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Perspectives on Cyber Risk
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Regulators
June 26, 2017 2:39 PM |
UK Financial Conduct Authority (FCA) will conduct more investigations and they may not necessarily lead to enforcement actions says FCA Director of Investigations [read more]
June 26, 2017 2:28 PM |
Barclays Bank and four of its former senior staff charged with fraud by the Serious Fraud Office for events dating to the 2008 financial crisis [read more]
June 19, 2017 11:46 AM |
Treasurer Scott Morrison reportedly ask APRA to proceed with plans to help the tax office collect revenue from the proposed bank levy even though it has yet to pass into law [read more]
June 13, 2017 4:24 PM |
Fiduciary Rule now in partial operation despite review ordered by Trump Administration - US Financial Advisers required to act in best interests of their clients in retirement accounts [read more]
June 13, 2017 4:21 PM |
US Securities and Exchange Commission disgorgement orders subject to five year time limit [read more]
June 5, 2017 4:49 PM |
Legislation that will enact the Bank Levy announced in the 2017-2018 budget introduced into the Lower House [read more]
May 29, 2017 3:04 PM |
MinterEllison partner Alberto Colla has provided some tips for boards in relation to key governance developments: reforming culture and engaging with proxy advisers [read more]
May 29, 2017 2:50 PM |
Further action has been taken by regulators to improve conduct in the foreign exchange market, including the release of a global code of conduct and a new ASIC report on the issue FX Global Code of Conduct
[read more]
May 8, 2017 2:00 PM |
The federal government has released for consultation regulations to support the ASIC industry funding model, setting out how the levies applicable to each sector will be calculated. [read more]
May 1, 2017 5:18 PM |
Nausicaa Delfas, Executive Director at the UK Financial Conduct Authority, has argued that companies need to move to a ‘secure culture’ to address cyber threats. [read more]
April 24, 2017 3:58 PM |
The ASX has released the results of its ASX 100 Cyber Health Check, which found a high level of risk awareness among directors, but gaps in organisational preparedness and resilience. [read more]
April 24, 2017 3:55 PM |
In its second report on its review of the four major banks, the Economics Standing Committee has affirmed its support for all ten of its original recommendations. [read more]
April 24, 2017 3:51 PM |
The ASIC Enforcement Review Taskforce has proposed reforms to strengthen the financial services breach reporting regime, including to clarify when the reporting obligation is triggered. [read more]
April 24, 2017 3:47 PM |
Stephen Sedgwick has released his proposals for the reform of product based payments in retail banking, which are 'deliberately intended to signal a sharp break with the past'. [read more]
April 24, 2017 3:45 PM |
Following public consultation, the ASX has decided to proceed with its proposal to require a bidder to obtain shareholder approval for a reverse takeover and has released draft amendments. [read more]
April 10, 2017 6:24 PM |
The UK Business, Innovation, and Skills parliamentary committee has made wide ranging recommendations to reform corporate governance, including phasing out long-term incentive plans. [read more]
April 10, 2017 6:20 PM |
APRA chairman Wayne Byres has discussed how APRA intends to put the Financial System Inquiry's 'unquestionably strong' recommendation into practice. [read more]
April 10, 2017 6:18 PM |
ASIC Commissioner John Price has discussed how ASIC is trying to move key market sectors towards its 'what good looks like' aspirations. [read more]
April 3, 2017 1:34 PM |
The Senate Economics References Committee has released the report of its inquiry into penalties for white collar crime, recommending increased civil penalties and disgorgement powers. [read more]
March 20, 2017 2:06 PM |
ASIC's review of how large financial advice firms have dealt with past poor advice and non-compliant advisers has found that there are still significant delays in breach reporting. [read more]
March 20, 2017 2:01 PM |
The second round of hearings in the review of the four major banks has shown that there are a few sticking points in relation to the Economics Standing Committee's recommendations. [read more]
March 20, 2017 1:55 PM |
Momentum appears to be building for more detailed regulatory guidance on appropriate carbon risk disclosure, with a focus on the Financial Stability Board's Task Force on Climate-related Financial Disclosures' recommendations. [read more]
March 13, 2017 1:29 PM |
In their appearance before Senate Estimates, APRA representatives have highlighted continued concerns with superannuation governance. [read more]
March 13, 2017 1:26 PM |
ASIC has set out its enforcement focus areas for the next six months in relation to market integrity, corporate governance and financial services. [read more]
