In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode James Morris from our Sydney office discusses recent regulatory developments in Australia including:
The recent Federal Court decision in ASIC v Auto & General Insurance Company Limited [2024] FCA 272 is the first decision to apply the unfair contract terms (UCT) regime in the context of insurance since its expansion to insurance policies on 5 April 2021. On 22 March 2024, Jackman J delivered a judgment
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, a revamped regime commences on 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, a revamped regime commences on 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be
September 2023 was a busy month for regulators in the financial services space. ASIC called on licensees to strengthen remediation procedures, issued new legislative instruments to replace sunsetting class orders, and released its 2023 annual licensing report. Meanwhile, APRA announced various new and proposed updates to its prudential standards and commenced consultation on a range
On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial Services Licence (AFSL
The months of June and July have seen a flurry of regulatory developments. Treasury has committed to adopting the bulk of the Quality of Advice Review Recommendations, published its second consultation paper on climate disclosure and has announced its intention to uplift Superannuation Performance Testing. As expected with the close of the financial year, disclosure
This article was co-authored with Abhi Ravishankar and Joel McKay
In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes