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Regulatory Recap - 16 May 2016

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Recent Key Developments

  • Treasury releases final report on ASIC Capability Review, providing $127m in funding for ASIC. 
  • ASIC confirms ongoing investigations into mortgage broker and life insurance sectors.
  • ASIC and FCA introduce concept of regulatory sandbox to their respective Innovation Hubs.


  • Treasury releases ASIC Capability Review Final Report, providing 34 recommendations framed to ensure ASIC has the right governance and leadership, strategy and delivery capabilities to meet its objectives and regulatory challenges: > read more and read more
  • ASIC provides response to Capability Review Final Report, setting out positive actions it is already taking or will take to develop its capabilities in areas such as governance, culture and communication: > read more
  • ASIC appears before Senate Estimates Committee welcoming changes announced in Capability Review Final Report: > read more
  • ASIC announces upcoming consultation paper seeking feedback on regulatory sandbox exemption: > read more
  • ASIC Chairman, Greg Medcraft, term extended for 18 months to November 2017: > read more
  • ASIC Chairman, Greg Medcraft, addresses Investment Company Institute on his time at ASIC and the work of IOSCO and Financial Stability Board (FSB) on asset management and liquidity: > read more
  • ASIC Chairman, Greg Medcraft, addresses US Securities Industry and Financial Markets Association Symposium on The Challenge of Driving Global Economic Growth: > read more 
  • ASIC Commissioner, Cathie Armour, addresses General Council Summit on Improving Business Through Compliance: A Regulator's Perspective: > read more
  • APRA makes submission to Senate Economics Committee on the Life insurance industry: > read more
  • APRA Chair, Wayne Byers, addresses AFR Banking and Wealth Summit on Strength to Resilience: > read more
  • RBA Assistant Governor, Malcolm Edey, addresses Cards & Payments Australia Conference on The Card Payments Review: > read more
  • Treasurer, Scott Morrison, releases Government’s response to Senate Economics References Committee Inquiry into credit card interest rates for public consultation: > read more
  • Treasurer, Scott Morrison, releases final report for public consultation on Review of Small Amount Credit Contract, including payday lending and consumer leasing: > read more
  • Assistant Treasurer, Kelly O'Dwyer, announces new independent expert panel to lead review into financial system’s external dispute resolution and complaints framework: > read more
  • Assistant Treasurer, Kelly O'Dwyer, announces members of reconstituted Financial Sector Advisory Council: > read more
  • Australian Council of Financial Regulators releases consultation paper on Financial Benchmarks Regulatory Reform, including proposals guided by IOSCO's Principles for Financial Benchmarks and the FSB's recommendations on FX and interest rate benchmarks: > read more


United Kingdom

  • FCA releases Business Plan 2016/17 with priorities of pensions, financial crime and anti-money laundering, wholesale financial markets, advice, innovation and technology, firms' culture and governance and treatment of existing customers: > read more
  • FCA Acting Chief Executive, Tracey McDermott, announces she will leave FCA on 1 July 2016: > read more
  • FCA Acting Chief Executive, Tracey McDermott, addresses Credit Summit reflecting on the past two years of regulation of consumer credit: > read more
  • FCA publishes Regulatory Sandbox Report, expanding Project Innovate to introduce a safe space in which businesses can test innovative products, services, business models and delivery mechanisms without immediately incurring all the normal regulatory consequences of pilot activities: > read more
  • Prudential Regulation Authority (PRA) releases supervisory statement on Corporate Governance: Board Responsibilities, detailing the PRA's expectation that boards and management of regulated firms run the business prudently, consistent with the firm’s own safety and soundness and the continuing stability of the financial system: > read more

United States

  • SEC Chair, Mary Jo White, requests budget of $1.781b for 2017 financial year: > read more
  • SEC Chair, Mary Jo White, addresses Rock Center on Corporate Governance on the concept of 'fintech unicorns': > read more
  • SEC Commissioner, Kara Stein, addresses Rocky Mountain Securities Conference on Disclosure in the Digital Age: A New Revolution: > read more
  • CFPB proposes rule prohibiting financial companies from using mandatory-arbitration clauses in contracts with consumers as a way to block class-action lawsuits and force customers into private negotiations to solve disputes: > read more
  • Cornerstone Research releases Securities Class Action Settlements Report, noting significant increase in number and value of US securities class action settlements in 2015: > read more


  • IOSCO appoints new board with former Vice Chair, Ashley Alder, replacing Greg Medcraft as Chair: > read more
  • IOSCO publishes report, Cyber Security in Securities Markets - An International Perspective, providing review of different regulatory approaches and potential tools available to regulators to respond to the cyber risk: > read more

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