March 13, 2017 1:23 PM |
In ASIC's appearance before Senate Estimates, chairman Greg Medcraft has argued that it is not enough for companies to do the right thing just because ASIC has stepped in. [read more]
March 6, 2017 12:14 PM |
ASIC’s latest report on the regulation of corporate finance issues has highlighted some key focus areas, including business model disclosure, climate risk and cyber security. [read more]
February 27, 2017 4:03 PM |
The ACCC has set out its priorities for 2017, highlighting its tougher stance on penalties, cartel conduct and 'larger businesses', and its focus on the new unfair contract terms law. [read more]
February 20, 2017 3:39 PM |
APRA member Geoff Summerhayes has warned financial institutions that it is no longer the case that climate risks can be seen as a future problem or a non-financial problem. [read more]
February 20, 2017 3:37 PM |
Wayne Byres has updated banks on APRA's work to ensure capital ratios are 'unquestionably strong', and cautioned on mortgage lending and technology investment. [read more]
February 20, 2017 3:32 PM |
The ASBFEO has warned banks that their response to implementing new laws governing unfair terms in standard form contracts with small businesses is not good enough. [read more]
February 20, 2017 3:30 PM |
The UK FRC is planning a 'fundamental review' of the UK Corporate Governance Code, taking into account current priorities such as culture, stakeholders and executive pay. [read more]
February 13, 2017 11:50 AM |
The NZ FMA has finalised a guide on its view of conduct, which explains how the FMA will use a conduct ‘lens’ in carrying out its monitoring and supervisory activities [read more]
February 13, 2017 11:47 AM |
The UK FRC’s CEO, Stephen Haddrill, has highlighted the importance of rebuilding public trust in business, calculated risk taking and maintaining a strong corporate culture [read more]
December 12, 2016 3:25 PM |
ASIC has advised companies to adopt realistic valuations, choose appropriate accounting policies and provide more effective communication in their 31 December 2016 reports. [read more]
December 5, 2016 2:48 PM |
ASIC Commissioner John Price has highlighted some of ASIC's current priorities in relation to gatekeeper culture in the financial services industry (including breach reporting). [read more]
November 28, 2016 2:45 PM |
ASIC Commissioner John Price has discussed ASIC's expectations in relation to managing conduct risk, and given an overview of the trends uncovered by its conduct risk survey. [read more]
November 21, 2016 3:21 PM |
APRA chairman Wayne Byres has stressed the importance of a strong risk culture in the face of growing pressure on the finance sector to improve returns. [read more]
November 21, 2016 3:18 PM |
APRA chairman Wayne Byres has discussed progress on setting 'unquestionably strong' capital standards for ADIs (and says banks shouldn't expect any reductions in the requirements). [read more]
November 14, 2016 1:37 PM |
Treasury has released an updated proposed industry funding model for ASIC, addressing some of the concerns raised by respondents to its 2015 consultation. [read more]
November 14, 2016 1:33 PM |
ASX and ASIC have invited ASX 100 companies to participate in the Cyber Health Check, and encouraged boards to take part to demonstrate they are actively engaged in addressing cyber issues. [read more]
November 7, 2016 2:29 PM |
APRA has released enhanced governance requirements for Registrable Superannuation Entity licensees, requiring a governance framework and policies for the nomination, appointment and removal of directors. [read more]
November 7, 2016 2:25 PM |
ASIC has highlighted its market integrity priorities for 2016-17; cyber resilience, firm culture and conduct, handling confidential information and managing conflicts of interest. [read more]
November 7, 2016 2:22 PM |
ASX has released its new rules for admission to the ASX official list, which in a number of respects have been 'toned down' from the proposals released in May. [read more]
November 7, 2016 2:14 PM |
Following consultation, ASIC has released its updated guidance for historical financial information disclosure in prospectuses. [read more]
October 31, 2016 2:03 PM |
In the UK, a new report has asserted that unless the culture of regulators is changed the country 'will be sleepwalking into the next financial crisis'. [read more]
October 31, 2016 1:55 PM |
UK FRC has called on companies to ensure they provide 'sufficient balance' in their annual reports, as well as to consider the needs of a range of stakeholders. [read more]
October 31, 2016 1:53 PM |
The US SEC has proposed controversial reforms to allow shareholders to vote for their preferred combination of board candidates in contested elections. [read more]
October 24, 2016 2:29 PM |
APRA has highlighted the sustained attention still required by the financial sector to develop a sound risk culture, and has set out how it intends to 'support and encourage' this effort. [read more]
October 17, 2016 11:27 AM |
