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Perspectives on Cyber Risk
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Financial services
August 14, 2017 6:12 PM |
Top Story │ Update on AUSTRAC allegations against the Commonwealth Bank of Australia [read more]
August 14, 2017 6:11 PM |
Top Story │ ASIC reportedly confirms it will investigate whether the Commonwealth Bank of Australia board complied with continuous disclosure obligations when it decided not to alert investors to the AUSTRAC investigation [read more]
August 14, 2017 6:08 PM |
Top Story │ Test Case? Commonwealth Bank of Australia shareholders file a claim in the Federal Court alleging the bank did not adequately disclose climate change risk as a business risk [read more]
August 7, 2017 12:35 PM |
AUSTRAC brings civil proceedings against Commonwealth bank for 'serious and systemic non-compliance' with the AML/CTF Act [read more]
July 31, 2017 12:20 PM |
A new report by Per Capita surveyed 4000 workers and found that that women's average superannuation at retirement is less than half that of men [read more]
July 31, 2017 12:13 PM |
Superannuation reform: draft legislation Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017 released for consultation [read more]
July 31, 2017 12:10 PM |
New report confirms responsible investment strategies deliver better growth than traditional strategies over medium to long term [read more]
July 24, 2017 2:27 PM |
Top Story│ The Australian Prudential Regulatory Authority announce 'unquestionably strong' capital ratios [read more]
July 24, 2017 2:20 PM |
Proposal to lift the prohibition on the use of the word 'bank': Exposure draft of Treasury Laws Amendment (2017 Measures No 8) Bill 2017 released for consultation [read more]
July 17, 2017 1:43 PM |
Treasury consult on proposed Banking Executive Accountability Regime announced in 2017-2018 budget: stronger powers for APRA among proposed changes [read more]
July 17, 2017 1:32 PM |
US Securities and Exchange Commission Chairman Jay Clayton outlines principles that will guide his chairmanship [read more]
July 3, 2017 2:51 PM |
The Bank of England has released its twice annual stability report: mortgage debt; consumer credit; global environment; asset valuations and Brexit identified as risks [read more]
July 3, 2017 2:45 PM |
ASIC's enforcement powers to be increased? ASIC Enforcement Review Taskforce consults on warrant powers, licensing powers and industry codes [read more]
July 3, 2017 2:23 PM |
US Treasury recommend a less aggressive approach to banking deregulation? US Treasury releases report [read more]
July 3, 2017 2:18 PM |
Reform of the regulation of financial benchmarks: Treasury release exposure drafts of new Bills for consultation [read more]
June 26, 2017 2:42 PM |
South Australian Major Bank Levy to be introduced from July 2017 announced in budget speech [read more]
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 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 15, 2017 12:56 PM |
In its 2017-18 Budget, the federal government announced a number of unexpected and controversial measures affecting the banks, including a new executive accountability regime. [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 3:55 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 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]
March 27, 2017 2:03 PM |
The Federal Reserve Bank of New York's CEO William C Dudley has argued that defining purpose, measurement and incentives are key to improving culture in financial services. [read more]
March 27, 2017 2:00 PM |
Bank of England Governor Mark Carney has tried to dispel some fears concerning the UK's senior managers regime following the bank's own recent experiences. [read more]
March 27, 2017 1:57 PM |
The results of the UK Banking Standards Board's culture assessment suggests that UK banks need to work on responsiveness, accountability, personal resilience and openness. [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 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 4:14 PM |
Independent Reviewer Phil Khoury has recommended the Code of Banking Practice be 'substantially revised' to help rebuild trust between banks and their customers. [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 3:35 PM |
Bernie Fraser has delivered his report into not-for-profit super fund governance, rejecting calls for mandated minimum numbers of independent directors. [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 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]
December 12, 2016 3:28 PM |
The panel reviewing the financial system's external dispute resolution framework has proposed two new industry ombudsman schemes: one to replace the Financial Ombudsman Service and Credit and Investments Ombudsman Scheme, and one to replace the Superannuation Complaints Tribunal. [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 2:53 PM |
The House of Representatives Economics Standing Committee has made a number of recommendations to address problems uncovered by its review of the four major banks. [read more]
November 21, 2016 3:23 PM |
ASIC Commissioner John Price has covered 'first mover' problems, responsible lending, culture and the benefits of breach reporting in a speech about uncertainty in consumer lending. [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 1:30 PM |
CBA has become the first of the 'big four' banks to receive a strike against its remuneration report, as investors appear to be sending mixed messages on pay structures. [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]
