Allens

Financial Services Regulation

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

  • Modern Slavery Act 2018 – commenced 1 January 2019
  • Treasury Laws Amendment (Banking Measures No. 1) Act – credit card reforms (remainder) commenced 1 January 2019
  • Professional standards of financial advisers – regime commenced 1 January 2019
  • Review into the Competitiveness of the Super System – final report released on 10 January 2019
  • Asia Region Funds Passport – regime commenced on 1 February 2019
  • Financial Services Royal Commission – final report released on 1 February 2019
  • Capital adequacy framework changes for ADIs – submissions closed on 8 February 2019
  • Early release of superannuation benefits – submissions closed on 15 February 2019
  • Leverage ratio requirements for ADIs – submissions closed 22 February 2019
  • Corporate Collective Investment Vehicle – fourth tranche submissions closed 28 February 2019
  • Simplifying, clarifying and enhancing the ASX listing rules – submissions closed 1 March 2019
  • Introduction of the 'Protecting Your Super Package' – commenced 13 March 2019
  • Strengthening Corporate Penalties – commenced 13 March 2019
  • Ending grandfathered conflicted remuneration for financial advisers – submissions closed 22 March 2019
  • Introduction of the Retirement Income Framework – submissions closed 28 March 2019
  • Insurance claims handling – submissions closed 29 March 2019
  • Regulatory Guide 97 (fees and costs disclosure) – submissions due 2 April 2019
  • Enforceability of financial services industry codes – submissions due 12 April 2019
  • Responsible lending conduct – submissions due 20 May 2019
  • Capability Review of APRA – report due 30 June 2019
  • Banking Code of Practice – banks to comply by 1 July 2019
  • BEAR – requirements for small and medium ADIs commences 1 July 2019
  • Open banking data regime – pilot program to commence from 1 July 2019
  • Enhancing whistleblower protections – to commence 1 July 2019
  • ASIC Investigation on grandfathered conflicted remuneration – to commence 1 July 2019
  • Australian Financial Complaints Authority (AFCA) – remit to extend to 30 June 2020
  • Foreign financial service providers – licensing relief expires 30 September 2019
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 – report tabled on 20 April 2018
  • Design and Distribution Obligations and Product Intervention Power – bill in Parliament
  • Improved consumer outcomes for mortgage broking – ASIC to implement
  • Monitoring leverage and risk within the superannuation system – report expected
  • Putting Members' Interest First (Superannuation) – bill in Parliament
  • Strengthening superannuation member outcomes – bill in Parliament
  • Strengthening trustee arrangements for registrable superannuation licensees – bill in Parliament
  • Superannuation objective – legislation in Parliament



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