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Regulatory Recap - 30 November 2015

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Welcome to the second edition of Regulatory Recap, an initiative of Henry Davis York's market leading Regulatory Risk + Strategy team. Thank you to those who provided feedback on our first edition. We are pleased you found it a useful and concise snapshot on the things you may need to know in order to support your organisation in the increasingly complex area of regulation.

Regulatory Recap shares with you the most important emerging news, announcements and commentary in regulatory affairs  – information that will impact your institution.

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.


Key developments

  • Focus on use of behavioural economics to consider influences on consumer behaviour with addresses from Harvard Law School's Professor Cass Sunstein at HC Coombs Public Policy Conference in Canberra, QUT and HDY.
  • Federal Government establishes Behavioural Economics Team of the Australian Government (BETA) following models used by ATO, Department of Human Services, NSW Government and UK's Behavioural Insights Team.
  • ASIC reports on enforceable undertaking and required remediation program relating to compliance control systems. If you would like to discuss how these ASIC actions may impact your institution, please contact a member of our Regulatory Risk + Strategy team.



  • ASIC Chairman Greg Medcraft addresses Law Council of Australia on Corporate Culture and Corporate Regulation noting hallmarks of good culture are effective communication, encouraging challenge and guarding against complacency: > read more
  • ASIC Chairman Greg Medcraft addresses Women in Banking and Finance on Digital Disruption: Harnessing the Opportunities, Mitigating the Risks: > read more
  • ASIC launches National Financial Literacy Strategy Annual Highlights Report for 2014-15 reporting on collective impact of financial literacy initiatives delivered by organisations including ASIC: > read more
  • ASIC updates guidance for fee and cost disclosure requirements for superannuation and managed investment products: > read more
  • APRA Chairman Wayne Byers addresses Hong Kong Monetary Authority on Matching Expectations with Reality stressing importance of ensuring regulation not only produces financially sound firms, but also firms that are innovative and competitive too: > read more
  • Assistant Treasurer Kelly O'Dwyer addresses Financial Services Council announcing reconstitution of Financial Sector Advisory Council to advise government on performance of financial regulators and proposed legislation on equity crowdfunding to come before Parliament before end of 2015: > read more
  • Council of Financial Regulators releases response to consultation on Resolution Regime for Financial Market Infrastructures: > read more  with stronger FMI regulation welcomed by Federal Government: > read more
  • HDY hosted Professor Cass R. Sunstein, the Robert Walmsley University Professor at Harvard and former Administrator of the White House Office of Information and Regulatory Affairs, for a gathering of senior banking executives on behavioural economics and the application of 'nudging' in the financial services sector: > read more



United Kingdom

  • Financial Capability Board releases Financial Capability Statement for UK with strategy to improve people’s ability to manage money day to day, through significant life events and periods of financial difficulty: > read more

United States

  • Securities and Exchange Commission Chair Mary Jo White addresses Committee on Financial Services of US House of Representatives on Examining the SEC’s Agenda, Operations and FY 2017 Budget Request: > read more
  • Consumer Financial Protection Bureau releases 2015 Annual Financial Report recording collection of civil penalties in 37 cases totalling $183m: > read more
  • Consumer Financial Protection Bureau also releases Semi Annual Report for April - September 2015 recording supervisory actions resulting in financial institutions providing more than $95m in redress to over 177,000 consumers: > read more



  • IOSCO releases consultative paper on Guidance on Cyber Resilience for Financial Market Infrastructures to enhance ability to pre-empt cyber attacks, respond rapidly and effectively to them and achieve faster and safer target recovery objectives: > read more
  • Financial Stability Board releases progress report to G20 on Measures to Reduce Misconduct Risk in financial sector: > read more


Our Regulatory Risk + Strategy Team

Scott Atkins


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Nikki Bentley


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61 2 9947 6245


John Martin


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Kathy Merrick


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61 2 9947 6341


Claudine Salameh


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61 2 9947 6489


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