Our insights - Henry Davis York

Regulatory Recap - August 2016

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Recent Key Deleopments

  • APRA released its corporate plan for 2016-2020
  • FCA indicated that it was considering approving a small number of blockchain technology developers

  • ASIC released its enforcement report for the first half of 2016, demonstrating the impact of the funding injection it received earlier this year and foreshadowing its areas of focus in the next six months


  • ASIC said it plans to conduct 'targeted surveillance' activities, while denying claims that accountants are forming a “passive resistance” against the licensing regime: > read more
  • APRA released its corporate plan, focussed on enhancing its internal leadership and culture, sharpening its risk-based management and building its recovery and resolution capability: > read more
  • ASIC released its half year report into corporate finance regulation, detailing the types of issues that have caused ASIC to intervene, its approach to novel issues seen in transactions during the period, an overview of ASIC’s current policy initiatives in this space and regulatory initiatives ASIC has undertaken in relation to due diligence practices, disclosure of financial information in prospectuses and applications to the Takeovers Panel: > read more
  • ASIC released a regulatory guide on providing digital financial advice, from the licensing stage to the actual provision of advice: > read more
  • ASIC's half year enforcement report indicated that it will continue to focus on gatekeeper conduct, compliance with the FOFA reforms, financial advice quality, conduct risk, responsible lending and financial market integrity: > read more

United Kingdom

  • Prime Minister Theresa May set out a number of key corporate governance reforms she intends to introduce, including a binding, rather than advisory, vote on remuneration and consumer and employee representation on company boards: > read more
  • Financial Reporting Council released a report on corporate culture and the role of boards, which addresses how boards and executive management can steer corporate behaviour to create a culture that will deliver long-term value and the role of the board in shaping, monitoring and overseeing culture: > read more 
  • FCA indicated it was considering approving "a small but significant number" of blockchain technology developments using the process behind bitcoin, the cryptocurrency, as part of its Project Innovate: > read more
  • Woodford Investment Management, one of the UK's most respected fund managers, announced that it would no longer pay bonuses, stating a belief that bonuses do not encourage the right behaviours or lead to better outcomes for investors or customers: > read more

United States

  • Investors commenced a class action against CBA, Westpac, NAB and ANZ, along with the Australian branches of several international banks, based on the allegation that the banks made “hundreds of millions of dollars” in profits by “artificially fixing BBSW-based derivatives prices at levels that benefited their trading books”: > read more
  • SEC introduced a requirement that all broker-dealers maintain electronic records: > read more
  • SEC announced that a company would pay a fine of USD265,000 for breaching whistle-blower protection legislation: > read more

Scott Atkins


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Nikki Bentley


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John Martin


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Claudine Salameh


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Kathy Merrick


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