Tag Archives: banking

ILN Today Post

CORONAVIRUS : DEALING WITH DISRUPTION

As the Coronavirus threatens the normal operations of business throughout the country, banks may consider how to tackle the disruption and protect employees and customers while continuing to comply with regulatory obligations. While the country works through the challenges presented by the Coronavirus, the ability of our banks to seamlessly maintain banking services and the availability of loans to those businesses most significantly stressed by the crisis will be critical to maintaining consumer confidence in the strength and resilience of our economy. Read more…

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Financial Services in Focus – Issue 18

Funds and financial products

ASIC releases consultation paper on fees and costs disclosure regime

On 8 January, ASIC released a consultation paper on reforms to the fees and costs disclosure requirements for managed investment schemes and superannuation funds.

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Financial Services in Focus – Issue 17

Funds and financial products
ASIC to consult on measures to restrict offers to retail investors of stub-equity in proprietary companies

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Another day, another financial services inquiry – non-bank lenders now in the Senate spotlight

The announcement on Wednesday 17 October 2018 of a Senate inquiry into “credit and financial services targeted at Australians at risk of financial hardship” continues the current forensic examination into the state of financial services in Australia.

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Financial Services in Focus – Issue 13

Funds and financial products

Corporate Collective Investment Vehicle – tranche three

On 12 October, the Government has released for public consultation the third tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 and related explanatory materials.

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Financial Services in Focus – Issue 12

Funds and financial products

ASIC consults on share and interest purchase plan class order

On 2 October, ASIC released Consultation Paper 304 Remaking ASIC class order on share and interest purchase plans: [CO 09/425], which ASIC states outlines ASIC’s rationale for proposing to remake the class order without significant changes.

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Financial Services in Focus – Issue 10

Funds and financial products
ASIC updates guidance for trustees of wholesale equity schemes

On 4 September, ASIC released Regulatory Guide 192 Licensing: Wholesale equity schemes following public consultation.

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Financial Services in Focus – Issue 3

Funds and financial products

Legislation introduced regarding the second and final phase of ASIC fee-for-services industry funding model

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To stay or not to stay? Proposed exclusions from the ‘ipso facto’ reform

The Australian Government Treasury (Treasury) has released the long awaited exposure drafts and explanatory statements in respect of the types of arrangements that are to be excluded from the moratorium (or ‘stay’) on reliance by solvent counterparties on ‘ipso facto’ clauses (ipso facto reform). Public consultation in respect of the proposed exclusions is open until 11 May 2018.

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New Cyber Rules for New York-Based Banking, Insurance and Financial Service Firms Have Far-Reaching Effects

In potentially the most significant state-level expansion of data security obligations since the 2010 promulgation of Massachusetts state-wide rules for protecting personal information of individual state residents, the New York State Department of Financial Services (NY DFS) finalized new Cybersecurity Regulations effective as of March 1, 2017 (NY Cyber Rules), with some additional time afforded to achieve full compliance. The NY Cyber Rules impose detailed data protection requirements on virtually all New York banking, insurance and financial services firms. These obligations operate in parallel with, and in addition to, federal Gramm Leach Bliley data security protections applicable to financial institutions and other federal data security laws.

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