http://www.cleardocs.com/clearlaw/professional-adviser-related/index.html ClearLaw articles Directors-Duties-in-Focus-Practical-Insights-from-ASIC-and-the-Federal-Court <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '091e64c7-5528-46cd-b427-b7d73ce74a46' })"> </script> <p></p> <p>Australia’s directors’ duties are back in focus following a recent Federal Court decision concerning the directors of Star Entertainment Group Limited (<strong>Star</strong>). <a href="#_ftn1" name="_ftnref1">[1]</a></p> <p>The case highlights that while the role of directors is becoming more complex — driven by technology and higher regulatory expectations — meeting directors’ duties is still achievable and remains critical to strong, compliant organisations.</p> <p>This article explains the practical implications of the case, including how directors can improve the way board information is managed, use artificial intelligence (<strong>AI</strong>) tools appropriately, and take practical steps to continue meeting their core duties in an increasingly complex regulatory environment.</p> Tue, 24 Mar 2026 04:24:15 GMT Jasmine Joyce, Maddocks Lawyers 1202 Crypto-Crackdown-ASICs-14m-Win-Against-Qoin-Sets-New-Regulatory-Benchmark <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '4dd6851a-1309-425a-9c74-35d75ff9fa24' })"> </script> <p></p> <p>The Australian Securities and Investments Commission (<strong>ASIC</strong>) has secured a landmark win in its regulatory oversight of the crypto sector, with a recent decision<a href="#_ftn1" name="_ftnref1">[1]</a> in the Federal Court (<strong>Court</strong>) ordering BPS Financial Pty Ltd (<strong>BPS</strong>) to pay $14 million in penalties over its promotion and operation of the Qoin Wallet.</p> <p>The Court found that BPS operated without an Australian Financial Services Licence (<strong>AFSL</strong>) and made misleading statements about the usability and regulatory status of its Qoin product.</p> <p>The decision confirms that crypto products can fall within the scope of existing financial services laws and shows that ASIC intends to hold digital asset providers to the same standards as traditional financial services businesses.</p> <p>This article outlines the key findings of the case, ASIC’s enforcement approach, and what crypto businesses should do to stay compliant in an increasingly regulated environment.</p> Wed, 25 Feb 2026 23:58:15 GMT Cooper Smith, Maddocks Lawyers 1169 Advice-Matters-ASIC-targets-SMSF-auditors-amid-rising-compliance-failures <p>ASIC has increased its focus on SMSF auditors after identifying significant problems with audit quality. In a recent update, ASIC said it had taken action against 28 SMSF auditors in the first half of the 2025–26 financial year. <a href="#_ftn1" name="_ftnref1">[1]</a> The breaches by SMSF auditors included not following auditing standards, losing independence, not keeping up with required training, and not responding to ASIC’s requests.</p> <p>The actions taken by ASIC included banning auditors, cancelling auditor registrations, and adding new conditions to some registrations. These actions highlight ASIC’s continued focus on lifting standards across the SMSF sector.</p> <p>This article outlines ASIC’s recent actions to address growing problems with SMSF audit quality, the main types of breaches ASIC found, and why these issues matter for trustees and the wider superannuation system. It also outlines what good SMSF audit practice looks like and highlights the key takeaways that SMSF trustees and auditors should keep in mind</p> Wed, 25 Feb 2026 23:58:11 GMT Nick Brewin, Maddocks Lawyers 1168 Tightens-Privacy-Residential-Addresses-Removed-from-Purchased-Company-Extracts <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: 'd0781cc3-2e4d-4710-ae0f-af586eabb8e6' })"> </script> <p></p> <p>On 2 February 2026, the Australian Securities and Investments Commission (<strong>ASIC</strong>) announced that company extracts purchased through its website will no longer display the residential addresses of company officeholders.<a href="#_ftn1" name="_ftnref1">[1]</a>  ASIC described this change as a ‘sensible precaution’ to address heightened privacy concerns, including growing risks of identity theft and cyber-crime.</p> <p>ASIC previously made personal addresses of officeholders publicly available so that third parties could locate those individuals, particularly in order to serve legal documents. However, with the rise of cyber-crime, publicly sharing this information can expose officeholders to risks such as identity theft and fraud.</p> <p>This article outlines:</p> <ul> <li>details of the change made by ASIC and why residential addresses were previously publicly available;</li> <li>why ASIC has taken action and how these changes align with broader regulatory and societal privacy concerns; and</li> <li>the practical implications to consider when registering and updating company details.</li> </ul> Wed, 25 Feb 2026 23:58:08 GMT Lucy MacLachlan, Maddocks Lawyers 1167 Electronic-Signatures-ASICs-Digital-Shift-What-It-Means-for-You <p><span lang="EN-AU">Historically, ASIC did not permit electronic signatures on a number of its forms. However, this changed from 1 October 2025: ASIC now allows electronic signing across most forms. This is part of its commitment to streamline and simplify its regulatory process.</span></p> <p><span lang="EN-AU">While ASIC has mostly shifted to electronic execution, it is a timely reminder for users to make important considerations when adopting electronic signatures, including when physical (‘wet ink’) signatures may remain preferable and ensuring electronic executions comply with ASIC’s requirements.</span></p> <p><span lang="EN-AU">This article summarises when electronic execution may be accepted, ASIC’s approach to electronic signing, and provides practical guidance on some of the scenarios where ‘wet ink’ may still be appropriate.