APRA is the prudential ‘peak’ of the twin peaks model established following the recommendation of the Wallis Inquiry.[1] APRA is responsible for administering a wide range of legislation,[2] most relevantly the Banking Act 1959 (Cth) (the Banking Act), the Life Read More …
Tag: remit
3.1 Why change?
In the Interim Report, I said that ‘[w]hen deciding what to do in response to misconduct, ASIC’s starting point appears to have been: How can this be resolved by agreement?’[1] I said also that ‘[t]his cannot be the starting point Read More …
2.2 Change the remit?
Altering ASIC’s remit would mark a sharp departure from the twin peaks model. I am not persuaded that the two principles underpinning the twin peaks model of financial regulation should now be abandoned or should be given substantially different effect Read More …
2.1 Size of the existing remit
ASIC’s remit is very large. It has increased greatly since ASIC was first established. As I noted in the Interim Report,[1] ASIC now administers 11 pieces of legislation and their associated regulations.[2] The legislation itself has grown longer and more Read More …
2 ASIC’s remit
Introduction
I said in the Interim Report that almost all of the conduct identified and criticised in that Report contravened existing norms of conduct and that the most serious conduct broke existing laws.[1] Notwithstanding that, the law was too often not Read More …