Our insights - Henry Davis York

Regulatory Recap - 4 April 2016

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Recent Key Developments

  • Presenters at ASIC's Annual Forum 2016 show united enthusiasm for technologically-driven improvements in financial services and confirm culture matters to ASIC, business and consumers.
  • ASIC and FCA sign world-first agreement to support innovative FinTech businesses in Australia and United Kingdom.


  • ASIC Chairman, Greg Medcraft, delivers opening speech at ASIC Annual Forum 2016 on Culture Shock, noting "good culture enhances brand loyalty and bolsters reputation, which has a very real financial impact": > read more
  • ASIC releases Enforcement Report for 1 July 2015 to 31 December 2015, confirming $149 million secured in compensation/remediation and outlining ASIC's continued areas of focus including integrity of financial market benchmarks, disclosure obligations and market abuse: > read more
  • ASIC issues information sheet on marketplace lending, containing guidance on good practice strategies: > read more
  • ASIC releases consultation paper and draft Regulatory Guide on digital financial product advice or 'robo-advice', seeking feedback on how AFS licensees should monitor and test algorithms underpinning digital advice: > read more
  • ASIC releases report outlining findings of its review of conflicts management practices in vertically integrated businesses in the funds management industry, emphasising the role remuneration and incentives play as drivers of behaviour: > read more
  • ASIC makes modifications to ePayments Code, now permitting documents under the Code to be delivered to consumers digitally as the default option unless consumers opt out: > read more
  • RBA Governor, Glenn Stevens, addresses ASIC Annual Forum on how to withstand major global shocks: > read more
  • Council of Financial Regulators releases paper consulting on regulatory reform proposals relating to administration of significant benchmarks, submission to significant benchmarks and offences applying to benchmark misconduct: > read more
  • APRA General Manager of Industry Analysis, Heidi Richards, addresses Macquarie University Financial Risk Day on 'A Prudential Approach to Mortgage Lending', noting housing lending has become and remains an important element of our financial system: > read more
  • Treasury releases statement on Australia’s FinTech future, noting FinTech is all about stimulating technological innovation so that financial markets and systems can become more efficient and consumer‑focussed: > read more


United Kingdom

  • FCA and ASIC sign agreement to support FinTech businesses seeking to operate in Australia and United Kingdom, to help reduce regulatory uncertainty and time to market: > read more

United States

  • CFPB issues advisory and report with recommendations for banks on how to prevent, recognise, report and respond to financial exploitation of older Americans: > read more and read more


  • IOSCO announces 2019 Annual Conference to be held in Australia: > read more

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