Compliance & Ethics

The SEC has proposed rescinding Rule 14a-8, the federal shareholder proposal rule, which would leave shareholder proposals to state law and company governing documents. It also proposed amending Rule 14a-4(c) on discretionary proxy voting authority and streamlining proxy solicitation procedures. Compliance, legal, and corporate secretary teams should assess the effect on shareholder engagement, proxy processes, and governance documents, and consider submitting comments.

ASIC's Form 403 (dated 17 January 2011, though listed here under a 2026 date) requires a foreign company to verify a true copy of the document authorizing someone to execute a memorandum of appointment or power of attorney for a local agent under section 601CG(2) of the Corporations Act 2001. It is a procedural form with no lodgement fee, not a new rule. Compliance teams supporting foreign entities registered in Australia should confirm that their filings and annexures meet its formal requirements.

ASIC's Form 157 allows an external administrator, controller, or receiver to apply to change the name of a company under external administration. The administrator must certify that the change is in the interests of creditors as a whole. Compliance and restructuring teams should confirm the correct certification, signatory, and lodgement steps before filing. Note that the document is dated 2026-09-16 but the form itself carries a 1 July 2014 version date, so this appears to be a republication of an existing form rather than a new rule.

ASIC's Form 488 and its accompanying Guide set out how companies and registered schemes may apply under section 345B of the Corporations Act 2001 to change their annual review date. Approval is limited to defined circumstances, such as alignment within a corporate group or a common officeholder or responsible entity, or ASIC-assessed exceptional circumstances. Compliance teams managing multiple entities should understand the eligibility criteria, authorization requirements, and fee implications before lodging.

The EBA's July 2026 public hearing presented a discussion paper on extending the Pillar 3 Data Hub (P3DH) to small and non-complex institutions (SNCIs). Under the proposal, the EBA would calculate and publish Pillar 3 disclosures on their behalf from supervisory reporting data, with a staggered publication schedule beginning in Q4 2026. Compliance teams at SNCIs should assess data readiness and reporting gaps now, as new supervisory reporting datapoints and templates are likely to follow.

ASIC's Form 2213 and its accompanying guide set out the process for a company to change the State or Territory in which it is taken to be registered under section 119A(3) of the Corporations Act 2001. The process requires a special resolution, ministerial approval, and a series of time-bound lodgements and waiting periods. Compliance teams should note that the document is labeled a press release dated 2026-09-16 but contains form versions dated 2011 and 2014, so it appears to be a republished or reference version rather than a new rule.

The FCA has issued a warning about smartpaynet.com, an unauthorized clone firm falsely claiming to be the FCA-authorized Money Compass Limited (FRN 480594). Consumers who deal with the clone have no access to the Financial Ombudsman Service or the Financial Services Compensation Scheme. Compliance teams should treat this as a fraud and impersonation risk that affects customer protection, payment screening, and brand integrity.