Revised Compliance procedures and guidelines released for review

Revised Compliance procedures and guidelines released for review

AU Energy Compliance, Uncategorized
By Anne Wardell, Compliance Quarter The Australian Energy Regulator (AER) has released a consultation draft of proposed new AER Compliance Procedures and Guidelines. The amendments relate to the new reporting obligations introduced in June 2017.  Interested parties are invited to make written submissions on the draft Guideline by 10 November 2017. The Notice of Draft Instrument (Notice) states that the 'changes are designed to address inefficiencies by reducing the time and effort required by businesses in preparing reports and to improve the overall quality of reporting. The draft notice provides stakeholders with the opportunity to comment on amendments before a final decision is made. The proposed amendments seek to:  improve the functionality of the reporting template to include pre-populated data so as to facilitate completion of the form in a…
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The Banking Executive Accountability Regime (BEAR) Exposure Draft- Part One

The Banking Executive Accountability Regime (BEAR) Exposure Draft- Part One

Uncategorized
In May we talked about the Government’s Budget commitment to a new Banking Executive Accountability Regime (BEAR) in Budget 2017 and financial services: an opening for the minnows and a warning for the sharks. We talked there about proposals requiring registration of banking executives, the reining in of executive bonuses and disqualification for poor behaviour. These proposals require legislation in order to amend the Banking Act 1959 and the Treasury consulted on an ‘exposure draft’ of that legislation at the end of last month (September). Today is the first part of a two-part examination of that exposure draft (henceforth all section references are to that exposure draft Bill). Our focus today is on the new concept of an ‘accountable person’ which will be introduced in order to hold banking executives…
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