Regulators

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 …

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 …

6.3 — General principles for coregulation

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 …

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 …

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 …