Recommendation 6.3 – Superannuation – Co-RegulationGeneral principles for ASIC and APRA to co‑regulate superannuation Recommendation 6.4 – Superannuation – ASIC RoleASIC as conduct regulator for superannuation Recommendation 6.5 – Superannuation – APRA RoleAPRA to retain current functions for superannuation Recommendation Read More …
Tag: conduct
7.3 — Exceptions and qualifications
As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Government Response The Government agrees to simplify the financial services law to eliminate exceptions and qualifications to the Read More …
6.8 — Extending the BEAR
Over time, provisions modelled on the BEAR should be extended to all APRA‑regulated financial services institutions. APRA and ASIC should jointly administer those new provisions. Government Response The Government agrees to extend the BEAR to all APRA regulated entities, including Read More …
6.6 — Joint administration of the BEAR
ASIC and APRA should jointly administer the BEAR. ASIC should be charged with overseeing those parts of Divisions 1, 2 and 3 of Part IIAA of the Banking Act that concern consumer protection and market conduct matters. APRA should be Read More …
6.4 — ASIC as conduct regulator
Without limiting any powers APRA currently has under the SIS Act, ASIC should be given the power to enforce all provisions in the SIS Act that are, or will become, civil penalty provisions or otherwise give rise to a cause Read More …
6.3 — General principles for co regulation
The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Prudential Standards and practices designed to ensure Read More …
6.1 — Retain twin peaks
The ‘twin peaks’ model of financial regulation should be retained. Government Response The Government agrees to retain the ‘twin peaks’ model of financial regulation where responsibility for conduct and disclosure regulation lies primarily with ASIC and responsibility for prudential regulation Read More …
1.15 — Enforceable code provisions
The law should be amended to provide: that ASIC’s power to approve codes of conduct extends to codes relating to all APRA‑regulated institutions and ACL holders; that industry codes of conduct approved by ASIC may include ‘enforceable code provisions’, which Read More …
Increasing protections
There are recommendations that seek to change, or add to, the law, or industry codes of conduct, in ways that will increase protections to consumers from misconduct or conduct that falls below community standards and expectations. Those recommendations are: about Read More …
Simplification so that the law’s intent is met
Recommendation 7.3 – Exceptions and qualifications As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Recommendation 7.4 – Fundamental norms As far as possible, legislation governing financial Read More …