Increased penalties for white-collar crime are coming
Last month, in the midst of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission), the
Are Challenger Banks About To Succeed In Australia?
Yesterday, APRA (Australian Prudential Regulation Authority) granted the first local digital licence to Sydney based volt bank. Volt and rival startup Xinja are aiming to
The Importance of Culture, Not Spend in Compliance
‘Actions speak louder than words’ – it’s an idiom that’s as old as time itself yet has never been as relevant to the world of
Six Questions Every Director Should Be Asking About Compliance
The obligation to ensure adherence to general and specific laws applying to your company’s operations is at the heart of your responsibilities as a company
Recovering Costs in the California Retail Market: The Power Charge Indifference Adjustment
Why has the Australian Federal Government gone about developing the National Energy Guarantee (NEG) rather than adopting the Clean Energy Targets advocated in the Finkel
Three financial services compliance lessons from the Royal Commission
Today we continue to look at financial services compliance.“It’s not enough, is it… to have those policies and procedures in place? Financial advisers need to
What is a small, medium or large ADI? Latest BEAR Update
The Banking Executive and Accountability Regime (BEAR) was passed into law in February of this year. We have talked about his law change several times
ASIC releases updated guidance on client money
ASIC has this week released updated guidance for Australian financial services (AFS) licensees that hold client money for trading in over-the-counter (OTC) derivatives. By Sara
Royal Commission, Round One: The home loan ‘Introducer’ program
This week the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission), began round one of its public hearings
Restrictions on payday loans and rent-to-buy schemes? New private members Bill
Restrictions on payday loans and rent-to-buy schemes? On the 26 February, legislation was introduced to the Commonwealth House of Representatives with the aim of amending
ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open
ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open – On March 5 the Australian Securities & Investments Commission (ASIC) released a draft
ASIC’s New Product Intervention Power
Last time we talked about the Government’s introduction of design and distribution obligations for financial products in a draft Bill currently undergoing consultation. In today’s
1 July 2018: Are you getting prepared for the Banking Executive Accountability Regime (BEAR)?
The Banking Executive Accountability Regime (BEAR) is shaping up to be the most significant piece of business-related legislation hitting this year. We have discussed the
AUSTRAC’s regulatory approach in 2017
On November 13, the Australian Transaction Reports & Analysis Centre (AUSTRAC) commented on the civil proceedings that it successfully brought against Tabcorp under Anti-Money Laundering
ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct
The Australian Securities & Investments Commission ASIC Enforcement Review Taskforce (the taskforce) recently released a positions paper ‘Strengthening Penalties for Corporate and Financial Sector Misconduct‘
Upcoming changes to dispute resolution: the new Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) is the proposed new dispute resolution body for the financial sector. Last week, the Government announced the latest step
Are You Producing The Correct Type Of Product Disclosure Statement?
Last week, the Australian Securities & Investments Commission (ASIC) announced that it is extending an existing form of regulatory relief for three types of financial
Expected Credit Loss: The New Way Banks Must Recognise Shifting Credit Risk
In OTC derivatives trading in Australia – are you playing by the rules? we looked at how new regulatory requirements have been introduced for some
The low-down on the retail client money reforms for OTC derivatives
Today’s article is our third piece on OTC derivatives regulation in Australia. In today’s piece, we take a look at the new Treasury Laws Amendment
OTC electricity derivatives: Are your risk management policies up to scratch?
Today, we continue our discussion about AFSL obligations looking at OTC electricity derivatives. By Dr. Drew Donnelly, Compliance Quarter. Last time we talked about
Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket
Previously, we discussed some core areas where financial professionals need to think about their own compliance, including compliance with the law and professional obligations. What
Are you up-to-date with your obligations as a financial professional? Five quick questions
Are you up-to-date with your obligations as a financial professional? Five quick questions We recently looked at some key regulatory changes in the financial services