On 4 April 2022, the European Banking Authority made available the translations of the revised guidelines on risk-based supervision. These revised guidelines set out the steps supervisors should take to ensure adequate anti-money laundering / countering the financing of
Financial
Commission targeted consultation on ESG ratings and sustainability factors in credit ratings
On 4 April 2022, the European Commission issued a targeted consultation on the functioning of environmental, social and governance (ESG) ratings and sustainability factors in credit ratings.
The purpose of the consultation is to help the Commission gain a better…
ECON publishes report on the proposal for a regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)
On 1 April 2022, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report setting out its proposed amendments to the draft regulation on information accompanying transfers of funds and certain crypto-assets (recast).
The Transfer of Funds…
AML/CTF update: AUSTRAC consults on AML/CTF rule changes and Senate report released
AUSTRAC has published proposed amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (Cth) for public consultation.
The changes reflect the Phase 1.5 reforms to Part 4 of the AML/CTF Act which commence on 17 June…
Legislation update April 2022
It is expected that a Federal election will be called this week for a date in mid-May.
Bills that were not passed by the Federal Parliament before it adjourned on 31 March will lapse and will have to re-start their…
Regulation of digital transactions and crypto assets
A surge in retail consumer exposure to crypto assets has led the Government to consider additional regulation in Australia to support consumer confidence and trust in the crypto asset ecosystem and provide regulatory certainty to support crypto businesses’ investment decisions.…
Regulation of social media discussion of financial products and services
ASIC has published Information Sheet 269 Discussing financial products and services online on the liability of Australian financial services (AFS) licensees who use social media influencers as a marketing or distribution channel.
ASIC monitors online financial discussion by influencers who…
Critical Infrastructure Protection extended to payment system
The Security Legislation Amendment (Critical Infrastructure Protection) Act 2022 has been passed and commenced on 2 April 2022. It amends the Security of Critical Infrastructure Act 2018 to implement additional obligations on owners of critical infrastructure assets, particularly those assets…
What is a significant financial institution?
The Australian Prudential Regulation Authority (APRA) has released a cross-industry consultation on minor amendments to align and centralise the definition of a significant financial institution (SFI) within the prudential framework for ADI’s, general insurers and life companies, private health insurers…
Government Response to the Review of the insolvent trading safe harbour
The Government has tabled the 2021 Review of the Insolvent Trading Safe Harbour in Parliament and also released its response.
The aim of the safe harbour is to encourage company directors to seek advice early on how to restructure and…