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Submissions 2017

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DateName
Date Title & Summary Topic Area Sent to
22-Dec-2017

Implementing the OECD Hybrid Mismatch Rules

Submission on the Exposure Draft and draft Explanatory Memorandum for the legislation to implement the OECD Hybrid Mismatch Rules in an Australian context.

Taxation The Treasury
18-Dec-2017

Financial Sector Crisis Resolution Bill

Submission supporting the Bill to strength APRA’s crisis management and resolution powers consistent with the Financial Stability Board’s Key Attributes of Effective Resolution Regimes.

Regulation Senate Standing Committee on Economics
08-Dec-2017

ASIC’s Fees for Service under the Industry Funding Model

Submission supporting the general principle of fees being applied to demand-driven services provided by ASIC to the regulated population.

Regulation The Treasury
08-Dec-2017

ASIC Enforcement Review – Position Paper 7: Strengthening penalties for corporate and financial sector misconduct

Submission noting that AFMA members are committed to ensuring that markets function fairly and efficiently and properly serve the needs of investors and the wider economy and community within the framework of a regulatory regime is supported by a credible penalty regime. The review of penalties for corporate and financial services misconduct needs to ensure that the penalties are calibrated in a manner that supports both the effective functioning of financial markets and promotes strong public confidence in them. It is important that the right balance is achieved to foster decisions that will enhance the productivity of the financial system and the broader economy, and also to position Australia as a competitive centre for the conduct of financial business.

Regulation The Treasury
01-Dec-2017

ASIC’s Direction Powers

Submission that there is insufficient analysis to make out the policy case for the proposed directions powers.

Regulation The Treasury
18-Oct-2017

Consultation on RPG 702.0 ABS/RBA Data Quality for the EFS Collection and Reporting Standard RRS 710.0 ABS/RBA Audit requirements for Registered Financial Corporations

Submission welcoming the revised approach adopted in the draft Reporting Practice Guide as part of the agencies’ response to the consultation on the Economic and Financial Statistics collection. In particular, the adoption of qualitative guidance to replace the previously proposed quantitative standard provides a more workable framework within which to manage the assurance of data quality.

Regulation APRA
17-Oct-2017

Draft determination – Five minute settlement

Submission noting issues in relation to cost/benefit, potential impacts on financial market liquidity, and the transition period.

Regulation AEMC
12-Oct-2017

ASIC Enforcement Review - Position and Consultation Paper 6: ASIC’s power to ban senior officials in the financial sector

Submission supporting the wider objectives of the proposed changes to ASIC’s banning powers as outlined in the consultation paper. It is important that the regulatory regime operates in a clear and effective way in the interests of both financial services business and consumers. In order to ensure that the overall regulatory regime is efficient and achieves its objectives, enhancements to any part of the regime should be clear in their application.

Regulation The Treasury
11-Oct-2017

ASX-Listed Company Announcements: Processes for Advising of Changes to Security Status. Consultation Paper September 2017

Submission noting that the consultation represents an opportunity to make sensible changes to the design of the interaction between markets. AFMA broadly welcomes the proposed changes as a positive step in evolving the market to a more logical structure given its multi-market nature.

Regulation ASX
29-Sep-2017

Exposure Draft Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (the Bill) and Explanatory Memorandum (EM)

Submission in relation to the draft Bill and EM on behalf of members who are Australian-owned banks and branches of foreign banks who will be required to comply with BEAR. Comments aimed at supporting the introduction of a regime that achieves the desired policy outcomes but also operates in a readily understandable way, is consistent with similar regimes in other jurisdictions to the extent this is appropriate, and affords individuals who are subject to the regime the level of rights and protections that are a common feature of the Australian legal system and regulatory regimes such as that administered by ASIC.

Regulation The Treasury
29-Sep-2017

Response to APRA discussion paper: Counterparty Credit Risk for ADIs

Submission commenting on aspects of the Prudential Standards referenced in the discussion paper, and particularly the reporting forms which accompany the new Prudential Standard APS 180 Capital Adequacy: Counterparty Credit Risk (APS 180).

Regulation APRA
18-Sep-2017

ASIC Consultation Paper 290 – Sell-side Research

Submission on a range of matters arising from proposed guidance on handling conflicts between corporate advisory and sell-side research.

Regulation ASIC
08-Sep-2017

APRA’s Crisis Management Powers

Submission giving in principle support to the strengthening of APRA’s powers consistent with the Financial Stability Board’s (FSB) Key Attributes of Effective Resolution Regimes (Key Attributes), but noting the limited time to make an effective assessment of the integrity of the Draft Bill.

Regulation The Treasury
06-Sep-2017

Modernising Business Registry Services

Submission supporting the goals of the National Business Simplification Initiative and the modernisation of business registry services.

Regulation The Treasury
25-Aug-2017

Implementing the financial benchmark regulatory regime

Submission on the proposed structure and content of ASIC rules to implement the regulatory regime for financial benchmarks.

Regulation ASIC
21-Aug-2017

Draft Indicative Restructure of the AML/CTF Rules Compilation

Submission supporting the proposed compilation to enhance the accessibility of the AML/CTF Rules. This support is based on the understanding that the compilation will not result in any substantive change to either the Rules or the administration of the Rules and accordingly will not give rise to any requirement for current reporting entities to review their frameworks and ascertain whether any changes are required.