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 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 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 1:33 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 4:45 PM |
The federal government has established a 'royal commission like' inquiry into the banks' small business lending practices, appeasing some Coalition MPs. [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 3:19 PM |
The federal government has indicated its support for a banking tribunal, but some argue that it won't be enough to restore community trust in the sector. [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 1:56 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 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 8, 2016 1:46 PM |
The Productivity Commission has called for input on its proposed framework for assessing whether the superannuation system is efficient and competitive. [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 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 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]
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 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]
May 9, 2016 10:58 AM |
The report of the parliamentary inquiry into the impairment of customer loans has made a number of recommendations aimed at preventing 'unconscionable' treatment of bank customers. [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 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 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]
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 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 2:05 PM |
The US Financial Industry Regulatory Authority is carrying out a targeted exam of broker-dealers in relation to 'establishing, communicating and implementing cultural values'. [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 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 1:01 PM |
The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 has been introduced into the House of Representatives. [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 17, 2016 12:39 PM |
Shareholder activists, particularly in the US, have reportedly been focusing their attention on financial institutions of all sizes – aiming to break up the large ones, and to consolidate the smaller ones. [read more]
February 10, 2016 4:50 PM |
The US Financial Industry Regulatory Authority has released its 2016 Regulatory and Examination Priorities Letter, which says it will be assessing five indicators of a firm's culture. [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]
December 9, 2015 4:16 PM |
The federal government has released exposure draft legislation to give effect to an industry reform package relating to remuneration arrangements in the life insurance advice sector. [read more]
December 9, 2015 4:13 PM |
The federal government has released exposure draft legislation to give effect to reforms to raise education, training and ethical standards for financial advisers (to some criticism). [read more]
December 9, 2015 4:10 PM |
The federal government's Superannuation Legislation Amendment (Trustee Governance) Bill 2015 has been defeated, and instead a code of conduct for not-for-profit funds will be developed. [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 12:21 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 18, 2015 12:18 PM |
Following consultation, the UK government has decided against amending the Investment Regulations to help trustees distinguish between financial and non-financial factors. [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 4:47 PM |
The Senate Economics Legislation Committee has recommended that the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 be passed. [read more]
November 11, 2015 4:45 PM |
The federal government has announced that industry has 'come together' to agree reforms to remuneration arrangements in the life insurance advice sector. [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 21, 2015 2:04 PM |
The UK government has introduced a Bill which removes the controversial 'reverse burden of proof' contained in the current Senior Managers and Certification Regime proposals. [read more]
October 21, 2015 2:04 PM |
The UK government has introduced a Bill which removes the controversial 'reverse burden of proof' contained in the current Senior Managers and Certification Regime proposals. [read more]
October 21, 2015 2:01 PM |
According to EY's risk management survey of major financial institutions, although there has been a concerted industry-wide effort to alter risk culture, change is still a 'work in progress'. [read more]
October 21, 2015 2:01 PM |
According to EY's risk management survey of major financial institutions, although there has been a concerted industry-wide effort to alter risk culture, change is still a 'work in progress'. [read more]
October 21, 2015 1:59 PM |
Westpac's decision to raise interest rates as well as carry out a capital raising has sparked wide debate about who is, and who should be, paying for an 'unquestionably strong' banking system. [read more]
October 21, 2015 1:56 PM |
The federal government has released its response to the Financial System Inquiry, accepting 'the overwhelming majority' of its recommendations. [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 23, 2015 1:03 PM |
The Superannuation Legislation Amendment (Trustee Governance) Bill 2015 has been referred to the Senate Economics Legislation Committee for inquiry and report by 9 November 2015. [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 16, 2015 2:53 PM |
