Allens

Financial Services Regulation

Rising interest – regulatory map of upcoming inquiries, reviews, and laws affecting financial institutions.

  • Life insurance change to exemption against conflicted remuneration ban – commenced 1 January 2018
  • Amendment of AMF/CTF Rules – amendments registered on 11 January 2018
  • Design and Distribution Obligations and Product Intervention Power Proposals – submissions closed 9 February 2018
  • Productivity Commission – review into competition in the Australian financial system – draft report published on 9 February 2018
  • New Payments Platform – launched on 13 February 2018
  • Asia Region Funds Passport – consultation period for exposure draft ended on 5 March 2018
  • Financial Services Legislation Amendment (Crisis Resolution Powers and Other Measures) Act – commenced 5 March 2018
  • Treasury Laws Amendment (Banking Measures No. 1) Act – non-ADI lending rules and Banking Act 1959 objects provision commenced 5 March 2018
  • Financial Services Royal Commission – first round of public hearings commenced 13 March 2018
  • Enhancing whistleblower protections – Economics Legislation Committee Report tabled 22 March 2018
  • Foreign bribery – report released on 28 March 2018
  • Strengthening superannuation member outcomes – consultation closed 29 March 2018
  • Rationalisation of life insurance and managed investment scheme legacy products – report tabled on 28 March 2018
  • Anti-Money Laundering and Counter-Terrorism Financing Act 2017 – commenced 3 April 2018
  • ASIC Consultation Paper 298 – oversight of AFCA – consultation ended 6 April 2018
  • Financial Services Royal Commission – second round of hearings held from 16 April 2018
  • ASIC Enforcement Review Taskforce – Federal Government response published on 16 April 2018
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 – report tabled on 20 April 2018
  • Restricted ADI licensing – commenced 4 May 2018
  • Treasury Laws Amendment (Banking Measures No. 1) Act – changes to restricted terms effective 5 May 2018
  • APRA's Superannuation Board Governance Thematic Review – findings published on 17 May 2018
  • Financial Services Royal Commission – third round of hearings held from 21 May 2018
  • Review into the Competitiveness of the Super System – draft report released on 29 May 2018
  • Prudential Standard CPS 234 Information Security – submissions closed on 7 June 2018
  • Retirement Income Covenant – submissions closed on 15 June 2018
  • Modern Slavery Act (New South Wales) – received Assent on 27 June 2018
  • Financial Services Royal Commission – fourth round of public hearings held from 25 June 2018
  • Asia Region Funds Passport – legislation passed 28 June 2018
  • BEAR – commenced on 1 July 2018 (and commences 1 July 2019 for small and medium ADIs)
  • Treasury Laws Amendment (Banking Measures No. 1) Act – Credit Card Reforms (part) commenced 1 July 2018
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 – consultation period for proposed Code of Practice ended on 9 July 2018
  • Introduction of the 'Protecting Your Super Package' – submissions closed on 9 July 2018
  • Asia Region Funds Passport Regulations – submissions closed on 13 July 2018
  • Modern Slavery Act in Australia – submissions closed on 20 July 2018
  • Productivity Commission – review into competition in the Australian financial system – final report expected by 29 July 2018
  • Foreign Financial Service Provider (Modified Licensing Regime) – submissions close 31 July 2018
  • Financial Services Royal Commission – fifth round of public hearings commencing from 6 August 2018
  • Financial Services Royal Commission – sixth round of public hearings commencing from 10 September 2018
  • Financial Services Royal Commission – interim report due 30 September 2018
  • Australian Financial Complaints Authority – commences by 1 November 2018
  • ACCC Mortgage Pricing Inquiry – final report expected by 19 November 2018
  • Financial Services Royal Commission – seventh round of public hearings commencing from 19 November 2018
  • Consumer protection in the banking, insurance and financial sector – report due 15 November 2018
  • Modern Slavery Bill – legislation expected to pass
  • Enhancing whistleblower protections – legislation expected to pass
  • Anti-Money Laundering/Counter-Terrorism Financing – phase 2 underway
  • Monitoring leverage and risk within the superannuation system – report expected
  • Introduction of the MyRetirement framework
  • Superannuation objective – legislation in Parliament
  • Extending crowd-sourced equity funding to proprietary companies – bill in Parliament
  • Strengthening trustee arrangements for registrable superannuation licensees – bill in Parliament


  • Treasury Laws Amendment (Banking Measures No. 1) Act – credit card reforms (remainder) commences 1 January 2019
  • Professional standards of financial advisers – regime to commence 1 January 2019
  • Financial Services Royal Commission – final report due 1 February 2019
  • Open banking data regime – to commence from July 2019
  • Improved consumer outcomes for mortgage broking – ASIC to implement

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