Regulatory Recap - 15 December 2015


Welcome to the final edition of Regulatory Recap for 2015. We look forward to returning in 2016 with the most important emerging news, announcements and commentary in regulatory affairs from Henry Davis York's market leading Regulatory Risk + Strategy team.

In the meantime, please continue to let us know what you think of Regulatory Recap so that we can adjust and enhance the content to meet your needs. Simply click here to give us your feedback – it will be most welcome.

Best wishes for the holiday season and we look forward to discussing evolving regulatory affairs with you in 2016.


Recent Key developments

  • Federal Government has ended the year with the release of the Australian Industry Report and consideration of exposure draft legislation on professional standards for financial advisers, crowd-sourced equity funding and life insurance reform
  • FCA has led consideration of sustainable models of regulation noting "it is important that regulation is not seen as an adversarial process where the regulator and the regulated are in constant conflict"
  • U.S. Justice Department is reportedly examining possible manipulation in trading of agency bonds to the value of more than US$9 trillion



  • APRA General Manager, Pat Brennan, addresses Australian Securitisation Forum on Future Prudential Directions of Securitisation noting that APRA will be looking to balance prudential safety with efficiency and competition: > read more
  • ACCC Chairman, Rod Sims delivers keynote address at Australasian Consumer Law Roundtable on areas for consideration in implementation review on Consumer Law in 2016 noting ACCC strongly backs the ‘one law, multiple regulators’ model which underpins the Australian Consumer Law: > read more
  • Federal Government Office of Chief Economist releases Australian Industry Report 2015 noting that Office of Best Practice Regulation is tasked with ensuring any new policy proposals are accompanied by Regulatory Impact Statement: > read more
  • Federal Government releases exposure draft legislation for consultation on professional standards for financial advisers which will require all new ­financial advisers to hold university degrees, pass an exam and undertake supervised "professional year" from July 2017: > read more
  • Federal Government releases exposure draft legislation on life insurance reform to allow ASIC to set limits and introduce claw back provisions on commissions for life insurance sales: > read more
  • House of Representatives considers legislation to provide framework for crowd-sourced equity funding requiring equity crowdfunding platforms to register with ASIC: > read more



United Kingdom

  • FCA's Acting Chief Executive Tracy McDermott addresses Association of British Insurers on Moving Towards a Sustainable Model of Regulation: > read more
  • FCA's Acting Chief Executive Tracy McDermott also addresses City & Financial Conference on Personal Accountability in the Financial Services Industry on Senior Managers and Certification Regimes: > read more
  • FCA's Director of Markets Policy and International David Lawton addresses ICI Global Trading and Market Structure Conference on a year in review of regulation of wholesale markets and the funds sector: > read more
  • FCA's Director of Enforcement and Market Oversight Mark Steward addresses MetricStream Governance, Risk and Compliance Summit on Culture and Governance: > read more
  • FCA releases report on Wealth Management Firms and Private Banks: Suitability of Investment Portfolios noting 6 in 10 customers received unsuitable financial advice: > read more

United States

  • CFPB releases Report on Consumer Credit Card Market noting that Credit Card Accountability Responsibility and Disclosure Act (2009) has helped reduce cost of “gotcha” credit card fees by more than $16 billion: > read more
  • SEC appoints Katherine Martin as Associate Director of Office of International Affairs to oversee development of SEC’s policy on cross-border regulatory matters: > read more
  • Department of Justice appoints Hui Chen as agency’s first compliance counsel to assist prosecutors in assessing company compliance programs: > read more



  • ASIC Chairman Greg Medcraft addresses Australian Securitisation Forum Annual Conference on Deepening Global Securitisation Markets: An IOSCO Perspective: > read more
  • Basel Committee on Banking Supervision releases next wave of reforms, "Basel IV", issuing second consultative document on Revisions to Standardised Approach for Credit Risk: > read more
  • Committee on Payments and Market Infrastructures publishes report on Digital Currency noting regulatory arrangements may have an influence on development and use of digital currencies: > read more


Our Regulatory Risk + Strategy Team

Scott Atkins

I'm unapologetically determined and fearless. I pursue excellence. Always.

Scott Atkins Partner

Scott is the Chair of our Board and an internationally renowned insolvency and restructuring lawyer. He is an inaugural Fellow and a member of the Board of INSOL International. Scott is also Vice President of the Australian Restructuring Insolvency and Turnaround Association (ARITA).

Scott is a trusted adviser to Australia's leading banks and insolvency and restructuring practitioners and has acted on some of the industry's most complex and sensitive banking and insolvency advisory and dispute resolution matters.

Prior to joining HDY, Scott practiced for 7 years as in-house counsel with Commonwealth Bank Group. He is now our Client Relationship Partner for the CBA Group. He is also the co-leader of our cross-border insolvency practice and our regulatory enforcement practice. Scott is recognised by his peers for his leading expertise in cross-border insolvency, acting on both inbound engagements in Australia and advising Australian clients on outbound engagements in the USA, UK, Cayman Islands, Hong Kong and The Netherlands, among other jurisdictions.