Minter Ellison special counsel Sarah Barker and partner Maged Girgis argue that a case recently filed in the US against pension plan fiduciaries should sound an alarm for Australian fund trustees. [read more]
September 16, 2015 2:46 PM |
The recent Supreme Court Annual Corporate Law Conference focused on the complex question of whether directors must maximise share value. [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 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]
August 26, 2015 3:36 PM |
Industry super fund HESTA has announced that it has decided to divest from Transfield Services, leading some commentators to query how super funds can balance their fiduciary duty with member campaigns to divest on social grounds. [read more]
July 22, 2015 11:11 AM |
The US Federal Reserve has finalised new capital rules which will apply to the eight largest US banks in its 'plainest effort yet to encourage them to shrink'. [read more]
July 22, 2015 11:10 AM |
Banks are reportedly considering a range of possible responses to protect returns after APRA announced increased capital requirements for residential mortgage exposures. [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]
June 24, 2015 7:29 PM |
In a 'stunning ruling' a US court has found the government's 2008 bail out of American International Group was illegal, but did not award damages to shareholders. [read more]
June 10, 2015 12:45 PM |
APRA has been quizzed by the Senate Economics Legislation Committee as to whether shareholders have a right to know about currently private discussions with boards about risks. [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 13, 2015 3:05 PM |
Goldman Sachs and JPMorgan have disclosed updated information relating to the current status of legal and regulatory issues. [read more]
May 6, 2015 2:14 PM |
US government foreign bribery investigations spark backlash from Wall Street banks, who fear the outcomes may change the way they do business overseas. [read more]
April 29, 2015 5:06 PM |
According to an S&P report, Britain's biggest banks face a further US$29 billion of charges for past misconduct. [read more]
April 22, 2015 5:22 PM |
Australia's top banks faced questioning by a Senate committee on financial misconduct, during which the banks reportedly indicated that they will conditionally support proposals to establish an industry-funded compensation scheme for victims. [read more]
April 1, 2015 12:20 PM |
Recommendations to reform Australia's life insurance and financial advice sectors aim to align the interests of financial firms with those of consumers. [read more]
April 1, 2015 12:18 PM |
UK Prudential Regulation Authority issues rules on its new accountability regimes for senior bank managers and insurers. [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 2:13 PM |
Deputy chairman of APRA contends that remuneration should be linked to desired culture and behaviour. [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 12:35 PM |
Citigroup announces support for proxy access reforms that, if passed, would allow shareholders to nominate their own candidates for appointment to the board of directors. [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]
March 4, 2015 12:31 PM |
US Attorney General puts 90 day deadline on prosecutors to decide if they can charge individuals for the their roles in the GFC. [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 11, 2015 2:14 PM |
Responsibility of superannuation fund trustees in the face of climate change and corporate governance. [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 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 21, 2015 10:50 AM |
New Assistant Treasurer Josh Frydenberg announces intention to reform superannuation industry. [read more]
SEC
January 20, 2015 4:34 PM |
SEC commissioner publicly accuses Harvard of fraudulent shareholder proposals, sparking a heated governance debate and concerns for the legitimacy of the allegations. [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 20, 2015 4:31 PM |
Insider trading: raising the bar for tippee prosecutions in the US. [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 8:36 AM |
David Murray's proposed reforms for super sparks an initial backlash. [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 26, 2014 9:04 AM |
US court orders Credit Suisse to pay $1.8 billion for helping Americans to evade income tax. [read more]
November 26, 2014 9:03 AM |
Chancellor George Osborne withdraws UK Treasury's challenge to EU bonus cap. [read more]
November 19, 2014 1:52 PM |
A group of large institutional investors call for global tax reform modernisation and transparency. [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]
November 12, 2014 12:17 PM |
The push for governance reform of Australian superannuation funds centres on questions of board independence and union influence, an academic contends. [read more]
October 29, 2014 2:09 PM |
The federal government has introduced the Corporations Legislation Amendment (Deregulatory and Other Measures) Bill which will modify both the Corporations Act and the ASIC Act and remove the contentious '100 members' rule. [read more]
October 17, 2014 9:35 AM |
The Government has issued some detail about the much anticipated changes to the employee share scheme tax rules. Although the focus in the Government's announcement is on start-ups and emerging businesses, some of the changes will apply more broadly.
