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Regulatory Recap - 21 March 2016

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Welcome to our first edition of Regulatory Recap for 2016 from HDY's Regulatory Risk + Strategy team. 

This year commenced with significant activity from ASIC and we do not anticipate the pace of activity to slow. We eagerly await ASIC's views on structural change and regulatory reform at the ASIC Annual Forum 2016 on 21 and 22 March. We also look forward to seeing many of our colleagues at this event. 

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.

Recent Key Developments

  • Regulators in Australia, United Kingdom and United States have indicated their regulatory priorities for 2016.
  • The United Kingdom's Senior Managers Regime, the Certification Regime and Conduct Rules for deposit takers in the baking sector and the Senior Insurance Managers Regime for insurance companies, came into effect.
  • Andrew Bailey's appointment as Chief Executive of FCA prompts Australian media to speculate if Greg Medcraft will run for a further term as head of ASIC or if he will be replaced by Cathie Armour (current ASIC Commissioner), Belinda Gibson (former ASIC Deputy) or Pauline Vamos (former head of Association of Super Funds).


  • ASIC Deputy Chairman Peter Kell addresses Australian Mortgage Innovation Summit on Regulation and Innovation in Mortgage Lending, commenting on ASIC's focus on key protections in the home lending market such as responsible lending obligations: > read more 
  • ASIC Deputy Chairman Peter Kell addresses Insurance Council of Australia Annual Forum 2016, confirming ASIC will focus on general insurance add-on products in 2016: > read more
  • ASIC Commissioner John Price addresses Alternative Finance Australasia Summit on The Regulator and Marketplace Lending, confirming ASIC will soon release an information sheet on the topic: > read more
  • ASIC releases guidance on new protections for small businesses against unfair contract terms: > read more
  • ASIC publishes fourth report on corporate finance regulation, including relevant guidance on regulation of fundraising transactions, mergers and acquisitions, corporate governance issues, related party transactions and financial reporting: > read more
  • ASIC report 470 "Buying add-on Insurance in Car Yards: Why it can be hard to say no" demonstrates the use of behavioural economics to provide an explanation of how sales processes play on cognitive biases of consumers and influences purchasing decisions: > read more
  • APRA Chairman Wayne Byres appears before The Senate Economics Legislation Committee, noting issues on APRA's agenda for 2016 are refining the prudential framework for the deposit-taking sector, securitisation and bank funding: > read more
  • APRA Chairman Wayne Byres addresses The Australian Economic Forum on the Regulatory Agenda in Australia, noting the FSI's reforms and ongoing Basel Committee reforms will occupy much of APRA's banking policy agenda in 2016: > read more
  • APRA Chairman Wayne Byres participates in Regulators Panels at The Australian Economic Forum to discuss the current regulatory agenda in Australia: > read more
  • APRA member Geoff Summerhayes addresses the Insurance Council of Australia Annual Forum on The Art of Supervision – Culture, Rugby and Regulation, distinguishing the respective roles of regulation and supervision: > read more
  • Treasury announces release of Corporations Amendment (Client Money) Bill 2016 and Corporations Amendment (Client Money) Regulation 2016 in response to Financial System Inquiry and invites feedback on draft legislation: > read more


United Kingdom

  • FCA appoints Andrew Bailey as new permanent Chief Executive for 5 year term commencing in July 2016: > read more
  • FCA Acting Chief Executive Tracey McDermott addresses Bloomberg on Independence, Confidence and Fairness, noting the need for 'sustainable regulation': > read more
  • FCA Director of Strategy and Competition Christopher Woolard addresses FCA on UK FinTech: Regulating for Innovation: > read more 
  • FCA's Senior Managers Regime, the Certification Regime and Conduct Rules for deposit takers in the banking sector and the Senior Insurance Managers Regime for insurance companies, came into effect on 7 March 2016: > read more
  • FCA and Treasury release Financial Advice Market Review report providing recommendations to help address current concerns about affordability and accessibility of financial advice: > read more
  • FCA releases occasional paper on Economics for Effective Regulation: > read more
  • FCA releases discussion paper encouraging firms to do more to ensure UK’s ageing population can access the financial products and services they need at every stage of life: > read more

United States

  • SEC announces 2016 examination priorities with new areas of focus including liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities: > read more
  • SEC Chair Mary Jo White addresses SEC on Beyond Disclosure at the SEC in 2016, confirming continued action in 2016 in the asset management industry, structure of equity markets and disclosure regime: > read more
  • SEC Commissioner Kara Stein addresses SEC on What Lies Ahead: The SEC in 2016, noting the concepts of transparency and accountability will be central to the SEC's efforts in 2016: > read more
  • CFPB issues policy priorities over the next two years, including arbitration, consumer reporting, debt collection, demand-side consumer behaviour, household balance sheets, mortgages, open-use credit, small business lending and student lending: > read more
  • CFPB Director Richard Cordray addresses Consumer Bankers Association about the role and effects of financial regulation in the consumer marketplace: > read more
  • CFPB releases Winter 2016 Supervisory Highlights, noting violations involving consumer reporting, debt collection, mortgage origination, remittances and student loan servicing: > read more
  • CFPB establishes process for companies to apply for a statement from CFPB staff to reduce regulatory uncertainty for new products and services that offer the potential for significant consumer-friendly innovation: > read more


  • IOSCO publishes Securities Markets Risk Outlook for 2016, identifying and examining key trends in global financial markets and the potential risks to financial stability: > read more
  • IOSCO publishes Statement on Regulation of Crowdfunding, raising awareness of the major risks investors face when investing in crowdfunding: > 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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