A busy week for the life insurance industry: the release by the FSC of an industry code of practice, the results of industry reviews by ASIC and APRA, and a bill aimed at preventing 'churning' [read more]
October 17, 2016 11:24 AM |
ASIC has issued revised guidance for forward-looking statements in the mining and resources industry, clarifying a number of issues in response to 'concerns and misunderstandings' [read more]
October 10, 2016 1:44 PM |
The UK FCA is consulting on new measures to strengthen the senior managers’ and certification regime as part of its continued focus on culture, including extending conduct rules to non-executive directors. [read more]
October 10, 2016 1:40 PM |
Following its 2016 cyber security survey, APRA has identified a set of practices for cyber risk management which it advises all regulated entities to consider. [read more]
October 10, 2016 1:33 PM |
APRA member Geoff Summerhayes has urged financial institutions to focus on maintaining customer and community trust to preserve their social licence. [read more]
October 10, 2016 1:29 PM |
The federal government has announced plans to strengthen the rules regulating the Bank Bill Swap Rate, including to make manipulation a specific criminal and civil offence. [read more]
September 26, 2016 5:19 PM |
The UK’s Financial Conduct Authority has set out its expectations in relation to management of cyber risk, which include ensuring a ‘security culture’ driven from the top down. [read more]
September 19, 2016 3:00 PM |
ASIC has released a new regulatory guide on review and remediation conducted by Australian financial services licensees providing personal advice to retail clients (which also applies to other sectors). [read more]
September 5, 2016 4:41 PM |
In its latest Corporate Plan, ASIC has among other things given its view of 'what good looks like' for gatekeepers across the sectors it regulates. [read more]
September 5, 2016 4:27 PM |
The Federal Court has found that Storm Financial directors breached their directors' duties by causing Storm to contravene the Corporations Act. [read more]
August 29, 2016 3:15 PM |
Academics have asserted that based on their empirical study, sentencing reality should be a central focus of the government's review of ASIC's penalties regime. [read more]
August 29, 2016 3:10 PM |
ASIC has published its latest report on the regulation of corporate finance issues, among other things noting concerns with prospectus disclosure and giving pointers for the AGM season. [read more]
August 29, 2016 3:02 PM |
The Federal Court has made orders with the parties consent banning former Padbury Mining directors for three years as a result of a misleading ASX announcement. [read more]
August 22, 2016 3:44 PM |
Announcing the results of APRA's stress test of the life insurance industry, APRA member Geoff Summerhayes noted that 'regulatory capital won't help institutions if they can't be trusted'. [read more]
August 15, 2016 1:59 PM |
ASIC has advised firms to give careful consideration to the handling of material non-public information and conflicts of interest, after finding a number of poor and inconsistent practices. [read more]
August 15, 2016 1:56 PM |
In its latest enforcement report ASIC has identified its priority areas for the next six months, suggesting gatekeepers should focus on culture, cyber risk and disclosure. [read more]
August 15, 2016 1:54 PM |
ASIC's review of Australian equity market cleanliness has found a general improvement for the 10-year period from 1 November 2005 to 31 October 2015. [read more]
August 8, 2016 1:52 PM |
Australia's major banks will be called to appear annually before the House of Representatives' economics committee, following the controversy over interest rates. [read more]
August 8, 2016 1:49 PM |
The NZ Financial Markets Authority has released for public comment proposed guidance on how it will examine whether financial services providers are demonstrating good conduct. [read more]
August 1, 2016 1:02 PM |
ASIC's Market Supervision Regulatory Priorities letter for 2016-17 calls on market participants to focus on cyber-resilience, culture and handling of confidential information. [read more]
August 1, 2016 12:58 PM |
A new report from MSCI has asserted that, according to data from 429 large cap US companies, CEOs are not paid for performance. [read more]
July 25, 2016 3:11 PM |
Governance Institute of Australia has released its inaugural Ethics Index, which reveals that large corporations (and their senior executives) need to improve their image. [read more]
July 25, 2016 3:08 PM |
ASIC has set out its recommendations for effective due diligence in IPOs, after finding a 'close correlation between defective disclosure in a prospectus and poor due diligence'. [read more]
July 11, 2016 1:37 PM |
The UK FRC's Director of Audit Policy has discussed lessons learned from the UK's experiences implementing extended auditor reporting (including: planning is of 'critical importance'). [read more]
