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: regulator
Appendix B: Regulator Implementation Plans
Additional commitments
Additional commitment – Independent inquiry into changes in industry practices Additional commitment – Assessment of the effectiveness of changes made by the regulators following the Royal Commission by the (to be established) financial regulator oversight authority
Measures to strengthen financial regulators – Executive Accountability regime
Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees Recommendation 4.12 – Extending the BEAR to APRA‑regulated insurers Recommendation 6.6 – Joint administration of the BEAR Recommendation 6.7 – Statutory amendments to facilitate co‑regulation Recommendation 6.8 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 …
Implementation Steering Committee
A Financial Services Reform Implementation Steering Committee (ISC) has also been established, consisting of senior executives of the Treasury, ASIC, APRA and OPC, with participation from other agencies as required. The ISC’s role is to ensure that reforms and regulator Read More …
Funding
The Government also, in the 2019-20 Budget, provided a record level of funding to the financial regulators. ASIC received funding of $404.8 million (an increase of 25 per cent on average in its annual budget over the forward estimates compared Read More …
The Government’s comprehensive reform agenda
The Government’s response to the Royal Commission, Restoring trust in Australia’s financial system, committed the Government to taking action on all 76 recommendations of the Royal Commission. Of the 76 recommendations, 54 were directed to Government. 18 further commitments were Read More …
6.14 — A new oversight authority
A new oversight authority for APRA and ASIC, independent of Government, should be established by legislation to assess the effectiveness of each regulator in discharging its functions and meeting its statutory objects. The authority should be comprised of three part‑time Read More …