Scott was the Australian delegate on the Advisory Committee on Comparative Law established by the American Bankruptcy Institute as part of its Commission to Study the Reform of Chapter 11 of the US Bankruptcy Code. This resulted in a landmark report for the reform of Chapter 11.

He is a published author on insolvency and cross-border insolvency. Most recently, Scott was one of the Australian contributors to the 2015 publication 'International Contributions to the reform of Chapter 11 U.S. bankruptcy code' which is volume 2 of the European and International Insolvency Law Studies series. He also authored the Australian chapter of Avoidance of Antecedent Transactions and Cross-Border Insolvency (INSOL International). Among other publications, he is the co-author, together with Professor Rosalind Mason, of the Australian chapter of Look Chan Ho's leading text: Cross-Border Insolvency: Cases and Materials (Kluwer International).

Scott is a visiting lecturer on cross-border insolvency at the University of Sydney in its undergraduate and postgraduate law programs lead by Professor John Stumbles.

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Nikki Bentley

I understand the financial services industry and thrive on helping our clients in this industry succeed.

Nikki Bentley Partner

Nikki is the Group Leader of Henry Davis York's Corporate Group, which includes the legal teams for Corporate / Mergers & Acquisitions; Investments & Financial Services and Tax.

Nikki is a leading investment funds advisor specialising in financial services and corporate law.  She specialises in business establishment and structuring, fund establishment, funds merger and acquisition, product disclosure and distribution. Nikki leads HDY's corporate group which combines expertise from the Financial Services, M&A and Tax areas.

Nikki provides advice to leading Australian and global fund managers on a full range of corporate, commercial and regulatory issues facing their businesses. She has considerable experience in assisting clients with fund establishment (onshore and offshore), disclosure and distribution. Nikki regularly advises clients on establishing, buying, selling and restructuring their businesses. She also regularly assists clients responding to regulatory enquiries and investigations.

With more than 15 years funds management experience in private practice, government and as an in-house lawyer, Nikki's practice spans the range of funds management products, with particular expertise in hedge funds, property funds and equities.

Nikki is regularly involved in industry and government discussions on regulatory reforms impacting the Australian funds management industry. Nikki is a passionate advocate for the development of a new corporate collective investment vehicle because of the opportunities it could provide to grow the funds management industry. She is the Honorary Legal Counsel and Chair of the Regulatory Committee for the Australian branch of the Alternative Investment Management Association (AIMA) and is a regular participant on the Financial Services Council (FSC) working groups.

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John Martin Partner

John is a leading lawyer in both financial sector dispute resolution (complex and regulatory) and corporate insolvency and restructuring, with a particular specialty in cross-border insolvencies. He is recognised by his clients, peers and legal directories as a leader in his field.

Domestically, John advises on large and complex insolvencies and assists in finding solutions for financial institutions with regulatory and other complex issues. His clients include several of Australia's major banks, as well as insolvency practitioners appointed to insolvent entities.

Internationally, John has advised in connection with insolvencies in England, Fiji, Bermuda, Cambodia, Cayman Islands, Brunei, and Norfolk Island. His cross-border experience includes acting for the liquidators of an insolvent bank, and various liquidators of insurance and reinsurance companies.

John is a recognised authority on insolvency issues, with articles published in media outlets such as The Australian Financial Review and the Insolvency Law Journal. He has presented at numerous domestic conferences as well as internationally in the US, England, South Africa, Singapore, Canada, New Zealand, and the Netherlands.

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Claudine Salameh Partner

Claudine has over 15 years' experience dealing with legal issues in the financial services sector.

She is a banking and insolvency litigator and regulatory expert. She acts for the major Australian financial institutions in matters involving customer disputes and litigation, fraud, regulatory and compliance issues, regulatory investigations, inquiries and enforcement matters, security enforcement and insolvency litigation. She also acts for insolvency practitioners in formal receiverships, voluntary administrations and liquidations.

Claudine is well known for her ability to manage risks posed by litigation and regulatory inquiries and investigations. She is particularly attuned to reputational and business risks. She is highly strategic and creative and is recognised by her clients for being able to achieve the perfect balance between legal arguments and commercial and practical outcomes.

Claudine has been instrumental in working with clients to provide insights into the field of behavioural economics, which over the past few years, has been of interest to policy makers and regulators as a tool to engage in 'choice architecture'. On a practical level, Claudine has worked closely with clients to design approaches to customer engagement that make use of behavioural insights.   

Claudine is an expert in the conduct of review and remediation programs and provided assistance to the regulator, by way of submissions and her involvement in an industry working group, on ASIC's regulatory guide on review and remediation programs.

Claudine is very familiar with ASIC's powers to obtain documents and information from financial institutions and is called upon by financial institutions to provide assistance in these matters. She has a style that is conducive to having a fruitful dialogue with both the regulator and the various stakeholders within a financial institution.

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