July 11, 2016 1:34 PM |
Although the capital ratios of the major Australian banks position them in the top quartile internationally, APRA has said they are likely to need further improvement. [read more]
July 11, 2016 1:31 PM |
ACSI's latest findings on the progress in disclosure of sustainability risks among S&P/ASX200 companies are generally positive, but 'there remains much to improve'. [read more]
July 4, 2016 2:22 PM |
On the whole, US banks have fared well in this year's stress tests, although regulators have again objected to the capital plans of the US units of Deutsche Bank and Santander. [read more]
July 4, 2016 2:20 PM |
ASIC chairman Greg Medcraft has argued that the negative impact of 'poor culture' applies as much to insider trading as business practices and general conduct. [read more]
July 4, 2016 2:18 PM |
Following its review of 31 December 2015 financial reports, ASIC has called on directors and auditors to continue to focus on values of assets and accounting policy choices. [read more]
June 27, 2016 4:12 PM |
ASIC chairman Greg Medcraft has discussed the role of directors and executives in supporting a strong culture, asserting that boards need be alert to 'red flags' and have their 'noses in'. [read more]
June 27, 2016 4:09 PM |
ASIC has reported on its recent surveillance program, which identified 'some serious and widespread compliance failures' in the retail OTC derivatives industry. [read more]
June 27, 2016 4:05 PM |
A US SEC official has suggested that culture should be seen as 'a sort of mitigant to all risks', but more specifically as a support for conduct risk. [read more]
June 20, 2016 12:57 PM |
MinterEllison's Sarah Barker and Maged Girgis have argued that recent international developments have raised the bar on climate change disclosure and governance. [read more]
June 20, 2016 12:54 PM |
EY's survey of FTSE 350 directors has found that culture is vital to overall strategy and performance, but that boards need to take more responsibility for defining and monitoring it. [read more]
June 14, 2016 2:30 PM |
A Melbourne Law School study of proceedings brought by ASIC and the CDPP for breach of directors' duties has provided empirical data to inform the current debate on penalties. [read more]
June 6, 2016 11:50 AM |
In the US, FINRA's chairman and CEO has discussed how regulators and the industry can work toward ensuring a culture in the financial services industry which puts clients' interests first. [read more]
June 6, 2016 11:47 AM |
ASIC has reported that its taskforce reviewing how market intermediaries manage confidential information and conflicts of interest has identified a number of risk areas. [read more]
June 6, 2016 11:43 AM |
ASIC has warned companies to adopt realistic valuations for asset values and appropriate accounting policies in their 30 June financial reports. [read more]
May 30, 2016 2:48 PM |
US SEC Chief of Staff Andrew J. Donohue has discussed some of his thoughts and observations on corporate compliance, including how compliance officers can 'get more comfortable'. [read more]
May 30, 2016 2:45 PM |
ASIC Commissioner John Price has suggested a number of ways that boards can promote a more positive culture within their organisations. [read more]
May 16, 2016 11:45 AM |
In a recent speech on regulatory compliance, ASIC Commissioner Cathie Armour has stressed the importance of a 'customer-first' culture. [read more]
May 16, 2016 11:43 AM |
ASIC is consulting on updated guidance to improve disclosure of historical financial information in prospectuses. [read more]
May 2, 2016 1:06 PM |
The Australian Bankers' Association has announced a package of measures to address consumer concerns with the banking industry. [read more]
May 2, 2016 1:01 PM |
The federal government has announced a reform package designed to better enable ASIC to 'combat misconduct in Australia's financial services industry'. [read more]
April 18, 2016 12:18 PM |
APRA has released the report on its investigation into the failure of Trio Capital, highlighting three key lessons for superfund trustees. [read more]
April 18, 2016 12:11 PM |
MinterEllison partners have predicted that activism may be on the rise (particularly in WA), and advise boards to engage with activists in a 'neutral and open-minded way'. [read more]
April 11, 2016 12:58 PM |
APRA deputy chairman Helen Rowell has emphasised the role of superfund boards in sound governance, strategic planning, setting investment strategy and ensuring transparency. [read more]
April 11, 2016 12:54 PM |
APRA chairman Wayne Byres has highlighted the work that needs to be done (by regulators and firms) to ensure Australia's financial system is both strong and resilient. [read more]
April 11, 2016 12:52 PM |
An intense debate has emerged concerning the proper role of regulators in policing corporate culture at Australian companies. [read more]
April 11, 2016 12:49 PM |
According to ASIC's six-monthly report on market integrity, cyber threats, handling of confidential information and conduct risk remain the key issues in 2016. [read more]
