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APRA consults on Hayne recommendation concerning end-to-end product responsibility – the right tool for the job?
APRA has announced a consultation on a proposal to create a new 'end-to-end product' responsibility within the Banking Executive Accountability Regime (BEAR). The intention is that for every product offered by a bank and its subsidiaries, ...
What's next for impact investing in Australia?
The Australian impact investing market has grown considerably in recent years. This growth has largely been attributed to a surge of impact investments that focus on environmental, rather than social, outcomes, which is in contrast to ...
Allens Extra: Australia - Fund Finance 2019, 3rd Edition
By Partner Tom Highnam , Managing Associate Rita Pang , and Associate Luke Leybourne. Fund financing activities in Australia remained very active in 2018, with continued focus on infrastructure, private equity funds and private debt funds ...
Contract Law Update 2018
Our Contract Law Update has been summarising appellate contract law decisions since 2012. We are breaking with tradition this year and, for the first time, including a foreign judgment in this Update, which will tell you whether, according ...
ASIC's change of tone in action
ASIC's 'why not litigate?' approach to enforcement activities and its change in tone confirm the new era of regulatory engagement has arrived. In particular, its recent actions in the Federal Court place the waiving of legal professional privilege under the spotlight. ...
Productivity Commission's report on superannuation - an odd mix of recommendations
Written by Senior Regulatory Counsel Michael Mathieson Before we are crushed by a heavy tome on Monday afternoon, I would like to say something about the recommendations in another heavy tome – the Productivity Commission's report on ...
The future age of AI
Written by Consultant John Morgan We will be able to cease speculation on what is in or not in the Final Report of the Financial Services Royal Commission on Monday evening (or after whatever time it takes to read and digest!). As clarity ...
What's ahead for home loans in 2019
Written by Senior Associate Jack Power As we, and many others, have written over the course of this year, the Royal Commission will bring (and, in fact, already has brought) monumental changes both in how banks are regulated and to the ...
New APRA prudential standard raises bar for information security obligations and incident notification requirements
As companies and regulators across the world grapple with ever-increasing cyber security threats, Australia's financial services regulator, APRA, has released the final form of a new prudential standard. It will require APRA-regulated ...
AFCA's powers and obligations - 'systemic issues'
Written by Senior Regulatory Counsel Michael Mathieson In his Interim Report, Commissioner Hayne rejected claims that misconduct in the financial services sector was the fault of 'a few bad apples' and did not raise 'broader or systemic ...