Our insights - Henry Davis York

Regulatory Recap - 27 June 2016

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Recent Key Developments

  • ASIC and Monetary Authority of Singapore enter into Innovation Functions Co-operation Agreement.
  • ASIC commences first best interests duty case.
  • RBA's Glenn Stevens and FCA's Tracey McDermott both awarded in Queen's Birthday Honours List.


  • ASIC releases Consultation Paper seeking feedback on proposed approach to facilitating innovation in financial services, including regulatory sandbox licensing exemption: > read more 
  • ASIC commences first action against licensee for alleged breaches of the best interests duty introduced under FOFA reforms: > read more 
  • ASIC releases report detailing results of recent surveillance program and identifying serious and widespread compliance failures in retail over-the-counter derivatives industry: > read more 
  • ASIC Chairman, Greg Medcraft, addresses Annual Stockbrokers Conference on Building Trust and Confidence, noting ASIC priorities for ensuring market integrity are cyber resilience, conduct risk and handling of confidential information and conflicts of interest: > read more 
  • ASIC Chairman, Greg Medcraft, addresses Law Council of Australia on Directors' Duties and Culture, highlighting importance of a firm's social licence in addition to legal licence: > read more
  • ASIC Chairman, Greg Medcraft, addresses Reuters 4th Annual Australian Regulatory Summit on Tone from the Top: Influencing Conduct and Culture, reiterating his constant message that values and cultural leadership must come from the top: > read more 
  • ASIC Commissioner, John Price, addressed Governance Institute of Australia's Corporate Governance Forum on ASIC's Focus on Culture: Digging into the Detail, highlighting that promoting more diversity within organisations, particularly at the executive and board level, is an important mechanism for fostering a more positive culture within the firm: > read more  
  • ASIC reminder that from 1 July 2016, accountants must hold AFSL or be an authorised representative of a licence-holder or licensee to provide financial product advice on self-managed superannuation funds: > read more 
  • ASIC and Monetary Authority of Singapore sign Innovation Functions Co-operation Agreement to enable FinTech companies in Singapore and Australia to establish initial discussions in each other’s market faster and receive advice on required licences: > read more 
  • ABA announces former Auditor-General, Ian McPhee, to oversee new bank measures to protect consumer interests: > read more  


United Kingdom

  • FCA appoints Megan Butler as permanent Director of Supervision – Investment, Wholesale and Specialists: > read more 
  • FCA signs Women in Finance Charter to promote a more diverse workforce: > read more  
  • FCA Director of Strategy and Competition, Christopher Woolard, addresses Global Digital Banking Conference on Innovation and Improving Outcomes, explaining the work of the Advice Unit in supporting firms developing automated advice models to deliver lower cost advice to consumers: > read more 

United States

  • SEC Chair, Mary Jo White, gives testimony to US Senate Committee on Banking, Housing and Urban Affairs on Oversight of the SEC, confirming record achievements in fiscal year 2015 of over 800 enforcement actions, over $4 billion in orders directing the payment of penalties and disgorgement and conduct of 2,000 examinations: > read more  
  • SEC Chair, Mary Jo White, addresses Investment Company Institute on The Future of Investment Company Regulation, noting 3 most significant areas of regulation for asset management industry are: controls on conflicts of interest; a robust registration, reporting and disclosure regime and controls on specific fund portfolio composition risks and operational risks: > read more  
  • SEC grants $17 million whistleblower award, second largest ever issued by SEC: > read more


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