Our insights - Henry Davis York

Regulatory Recap - 17 November 2015

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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


61 411 441 234

61 2 9947 6059


Nikki Bentley


61 422 004 806

61 2 9947 6245


John Martin


61 418 229 942

61 2 9947 6318


Kathy Merrick


61 407 214 611

61 2 9947 6341


Claudine Salameh


61 402 451 770

61 2 9947 6489