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 …

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 …