Regulatory Compliance

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…

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration.

Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and…

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution.

This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency.

The compendium looks at…

On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI).

The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide…

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit.

The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and…

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…

On 27 July 2023, the Financial Stability Board (FSB) published a statement following survey feedback on the continuity of access to financial market infrastructure (FMI) services for firms in resolution.

In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB framework.…

On 13 July 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Ministers and Central Bank Governors, ahead of their meeting on 17-18 July 2023.

The letter sets forth the following:

  • The global financial system continues to face a challenging outlook. With most major economies having
…

On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets.

This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade.

This review focuses on:

  • Benchmarking: The re-introduction
…

April was another fast moving month in the financial services sector. ASIC released updates to the breach reporting requirements to introduce new guidance and clarify existing guidance regarding reportable situations. The regulator also provided further communications surrounding the superannuation performance test, as well as commenced proceedings against an insurance company alleging unfair contract terms in…