April 11, 2016 12:46 PM |
The UK's Prudential Regulation Authority has released a supervisory statement relating to (collective) board responsibilities. [read more]
April 4, 2016 4:01 PM |
Shareholder activists, short-termism and culture (among other things) have been blamed for the recent events at Valeant Pharmaceuticals. [read more]
April 4, 2016 3:57 PM |
APRA is consulting on clarifications to the governance and risk management components of the 'Level 3 framework' (and will defer implementation of conglomerate capital requirements). [read more]
April 4, 2016 3:54 PM |
ASIC has released its latest enforcement report: looking forward it will continue its focus on market integrity, corporate governance and misconduct in the wealth management industry. [read more]
March 23, 2016 5:05 PM |
APRA chair Wayne Byres has said that although boards are paying more attention to culture, it appears 'they are still grappling with how best to do this in a robust and systematic manner'. [read more]
March 23, 2016 5:02 PM |
ASIC has encouraged all AFS licence holders to carefully review its report into culture, conduct and conflicts management practices in vertically integrated funds management businesses. [read more]
March 23, 2016 5:00 PM |
In a recent speech, ASIC chairman Greg Medcraft said that culture 'is not something that can be regulated with black letter law', but is an issue that companies themselves must address. [read more]
March 9, 2016 1:20 PM |
ASIC has called on the financial services sector to share threat intelligence and collaborate with industry peers to improve cyber resilience practices across the industry. [read more]
March 2, 2016 2:00 PM |
ASIC has published its fourth report on the regulation of corporate finance issues highlighting, among other things, a focus on risk disclosure, poll voting and cyber security. [read more]
February 24, 2016 2:08 PM |
ASIC representatives have discussed culture and mechanisms that can be used to ensure the ‘right culture’ trickles down from the top (as well as some of the regulator’s other priorities) [read more]
February 24, 2016 1:57 PM |
APRA has reiterated that it would like to ‘see some improvements’ in culture across the finance industry, and discussed its planned review of related party arrangements at superfunds [read more]
February 17, 2016 12:59 PM |
APRA's agenda for 2016 includes banking (the prudential framework, securitisation, the NSFR and housing lending) and superannuation (board renewal/performance and related party arrangements). [read more]
February 3, 2016 1:28 PM |
In a recent speech, APRA chairman Wayne Byres predicted that ‘changes in the pipeline will, in all likelihood, lift capital requirements for banks somewhat higher’. [read more]
February 3, 2016 1:26 PM |
ASIC is consulting on guidance in relation to review and remediation programs conducted by Australian financial services licensees that provide personal advice. [read more]
February 3, 2016 1:24 PM |
ASIC has announced a consultation on the implementation of retail life insurance advice reforms following release of draft legislation by the federal government in December 2015. [read more]
February 3, 2016 1:22 PM |
ASIC has released the results of its review of 30 June 2015 financial reports: the majority of its enquiries related to impairment of non-financial assets and inappropriate accounting treatments. [read more]
November 25, 2015 12:29 PM |
ASIC has released updated guidance on fee and cost disclosure for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes. [read more]
November 18, 2015 12:23 PM |
ASIC has announced its focus for 31 December 2015 financial reports, which includes: asset values and impairments, accounting policy choices, material disclosures and the role of directors. [read more]
November 18, 2015 12:21 PM |
APRA chairman Wayne Byres has defended internal models, supervision, market discipline and internal governance and culture as useful tools to prevent over-regulation. [read more]
November 18, 2015 12:21 PM |
APRA chairman Wayne Byres has defended internal models, supervision, market discipline and internal governance and culture as useful tools to prevent over-regulation. [read more]
November 11, 2015 4:50 PM |
APRA chairman Wayne Byres has highlighted key issues for 2016, including total loss absorbing capacity, recovery and resolution planning, risk culture and technology risks. [read more]
November 11, 2015 4:43 PM |
ASIC chairman Greg Medcraft has discussed ASIC's long-term challenges, including conduct risk, cyber-resilience, structural change and globalisation. [read more]
October 28, 2015 3:50 PM |
In a recent speech, APRA member Helen Rowell foreshadowed that governance, risk management and risk culture will be a particular focus of the prudential regulator's supervision activities in 2015 and beyond. [read more]
October 28, 2015 3:44 PM |
