible lending, hardship and other matters.
In August 2020, ob体育 issued its听expectations of听retail lenders when loan repayment deferrals end.
Note: On 25 September 2020, the Government announced proposed reforms to the responsible lending obligations contained in Chapter 3 of the听National Consumer Credit Protection Act 2009. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ob体育鈥檚 guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.
Information for responsible entities
ob体育 reminds responsible entities of registered managed investment schemes about their legal obligations and duties to members, and that valuations of managed fund assets should be regular, robust and reasonable. More information is available at:
- ob体育 letter to responsible entities of registered schemes
- Managed fund asset valuations must be reliable during COVID-19
- Fund operators
We encourage responsible entities to engage with ob体育 on liquidity issues and to notify ob体育 as soon as practicable if a scheme they operate becomes frozen. You can contact ob体育 by sending an email to听[email protected].
We have provided hardship relief so that responsible entities can allow members suffering hardship to withdraw from a 鈥榝rozen fund鈥�: see听Frozen funds 鈥� Information for responsible entities.
Payments, invoices and fee relief
- Industry Funding:听If you are experiencing difficulties meeting your Industry Funding obligations due to COVID-19, please contact us on (03) 5177 5252 to discuss your payment options or refer to our听Industry funding payment plans听颈苍蹿辞谤尘补迟颈辞苍.
- Fee relief:听If you are experiencing difficulties meeting your obligations due to COVID-19 and need support,听visit ob体育鈥檚听COVID-19 relief听辫补驳别.