ASIC Banning PowersASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersASIC’s telecommunications interceptions powers (ASIC Read More …
Tag: power
A
Advice Fees – Choice Super Recommendation 3.3 – June 2020Limitations on deducting advice fees from choice superannuation accounts Advice Fees – My Super Recommendation 3.2 – June 2020No deducting advice fees from My Super accounts ASIC and APRA – Oversight Read More …
End 2019
ASIC Banning PowersAdditional CommitmentASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersAdditional CommitmentASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersAdditional CommitmentASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersAdditional CommitmentASIC’s Read More …
Appendix C: Industry Implementation
Recommendation Relevant stakeholders Timing Recommendation 1.8 – Amending the Banking Code Australian Banking Association (ABA), individual banks The ABA has announced the amended Banking Code, incorporating recommendations 1.8 and 1.13, will be implemented by March 2020. The Government welcomes the Read More …
Measures to strengthen financial regulators
Additional Commitment – ASIC’s search warrants powers (ASIC Enforcement Review) Additional Commitment – ASIC’s telecommunications interceptions powers (ASIC Enforcement Review) Additional Commitment – ASIC’s licensing powers (ASIC Enforcement Review) Additional Commitment – ASIC’s power to ban people in the financial Read More …
Ensuring Strong Regulators
Ensuring strong and effective financial system regulators It is critical that our regulators have the resources and powers they need to strengthen and intensify their approach to enforcement and supervision, and take on expanded responsibilities to address and deter misconduct Read More …
6.5 — APRA to retain functions
APRA should retain its current functions, including responsibility for the licensing and supervision of RSE licensees and the powers and functions that come with it, including any power to issue directions that APRA presently has or is to be given. 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 …
4.10 — Extension of the sanctions power
The Financial Services Council and the Insurance Council of Australia should amend section 13.10 of the Life Insurance Code of Practice and section 13.11 of the General Insurance Code of Practice to empower (as the case requires) the Life Code Read More …
Ensuring strong and effective financial system regulators
For Australians to have trust in the financial system, the regulatory framework must be enforced by effective regulators. The Government has taken significant action to increase the capabilities, powers and funding of the financial regulators, and to refresh their leadership. Read More …