Australian regulators weekly wrap — Monday, 16 January 2023
14/01/2023
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Covering Banking Code, IR Derivatives, FIRB Penalties, Greenwashing and the Financial advisers register.
Australian Regulators Weekly Wrap – 31 January 2022
29/01/2022
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Electronic Surveillance Laws (Home Affairs): The Government has released the Reform of Australia’s electronic surveillance framework discussion paper. The discussion paper seeks early views to inform the development of a new framework, and provides an overview of how the Government proposes to reform Australia’s…
Australian Regulators Weekly Wrap – 24 January 2022
22/01/2022
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Exchange Traded Products (ASIC): ASIC has released Consultation Paper 356 ETP naming conventions: Updates to INFO 230 (CP 356), seeking feedback on proposals to update the guidance in Information Sheet 230 Exchange-traded products: Admission guidelines (INFO 230), on naming conventions for licensed…
Australian Regulators Weekly Wrap – 17 January 2022
16/01/2022
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Liquidity Facility (APRA): APRA has issued a letter to banks announcing the aggregate Committed Liquidity Facility has reduced to $102 billion on 1 January 2022 from $140 billion on 10 September 2021.Since January 2015, those ADIs to which APRA applies the Basel III liquidity standards have…
Australian regulators weekly wrap Monday 10 January 2022
09/01/2022
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January changes (Legislation):by way of a quick refresher, new requirements which commence this month include: APS 220 Credit Risk Management; Financial Services and Credit Panel commences; SP S250 Insurance in Superannuation; Insurance Claims Handling required AFSL…
Australian regulators weekly wrap Monday 3 January 2022
01/01/2022
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Foreign financial services providers (Treasury):the Federal Treasury has released exposure draft legislation implementing AFSL relief options for foreign financial service providers (FFSPs). In the 2021?22 Budget, the Government announced as part of the Global Talent Attraction…
Australian regulators weekly wrap Monday 25 January 2021
24/01/2021
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Secured borrowing (RBA):the RBA has issued an interetsing paper on the role of collateral in credit markets under stress. The paper shows that the presence of collateral affects reactions to stress and the reactions are different depending on the characteristics of the borrower. When the Lehman Brothers collapse in mid September…
Australian regulators weekly wrap Monday 18 January 2021
17/01/2021
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Deferred sales model (Treasury):on 10 December 2020 Parliament passed theFinancial Sector Reform (Hayne Royal Commission Response) Bill 2020, which included the establishment an industry-wide deferred sales model (DSM) for add-on insurance in response to the recommendations of the Hayne Royal Commission…
Australian regulators weekly wrap Monday 11 January 2021
10/01/2021
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Banking Code (ASIC):ASIC has approved variations to the Banking Code of Practice. The main change is that the amended Code specifies situations in which banks may decline to continue dealing with a representative that a customer in financial difficulty has appointed, if the bank reasonably considers that representative is no longer able…
Australian regulators weekly wrap Monday 4 January 2021
02/01/2021
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Vatican focus (AUSTRAC): the Vatican and the Australian Catholic Church have both denied knowledge of transfers worth US$1.8 billion which Australias financial watchdog says have been sent from Rome to Australia in the past seven years. The figures were made public in December by the AUSTRAC in response to a parliamentary…
Australian regulators weekly wrap Monday 27 January 2020
27/01/2020
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BEAR??now FAR (Legislation): a huge development on 22 January 2020, The Treasury released the Governments proposed model for the expansion of the BEAR regime to all APRA-regulated entities e.g. banks, superannuation and insurance firms. The consultation time for the extended BEAR??now to be called…
Australian regulators weekly wrap Monday 20 January 2020
20/01/2020
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Superannuation (ASIC):the corporate regulator has forewarned that auditors and superannuation fund trustees will face increased enforcement scrutiny year (AFR, 14 / 1). That is not really a surprise, as ASIC outlined in itsCorporate Plan for 2019- 23that it was focusing ondelivering as a conduct regulator for superannuation…
Australian regulators weekly wrap Monday 13 January 2020
14/01/2020
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Disqualifications (ASIC):ASIC hasdisqualified three Queensland directorsfrom managing corporations based on insolvency-related offences. It found that they failed to exercise their directors duties with due care and diligence, failed to ensure their companies had paid taxes and failed to prevent the companies…
Australian regulators weekly wrap Monday 6 January 2020
05/01/2020
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Currency bill (Parliament): theCurrency (Restrictions on the use of Cash) Bill 2019 (Cth)will force Australians to use electronic transactions or cheques over cash for payments above $10,000 and impose two-year jail sentences and fines of up to $25,200 if they dont. You can read more about it in this previous ARWWhere…