APRA member Helen Rowell has attempted to dispel some fallacies concerning the government's proposed reforms of super fund governance. [read more]
October 28, 2015 3:38 PM |
A former US SEC regulator has proposed appropriate conduct by corporations during the 'four phases' of their relationship with their regulators. [read more]
October 14, 2015 11:42 AM |
ASIC has released its market integrity report for the period 1 January to 31 June 2015, which says that the regulator's future focus areas are conduct risk, cyber-resilience and confidential information. [read more]
September 23, 2015 1:08 PM |
US academics have provided a 'primer' on the next frontier for boards – the oversight of 'risk culture' – identifying some of the challenges and recommending practical steps they can take. [read more]
September 23, 2015 1:06 PM |
APRA chairman Wayne Byres has asserted that there is 'more to do' on culture and remuneration (and living wills) to ensure ADIs are 'unquestionably strong' over the long term. [read more]
September 16, 2015 2:55 PM |
ASIC has provided an overview of some compliance issues identified during its proactive surveillance of responsible entities and superannuation trustees. [read more]
September 9, 2015 4:47 PM |
ASIC has released the results of its survey of superannuation websites to check industry compliance with the new transparency disclosure requirements, and recommended some 'simple changes'. [read more]
September 9, 2015 4:45 PM |
In a recent speech, ASIC chairman Greg Medcraft has indicated ASIC's strong support of some Financial System Inquiry recommendations, including that penalties should be increased. [read more]
September 2, 2015 4:02 PM |
APRA has written to ADI's and insurers responding to some of the key issues raised in the feedback to its proposal to review its board requirements in the prudential standards. [read more]
September 2, 2015 3:59 PM |
APRA has released a consultation package on governance arrangements for APRA-regulated superannuation trustees to supplement the government's proposed reforms. [read more]
September 2, 2015 3:56 PM |
ASIC Deputy Chair Peter Kell has defended ASIC's approach to 'culture' following comments at a Governance Institute of Australia public forum on the role of the regulator. [read more]
September 2, 2015 3:53 PM |
The federal government has released a consultation paper on the potential introduction of an industry funding model for ASIC – to a mixed reception. [read more]
September 2, 2015 3:48 PM |
ASIC has released its Corporate Plan 2015–16 to 2018-19, and has its sights on: culture and conduct, cyber resilience, poor financial advice, complexity in products and markets, and promoting the development and integration of cross-border markets and products. [read more]
August 26, 2015 3:30 PM |
ASIC has published its third report on the regulation of corporate finance issues, noting some specific concerns with emerging market and 'backdoor' listings. [read more]
August 19, 2015 2:29 PM |
The Governance Institute of Australia has reported that a new international standard for compliance has been released, which it advises ASIC is likely to reference in its focus on culture. [read more]
August 19, 2015 2:27 PM |
Before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC representatives have discussed its capability review, recovery of costs and expenses, and culture. [read more]
August 5, 2015 2:49 PM |
ASIC commissioner John Price has reportedly said that he has concerns about resources companies 'reinventing themselves' as technology companies through backdoor listings. [read more]
July 29, 2015 1:52 PM |
The federal government has announced a review of the capabilities of ASIC, suggesting it may want to make sure ASIC has its 'house in order' before it gets any increase in power. [read more]
July 29, 2015 1:28 PM |
Despite fears expressed by some macroeconomists, Fidelity research suggests that globally companies are both investing and rewarding shareholders and can continue to do so. [read more]
July 22, 2015 11:07 AM |
The High Court has agreed to hear the Commonwealth's appeal against the Full Federal Court's finding that in civil penalties proceedings it should not have regard to penalties agreed by the parties. [read more]
July 22, 2015 11:06 AM |
ASIC's recent focus on conduct risk has been challenged on the basis that its new definition is too broad, and that in any event APRA might be better placed to regulate it. [read more]
July 15, 2015 5:54 PM |
ASIC has acknowledged that there are some technical difficulties with breach reporting requirements following questioning by the Senate Economics References Committee. [read more]
July 1, 2015 6:19 PM |
ASIC's refusal to grant exemption from buy back provisions for fear it would be 'similar to law reform' has been set aside by Administrative Appeals Tribunal. [read more]
June 24, 2015 7:22 PM |
ASIC has released an updated Regulatory Guide 128 Collective action by investors which aims to help investors take collective action to improve corporate governance. [read more]
