As far as possible, legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter. Government Response The Government agrees to simplify the Read More …
Tag: law
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 …
6.9 — Statutory obligation to co operate
The law should be amended to oblige each of APRA and ASIC to: co‑operate with the other; share information to the maximum extent practicable; and notify the other whenever it forms the belief that a breach in respect of which Read More …
4.9 — Enforceable code provisions
As referred to in Recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes. In respect of the Life Insurance Code of Practice, the Insurance 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 …
Regulators and compliance
The recommendations seek to improve the effectiveness of the regulators in deterring misconduct and ensuring that there are just and appropriate consequences for misconduct. Some recommendations seek to increase the ways in which the regulators can enforce the law by Read More …
Simplifying the law so that its intent is met
A general recommendation is that, as far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated (Recommendation 7.3). In this way, the first, and essential, step to take is Read More …
Recommendations: Answering the key questions
As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek 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 …
Co-ordination and information sharing
Recommendation 6.9 – Statutory obligation to co-operate The law should be amended to oblige each of APRA and ASIC to: co-operate with the other; share information to the maximum extent practicable; and notify the other whenever it forms the belief Read More …