Regulatory Recap - 30 November 2015


Welcome to the second edition of Regulatory Recap, an initiative of Henry Davis York's market leading Regulatory Risk + Strategy team. Thank you to those who provided feedback on our first edition. We are pleased you found it a useful and concise snapshot on the things you may need to know in order to support your organisation in the increasingly complex area of regulation.

Regulatory Recap shares with you the most important emerging news, announcements and commentary in regulatory affairs  – information that will impact your institution.

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.


Key developments

  • Focus on use of behavioural economics to consider influences on consumer behaviour with addresses from Harvard Law School's Professor Cass Sunstein at HC Coombs Public Policy Conference in Canberra, QUT and HDY.
  • Federal Government establishes Behavioural Economics Team of the Australian Government (BETA) following models used by ATO, Department of Human Services, NSW Government and UK's Behavioural Insights Team.
  • ASIC reports on enforceable undertaking and required remediation program relating to compliance control systems. If you would like to discuss how these ASIC actions may impact your institution, please contact a member of our Regulatory Risk + Strategy team.



  • ASIC Chairman Greg Medcraft addresses Law Council of Australia on Corporate Culture and Corporate Regulation noting hallmarks of good culture are effective communication, encouraging challenge and guarding against complacency: > read more
  • ASIC Chairman Greg Medcraft addresses Women in Banking and Finance on Digital Disruption: Harnessing the Opportunities, Mitigating the Risks: > read more
  • ASIC launches National Financial Literacy Strategy Annual Highlights Report for 2014-15 reporting on collective impact of financial literacy initiatives delivered by organisations including ASIC: > read more
  • ASIC updates guidance for fee and cost disclosure requirements for superannuation and managed investment products: > read more
  • APRA Chairman Wayne Byers addresses Hong Kong Monetary Authority on Matching Expectations with Reality stressing importance of ensuring regulation not only produces financially sound firms, but also firms that are innovative and competitive too: > read more
  • Assistant Treasurer Kelly O'Dwyer addresses Financial Services Council announcing reconstitution of Financial Sector Advisory Council to advise government on performance of financial regulators and proposed legislation on equity crowdfunding to come before Parliament before end of 2015: > read more
  • Council of Financial Regulators releases response to consultation on Resolution Regime for Financial Market Infrastructures: > read more  with stronger FMI regulation welcomed by Federal Government: > read more
  • HDY hosted Professor Cass R. Sunstein, the Robert Walmsley University Professor at Harvard and former Administrator of the White House Office of Information and Regulatory Affairs, for a gathering of senior banking executives on behavioural economics and the application of 'nudging' in the financial services sector: > read more



United Kingdom

  • Financial Capability Board releases Financial Capability Statement for UK with strategy to improve people’s ability to manage money day to day, through significant life events and periods of financial difficulty: > read more

United States

  • Securities and Exchange Commission Chair Mary Jo White addresses Committee on Financial Services of US House of Representatives on Examining the SEC’s Agenda, Operations and FY 2017 Budget Request: > read more
  • Consumer Financial Protection Bureau releases 2015 Annual Financial Report recording collection of civil penalties in 37 cases totalling $183m: > read more
  • Consumer Financial Protection Bureau also releases Semi Annual Report for April - September 2015 recording supervisory actions resulting in financial institutions providing more than $95m in redress to over 177,000 consumers: > read more



  • IOSCO releases consultative paper on Guidance on Cyber Resilience for Financial Market Infrastructures to enhance ability to pre-empt cyber attacks, respond rapidly and effectively to them and achieve faster and safer target recovery objectives: > read more
  • Financial Stability Board releases progress report to G20 on Measures to Reduce Misconduct Risk in financial sector: > 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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