June 10, 2015 12:43 PM |
ASIC has announced its focus areas for 30 June 2015 financial reports, which include asset values, accounting policy choices, material disclosures and the role of directors. [read more]
June 10, 2015 12:37 PM |
ASIC has released an information sheet which aims to assist directors and audit committees in considering whether to impair non-financial assets. [read more]
June 3, 2015 5:31 PM |
The UK Prudential Regulation Authority has published a policy statement on the implementation of ring-fencing and 'near final' rules. [read more]
May 20, 2015 4:46 PM |
An application for leave to appeal to the High Court is expected after the Full Federal Court held that it should have no regard to figures agreed with regulators in fixing the amount of pecuniary penalties. [read more]
May 6, 2015 2:11 PM |
The federal government has announced that it will establish the 'Serious Financial Crime Taskforce' to fight serious and organised financial crime. [read more]
May 6, 2015 2:02 PM |
The US SEC has (narrowly) voted to propose new rules requiring companies to disclose the relationship between executive compensation and financial performance. [read more]
March 31, 2015 8:58 AM |
ASIC responds to claims that it is hampering activists' efforts to propose a board spill. [read more]
March 25, 2015 12:05 PM |
ASIC publishes cyber resilience report. [read more]
March 25, 2015 12:03 PM |
Superannuation trustees facing a number of industry changes and challenges, as APRA emphasises its focus on conflicts management. [read more]
March 18, 2015 2:10 PM |
Federal Reserve stress testing finds robust levels of capital but takes issue with capital plans and 'qualitative' factors. [read more]
March 11, 2015 10:46 AM |
Federal Reserve Bank chairwoman flags supervision of large banks' culture and ethics as a priority. [read more]
March 4, 2015 12:39 PM |
Massive write-downs and inflated values force ASIC to launch an inquiry into 33 companies. [read more]
March 4, 2015 12:33 PM |
Speeches at a Securities and Exchange Commission (SEC) conference give insight into the priorities of the regulator for 2015. [read more]
February 25, 2015 11:03 AM |
Bank of England and Prudential Regulation Authority have clarified the applicability of the Senior Bankers Regime and have only extended criminal liability to certain non-executive directors. [read more]
February 25, 2015 11:01 AM |
UK Financial Conduct Authority to launch wholesale market study into investment and corporate banking to address competition concerns. [read more]
February 18, 2015 8:44 AM |
The New York Times argues that disclosure is ineffective, calling for rules to ban bad behaviour. [read more]
February 18, 2015 8:37 AM |
Nasdaq report reveals trends in the activism industry, noting exponential growth and a shift in focus. [read more]
February 11, 2015 11:38 AM |
Shareholder group Interfaith Center on Corporate Responsibility targets Citigroup and Fargo to publish reviews of their business standards as Wall Street struggles to define 'culture'. [read more]
February 11, 2015 11:33 AM |
Activist campaigns in the US. [read more]
February 11, 2015 11:31 AM |
The expanded workload of Audit Committees. [read more]
February 3, 2015 5:01 PM |
A dozen US banks face an antitrust lawsuit brought by investors over the alleged rigging of the foreign exchange market. [read more]
January 20, 2015 4:33 PM |
Jamie Dimon argues that 'banks are under assault' as JPMorgan and Citigroup profits are affected by legal costs following government probes. [read more]
January 19, 2015 9:48 AM |
ASIC advises preparers of financial reports to focus on asset impairment and accounting treatments. [read more]
January 14, 2015 8:42 AM |
OCC reportedly pressures Bank of America into separating its compliance and legal teams. [read more]
January 14, 2015 8:31 AM |
Home lending practices in Australia to be the target of review and increased oversight by regulators as strong price growth is apparently encouraging the writing of risky loans. [read more]
December 10, 2014 3:08 PM |
David Murray's Financial System Inquiry has released its final report which takes aim at the superannuation industry and big banks. [read more]
December 10, 2014 3:06 PM |
APRA has finalised and released its new prudential standard (CPS 220) and prudential practice guide (CPG 220) on risk management for banks and insurers. [read more]
December 10, 2014 2:56 PM |
APRA intends focusing on the culture and values of financial institutions. [read more]
November 19, 2014 1:50 PM |
Six big banks have reached a combined settlement of $4.3 billion for manipulating the $5 trillion foreign exchange. [read more]
November 12, 2014 12:19 PM |
High Court appeal has serious implications for the funds management industry by ruling that a responsible entity's distribution of shares to the members of a managed investment fund in breach of the fund's constitution will consequentially contravene the Corporations Act 2001 and so be invalid [read more]
