Governance

Recommendation 6.11 – Formalising meeting procedure The ASIC Act should be amended to include provisions substantially similar to those set out in sections 27–32 of the APRA Act – dealing with the times and places of Commissioner meetings, the quorum Read More …

The BEAR: Co-regulation

Recommendation 6.6 – Joint administration of the BEAR ASIC and APRA should jointly administer the BEAR. ASIC should be charged with overseeing those parts of Divisions 1, 2 and 3 of Part IIAA of the Banking Act that concern consumer Read More …

Status of industry codes

Recommendation 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 Read More …

Unfair contract terms

Recommendation 4.7 – Application of unfair contract terms provisions to insurance contracts The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended Read More …

Regulation

Recommendation 3.7 – Civil penalties for breach of covenants and like obligations Breach of the trustee’s covenants set out in section 52 or obligations set out in section 29VN, or the director’s covenants set out in section 52A or obligations Read More …