[read more]
October 16, 2014 8:59 AM |
Industry body National Seniors has called for a change in legislation which will require all superannuation boards to have independent directors. [read more]
October 16, 2014 8:54 AM |
The Basel Committee has proposed a set of revised governance guidelines which includes placing greater responsibility on bank boards to oversee the business's risk management systems [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]
October 7, 2014 4:16 PM |
Corporate settlements in the US are said to be undermined by a lack of individual prosecutions. [read more]
September 8, 2014 3:45 PM |
Cyber attacks are on the rise with banks at risk. [read more]
August 26, 2014 9:26 AM |
Bank of America focuses on the future as it agrees to $16.65 billion subprime settlement, but ultimate financial burden may be less severe. [read more]
August 18, 2014 11:16 AM |
Former Liberal leader says superannuation funds overexposed to climate change risks. [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 4, 2014 8:39 AM |
International adviser to the Financial System Inquiry and former Westpac CEO, David Morgan, believes that boards and regulators have 'suffered a disproportionate amount of blame' for the GFC, which 'was principally a bank management problem'. [read more]
August 4, 2014 8:33 AM |
Citigroup settles with US Justice Department. [read more]
July 2, 2014 11:52 AM |
BNP Paribas pleads guilty to criminal charges. [read more]
June 4, 2014 4:34 PM |
Australian superannuation funds are playing an increasing role in the outcome of 'key corporate decisions'. [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]
April 11, 2014 12:17 PM |
A civil lawsuit has been filed in the US by investors against banks in wake of forex scandal. [read more]
March 27, 2014 8:36 AM |
APRA's tough stance on Basel III gets tick of approval. [read more]
March 27, 2014 8:35 AM |
Europe reaches agreement on creation of banking union. [read more]
March 18, 2014 12:53 PM |
Bank of England to tighten governance in wake of alleged manipulation of foreign exchange markets. [read more]
March 10, 2014 2:27 PM |
The Corporations and Market Advisory Committee (CAMAC) has released a new discussion paper on the regulatory regime for managed investment schemes. [read more]
March 7, 2014 3:54 PM |
MEP Philippe Lamberts, 'one of the architects' of the new EU bonus rules, has called for the UK government to be sued for allowing bankers to 'bend the rules'. [read more]
March 7, 2014 3:23 PM |
EU directive limits the number of boards that a bank director may sit on. [read more]
January 30, 2014 12:42 PM |
JPMorgan will award its CEO, Jamie Dimon, $20 million in compensation for 2013, 74% higher than the $11.5m he earned in 2012: according to reports, board members fear alienating Mr Dimon may have 'profound implications' for the bank. [read more]
January 30, 2014 12:40 PM |
Is 'good' corporate governance bad for banks? [read more]
January 30, 2014 12:31 PM |
Reputational risk is in the spotlight again with some media allegations that ANZ has financed a Cambodian sugarcane plantation involved in child labour, forced evictions and food shortages. [read more]
December 13, 2013 4:58 PM |
APRA says super funds need to improve governance standards. [read more]
December 6, 2013 2:56 PM |
EU bankers' bonus cap legislation will lead to higher salaries, argues the British government. [read more]
December 5, 2013 4:55 PM |
The Federal Government has released a discussion paper on superannuation fund governance. [read more]
November 19, 2013 11:58 AM |
Improvements in Hong Kong’s corporate governance standards may impact on the city’s economy, as some industry participants argue the changes have deterred some companies from listing there. [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 5, 2013 4:41 PM |
The UK Government is proposing fundamental changes to some duties owed by the directors of major UK banks.  [read more]
November 1, 2013 4:36 PM |
APRA has warned banks to 'maintain adequate capital buffers' by limiting dividends. [read more]
November 1, 2013 4:29 PM |
CAMAC is reviewing crowd sourced equity funding. [read more]
October 17, 2013 10:59 AM |
Boards beware: conflicted bankers may undermine the objectivity of professional M&A advice. [read more]
October 1, 2013 2:26 PM |
Governance expert suggests some ways to improve the corporate governance of financial institutions. [read more]
October 1, 2013 2:23 PM |
In a bid to improve the UK banking system, the UK government has published amendments to its Banking Reform Bill. [read more]
September 12, 2013 11:22 AM |
Increasingly stringent capital requirements may mean lower bank dividends in the future. [read more]
September 4, 2013 9:54 AM |
The Financial Stability Board reports on 'Too-Big-To-Fail' progress and next steps. [read more]
September 3, 2013 11:48 AM |
The Takeovers Panel rules that 'lock ups' are permissible in certain circumstances. [read more]