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Regulatory Recap - 15 December 2015

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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


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Nikki Bentley


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John Martin


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Kathy Merrick


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Claudine Salameh


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