Regulatory Recap - 17 November 2015


Welcome to the first edition of Regulatory Recap, a further initiative of Henry Davis York's market leading Regulatory Risk + Strategy team. Regulatory Recap will share with you the most important emerging news, announcements and commentary in regulatory affairs  – information that will impact your institution.

We are delighted to share Regulatory Recap with you and also wish to introduce its Editor, Melanie Row. Melanie is a Special Counsel with market leading expertise in regulatory risk and strategy. Melanie has extensive expertise advising financial institutions in relation to their compliance with regulatory obligations and in responding to regulatory enforcement action.

We hope Regulatory Recap keeps you up-to-date about the things you may need to know in order to support your organisation in this increasingly complex area.


Key developments

  • Heads of Australia's key financial services regulators, ASIC, APRA and RBA, describe how they have anticipated challenges of new and disrupting technologies at FINSIA's Regulators Panel session.
  • Regulators in the United States also seek to address the challenges posed by these technological innovations, in particular robo advice, online peer-to-peer lending, equity crowdfunding and 'blockchain' technology.
  • ASIC reports on required remediation programs and changes to advertising and communications with customers in the retail banking sector. If you would like to discuss how these ASIC actions may impact your institution, please contact a member of our Regulatory Risk + Strategy team.



  • FINSIA Regulators Panel considers 'Regulation in the Digital Age', addressed by ASIC Chairman Greg Medcraft > read more, APRA Chairman Wayne Byers > read more and RBA Deputy Governor Philip Lowe > read more
  • ASIC addresses Parliamentary Joint Committee on Corporations and Financial Services on its Corporate Plan for 2015-15 to 2018-19, initiatives to deal with digital disruption and recent enforcement successes > read more
  • ASIC addresses Senate Economics Legislation Committee on its Corporate Plan for 2015-15 to 2018-19, its Innovation Hub and Murray Financial System Inquiry > read more
  • ASIC Chairman Greg Medcraft addresses Australian Chamber of Commerce and Industry on 'Meeting our long-term challenges: ASIC's Corporate Plan' > read more
  • ASIC releases 'Review of high-frequency trading and dark liquidity' report confirming current levels of high-frequency trading and dark liquidity are not adversely affecting the function of Australian markets for businesses and investors > read more
  • ASIC repeats warning to consumers about lending scams and provides practical online scam prevention tips > read more
  • ASIC provides submission to Independent Review of the Small Amount Credit laws identifying potential improvements to pay day lending rules > read more
  • Federal Government announces improvements to remuneration arrangements in life insurance sector > read more
  • Council of Financial Regulators calls for submissions on how bank bill swap rate benchmark is calculated > read more



United Kingdom

  • The Financial Conduct Authority's (FCA) acting chief executive Tracey McDermott lays plans for future regulation, vowing to break the "regulate, deregulate, repeat cycle" of financial services regulation > read more
  • FCA publishes interim report into credit card market, finding competition working fairly well for most customers but noting concern for customers in long-term debt > read more
  • Competition and Markets Authority releases its Review into Banking Products flagging potential remedies requiring banks to make it easier for customers to compare and switch bank products > read more

United States

  • Securities and Exchange Commission (SEC) Chair Mary Jo White addresses International Institute for Securities Enforcement and Market Oversight highlighting strong enforcement starts with strong remedies and confirming more than US$50 million has been paid out under whistleblower program > read more
  • SEC Commissioner Kara Stein addresses Harvard Law School on challenges to current capital markets of innovations such as robo advice, online peer-to-peer lending, equity crowdfunding and blockchain technology > read more
  • SEC adopts final rules to permit companies to offer and sell securities through crowdfunding > read more
  • SEC releases enforcement results for FY 2015 confirming filing of 807 enforcement actions and obtaining of orders totalling approx. US$4.2 billion in disgorgement and penalties > read more
  • Consumer Financial Protection Bureau issues third Financial Literacy Annual Report to Congress detailing its initiatives for financial education and research to identify and build effective financial literacy practices > read more



  • Basel Committee on Banking Supervision's Chairman foreshadows "Basel IV" reforms to address banks' use of internal risk modelling systems > read more
  • Financial Stability Board proposes Principles and Term Sheet to apply to the 30 global systemically important banks to reduce probability and impact of failure of such banks > 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.

see my profile
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.

see my profile

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.

see my profile

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.

see my profile