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The Big Picture: Selected consultations from the financial services regulators at 11 August 2017

by Caroline Falshaw | 10 Aug 2017
Selected consultations from the financial services regulators at 11 August 2017 

Regulator ConsultationSubmissions close
TreasuryTreasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017
The legislation will amend the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001, and the Financial Sector (Collection of Data) Act 2001 to modernise the superannuation system.
11 August 2017
TreasuryNew APRA powers to address financial stability risks - Non-ADI lender rules
The consultation seeks feedback on proposals to ensure that APRA is able to respond flexibly to financial and housing market developments that pose a risk to financial stability, by providing APRA with new powers.
14 August 2017
TreasuryReducing barriers to new entrants to the banking sector - Removing restrictions on the use of the term 'bank'
The consultation seeks feedback on proposals to reduce regulatory barriers to entry for new and innovative entrants to the banking system, by lifting the prohibition on the use of the word 'bank' by ADIs with less than $50 million in capital.
14 August 2017
TreasuryConsultation: ASIC’s Access to Telecommunications Intercept Material

The ASIC Enforcement Review Taskforce position paper ASIC’s Access to Telecommunications Intercept Material outlines reforms to enhance ASIC’s access to telephone intercepts for the investigation and prosecution of serious corporate law offences.

17 August 2017
ASICCP 292 Implementing the financial benchmark regulatory regime
This consultation paper seeks feedback on draft rules proposed to apply to the administration of licensed financial benchmarks and proposed regulatory guidance on how ASIC would administer the financial benchmark administrator licensing regime.
21 August 2017
Productivity CommissionSuperannuation: Assessing Competitiveness and Efficiency
Stage 3 in the Productivity Commission’s 12-month inquiry into the competitiveness and efficiency of Australia's superannuation system
21 August 2017
ASIC

CP 293 Revising the market licence regime for domestic and overseas operators 

This consultation paper seeks industry feedback on ASIC’s proposals to implement a tiered market licence regime under amendments introduced through recent legislative reform.
31 August 2017
Financial Markets Authority (NZ)

Proposed exemption from the market index requirement

The FMA has found that the market index requirement creates challenges for certain types of funds. Proposed is an exemption to allow managers unable to find a compliant market index to provide another form of benchmark (a peer group) as an alternative.
1 September 2017
APRA

Common Equity Tier 1 capital instruments for mutually owned ADIs

8 September 2017
ASXChanges to Clearing Participant Minimum Core Capital Requirements Approach8 September 2017
Productivity CommissionCompetition in the Australian Financial System

This inquiry complements the Productivity Commission’s work into data availability and use, and the competitiveness and efficiency of the superannuation system. 
15 September 2017
TreasuryReview into Open Banking in Australia

The Issues Paper explains the context and background for the Government’s decision to introduce an Open Banking regime in Australia and outlines issues the Review will be examining, consistent with its terms of reference.
22 September 2017
APRACounterparty credit risk for ADIs29 September 2017 
Financial Conduct Authority (UK)CP17/25: Individual accountability — extending the Senior Managers and Certification Regime to all FCA firms

The proposals outlined would replace the Approved Persons Regime, changing how individuals working in financial services are regulated. The aim of the new SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.
3 November 2017
Financial Conduct Authority (UK)CP17/26: Individual accountability - extending the Senior Managers and Certification Regime to insurers
The proposals outlined would replace the Approved Persons Regime, changing how individuals working in financial services are regulated. The aim of the new SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.
3 November 2017



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