</span></p> Fri, 28 Nov 2025 04:27:27 GMT Chris Wright, Maddocks Lawyers 1134 Doing-Good-By-the-Book-How-to-Start-a-Charity-Properly <p>This is the second instalment of the two-part series on how to start a charity, the first of which was published in <a href="https://www.cleardocs.com/clearlaw/professional-adviser-related/More-Than-Good-Deeds-What-Makes-an-Organisation-a-Charity.html">August 2025</a>.</p> <p>While the first part explored the foundational questions and legal considerations involved in establishing a charitable organisation, this article clarifies the multi-stage process of establishing a charity in Australia: a process often underestimated in its complexity and length. From incorporation to registration with the ACNC, and complying with ongoing obligations, each step requires careful planning, documentation, and alignment with regulatory expectations.</p> <p>We outline the practical steps involved in setting up a charity including incorporation requirements, registration timelines, and the information applicants must provide - such as program details and financial forecasts. It will also cover ongoing obligations such as reporting, fundraising compliance (which varies by state), and procedures for amending governing documents when changes arise.<em><br /><br /></em>Having a clear vision and mission is essential for any successful charity, but these attributes alone are not enough when it comes to starting a charity in Australia. Establishing a registered charity is more complex and time-consuming than many expect, requiring careful navigation to avoid the common pitfalls and detours. If you are considering applying to register a charity with the Australian Charities and Not-for-profits Commission (<strong>ACNC</strong>), this article provides a practical ‘roadmap’ as we shift from the legal and conceptual foundations we covered in Part 1 to the ‘practical’ step-by-step process in this Part 2.</p> Mon, 29 Sep 2025 01:37:35 GMT Paul Ellis, Mattew D’Angelo and Emily Kidd, Maddocks 1068 From-Exemption-to-Expectation-AntiMoney-Launderings-Professional-Turn <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: 'c9ce6351-8d2e-48d8-8a36-7733b50fdb8d' })"> </script> <p></p> <p>Australia’s anti-money laundering and counter-terrorism financing (<strong>AML/CTF</strong>) regime is currently undergoing its most significant transformation. Historically, AML/CTF obligations - such as ‘Know your client’ checks, internal training and compliance programs and reporting to AUSTRAC<a href="#_ftn1" name="_ftnref1">[1]</strong></a> - have only applied to entities which provided a limited set of ‘designated services’.</p> <p>However, under new legislation<a href="#_ftn2" name="_ftnref2">[2]</strong></a> the regulatory net is being cast wider to include a new category of “Tranche 2” entities and a broader range of designated services. These reforms will extend AML/CTF obligations to include lawyers, accountants, conveyancers, real estate agents and trust and company service providers. These professions, long exempt from direct AML/CTF obligations, will be brought under AUSTRAC’s regulatory oversight from 1 July 2026.</p> <p>This article provides an overview of key changes to the AML/CTF regime, core AML/CTF obligations and key dates which any Tranche 2 providers of designated services must be aware of in order to ensure that they properly comply with the new regime.</p> Mon, 29 Sep 2025 01:37:32 GMT Jasmine Joyce, Maddocks Lawyers 1069 More-Than-Good-Deeds-What-Makes-an-Organisation-a-Charity <p>Starting a charity is a meaningful way to create a lasting impact but it requires careful planning to ensure your organisation is able to comply with legal and governance standards. This is part one of our two part special on establishing a charity in Australia. This article will take you through the preliminary process of starting a charity including outlining what a charity is, the types of charities, DGR status, governance standards, directors duties and timelines you need to be aware of at the outset.</p> Fri, 29 Aug 2025 01:32:29 GMT Paul Ellis, Mattew D’Angelo, Jack Curran and Emily Kidd, Maddocks 1004 Financial-Reporting-and-Audit-asics-focus-for-fy26 <p>ASIC has released its financial reporting and audit focus areas for the 2025–26 financial year, providing guidance to preparers, auditors, and directors about the regulator’s expectations in a rapidly evolving financial landscape.<a href="#_ftn1" name="_ftnref1">[1]</a> This year’s priorities maintain continuity in core financial reporting areas while also emphasising sustainability and governance.</p> <p>This article examines the areas under ASIC’s spotlight for the 2026 financial year. The introduction of new reporting obligations, as well as the completion of ASIC’s grace period for others, has created a regulatory environment under heightened scrutiny. Advisors and company officers should consider ASIC’s publication a warning on incomplete reporting.</p> Mon, 28 Jul 2025 01:34:06 GMT Jess Abraham, Maddocks Lawyers 937 ASIC-key-focus-areas-for-2025-Private-markets-superannuation-and-cyber-risks <p><em>2025 will continue to be a busy year for ASIC. From the paradigm shift of capital into private markets, the rising sophistication of financial fraud, and the challenges that face the superannuation industry as our population ages, ASIC’s key issues outlook for 2025 suggests its enforcement efforts will continue targeting a wide range of areas.<a href="#_ftn1" name="_ftnref1"><strong>[1]</strong></a></em></p> <p><em>This article examines the key focus areas for ASIC in 2025. In particular, concentrating on the areas of private market regulation, superannuation, and fraud and cyber-risk. For advisors, and other professionals alike, staying across ASIC’s evolving areas of focus is crucial to ensure that all practices remain aligned with regulatory expectations.</em></p> Thu, 29 May 2025 05:49:14 GMT Nick Brewin, Maddocks Lawyers 872