October 15, 2014 12:15 PM |
There are fears that the UK's proposed 'Senior Managers Regime' will make bank directorships less appealing. [read more]
October 15, 2014 12:12 PM |
APRA seeks to remind banking and insurance directors of their extra responsibilities. [read more]
October 9, 2014 10:46 AM |
A cyberattack on JPMorgan Chase has prompted calls for greater co-operation between banks and regulators on cyber security. [read more]
October 9, 2014 10:42 AM |
Banks may face fines totalling £1.8 billion as concerns are raised about the unfeasibility of fines and uncoordinated approach of regulators. [read more]
August 15, 2014 2:28 PM |
Research on America's whistleblowing reward regime has led the Financial Conduct Authority and Prudential Regulation Authority to recommend that financial incentives not be given to UK whistleblowers. [read more]
August 13, 2014 11:26 AM |
ASIC has clarified how it will apply the wholesale investor test to self-managed superannuation funds. [read more]
August 11, 2014 11:04 AM |
Academics contend that US authorities have 'misdiagnosed' the causes of the GFC, with the consequence that many of the reforms intended to improve the safety and soundness of the US financial system will not achieve the desired result. [read more]
June 4, 2014 4:39 PM |
Commentary on ASIC's Report 393 Handling of confidential information: Briefings and unannounced corporate transactions. [read more]
May 13, 2014 9:12 AM |
APRA's consultation on its risk management package continues with the release of a new letter clarifying the regulator's use of the term 'ensure', its three lines of defence model, and the scope of the board risk management declaration. [read more]
May 6, 2014 10:22 AM |
ASIC should be reformed, says the National Commission of Audit in its report on enhancing the efficiency and productivity of Commonwealth government activities. [read more]
April 28, 2014 10:27 AM |
US Securities and Exchange Commission (SEC) commissioner Daniel Gallagher has criticised the SEC's shareholder proposal rules and called for reforms. [read more]
April 11, 2014 12:15 PM |
US Securities and Exchange Commission (SEC) chair Mary Jo White addressed ASIC's annual conference on the challenges faced by civil regulators in ensuring a strong enforcement regime nationally and internationally. [read more]
March 27, 2014 8:31 AM |
ASIC has released a new report on penalties for corporate wrongdoing, which finds that other countries and other Australian regulators have higher penalties available to them than ASIC. [read more]
March 27, 2014 8:30 AM |
ASIC chairman Greg Medcraft has called for penalties to be 'dynamic'. Meanwhile, corporate lawyers agree ASIC needs tougher civil penalties for corporate wrongdoing, but say lack of adequate funding is also a problem. [read more]
March 27, 2014 8:28 AM |
ASIC pledges to uncover instances of foreign exchange market fraud. [read more]
February 24, 2014 12:44 PM |
As the Senate inquiry into ASIC's performance continues, Sam Dastyari (NSW Labor senator and member of the Senate committee conducting the inquiry) has called for a new 'corporate cop'. [read more]
January 30, 2014 12:45 PM |
A US Securities and Exchange Commission administrative law judge suspends the 'Big Four' accounting firms' Chinese operations from auditing US-listed Chinese firms. [read more]
December 10, 2013 2:52 PM |
The Securities and Exchange Commission has held a roundtable discussion to determine whether the US proxy adviser industry should be regulated. [read more]
November 22, 2013 4:39 PM |
China's IPO process will be reformed to empower the market and investors, says the chairman of China's securities regulator. [read more]
November 18, 2013 9:01 AM |
Big banks have an 'unfair financial advantage' says the president of the New York Federal Reserve, William Dudley. [read more]
November 12, 2013 11:51 AM |
ASIC is reportedly investigating share purchases made by two David Jones' non-executive directors in the days leading up to the retailer's release of sales figures. [read more]
November 11, 2013 11:43 AM |
The UK Financial Conduct Authority is proposing reforms to the UK listing regime in order to 'promote appropriate' corporate governance standards in companies with a controlling shareholder and better protect the rights of minority shareholders.    [read more]
November 1, 2013 4:36 PM |
APRA has warned banks to 'maintain adequate capital buffers' by limiting dividends. [read more]
October 31, 2013 3:44 PM |
The corporate regulator wants tougher penalties for white collar crime and will soon be upgrading its market surveillance technology. [read more]
October 7, 2013 2:32 PM |
Allegations of corruption against Leighton Holdings reduces the company's market capitalisation by nearly $1 billion. [read more]
September 12, 2013 11:22 AM |
Increasingly stringent capital requirements may mean lower bank dividends in the future. [read more]
September 9, 2013 11:06 AM |
ASIC is targeting illegal 'phoenix' activity. [read more]