Regulation AUSTRAC
17-Aug-2017

ASIC Enforcement Review – Access to Intercepts

Submission that no change to the current arrangements is warranted in keeping with the previous decisions of Australian governments, on the basis ASIC does not have the appropriate attributes or oversight arrangements to be an interception or recipient agency and administrative convenience is not sufficient policy justification for a change to the law.

Regulation Treasury
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, AFMA suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming AFMA has no further matters to raise at this time.

Regulation APRA
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
17-Jan-2017

Transparency Draft – New Issue Process Standard

AFMA letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
Date Title & Summary Topic Area Sent to
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
08-Sep-2017

APRA’s Crisis Management Powers

Submission giving in principle support to the strengthening of APRA’s powers consistent with the Financial Stability Board’s (FSB) Key Attributes of Effective Resolution Regimes (Key Attributes), but noting the limited time to make an effective assessment of the integrity of the Draft Bill.

Regulation The Treasury
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
18-Sep-2017

ASIC Consultation Paper 290 – Sell-side Research

Submission on a range of matters arising from proposed guidance on handling conflicts between corporate advisory and sell-side research.

Regulation ASIC
17-Aug-2017

ASIC Enforcement Review – Access to Intercepts

Submission that no change to the current arrangements is warranted in keeping with the previous decisions of Australian governments, on the basis ASIC does not have the appropriate attributes or oversight arrangements to be an interception or recipient agency and administrative convenience is not sufficient policy justification for a change to the law.

Regulation Treasury
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
12-Oct-2017

ASIC Enforcement Review - Position and Consultation Paper 6: ASIC’s power to ban senior officials in the financial sector

Submission supporting the wider objectives of the proposed changes to ASIC’s banning powers as outlined in the consultation paper. It is important that the regulatory regime operates in a clear and effective way in the interests of both financial services business and consumers. In order to ensure that the overall regulatory regime is efficient and achieves its objectives, enhancements to any part of the regime should be clear in their application.

Regulation The Treasury
08-Dec-2017

ASIC Enforcement Review – Position Paper 7: Strengthening penalties for corporate and financial sector misconduct

Submission noting that AFMA members are committed to ensuring that markets function fairly and efficiently and properly serve the needs of investors and the wider economy and community within the framework of a regulatory regime is supported by a credible penalty regime. The review of penalties for corporate and financial services misconduct needs to ensure that the penalties are calibrated in a manner that supports both the effective functioning of financial markets and promotes strong public confidence in them. It is important that the right balance is achieved to foster decisions that will enhance the productivity of the financial system and the broader economy, and also to position Australia as a competitive centre for the conduct of financial business.

Regulation The Treasury
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
01-Dec-2017

ASIC’s Direction Powers

Submission that there is insufficient analysis to make out the policy case for the proposed directions powers.

Regulation The Treasury
08-Dec-2017

ASIC’s Fees for Service under the Industry Funding Model

Submission supporting the general principle of fees being applied to demand-driven services provided by ASIC to the regulated population.

Regulation The Treasury
11-Oct-2017

ASX-Listed Company Announcements: Processes for Advising of Changes to Security Status. Consultation Paper September 2017

Submission noting that the consultation represents an opportunity to make sensible changes to the design of the interaction between markets. AFMA broadly welcomes the proposed changes as a positive step in evolving the market to a more logical structure given its multi-market nature.

Regulation ASX
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, AFMA suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming AFMA has no further matters to raise at this time.

Regulation APRA
18-Oct-2017

Consultation on RPG 702.0 ABS/RBA Data Quality for the EFS Collection and Reporting Standard RRS 710.0 ABS/RBA Audit requirements for Registered Financial Corporations

Submission welcoming the revised approach adopted in the draft Reporting Practice Guide as part of the agencies’ response to the consultation on the Economic and Financial Statistics collection. In particular, the adoption of qualitative guidance to replace the previously proposed quantitative standard provides a more workable framework within which to manage the assurance of data quality.

Regulation APRA
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
17-Oct-2017

Draft determination – Five minute settlement

Submission noting issues in relation to cost/benefit, potential impacts on financial market liquidity, and the transition period.

Regulation AEMC
21-Aug-2017

Draft Indicative Restructure of the AML/CTF Rules Compilation

Submission supporting the proposed compilation to enhance the accessibility of the AML/CTF Rules. This support is based on the understanding that the compilation will not result in any substantive change to either the Rules or the administration of the Rules and accordingly will not give rise to any requirement for current reporting entities to review their frameworks and ascertain whether any changes are required.

Regulation AUSTRAC
29-Sep-2017

Exposure Draft Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (the Bill) and Explanatory Memorandum (EM)

Submission in relation to the draft Bill and EM on behalf of members who are Australian-owned banks and branches of foreign banks who will be required to comply with BEAR. Comments aimed at supporting the introduction of a regime that achieves the desired policy outcomes but also operates in a readily understandable way, is consistent with similar regimes in other jurisdictions to the extent this is appropriate, and affords individuals who are subject to the regime the level of rights and protections that are a common feature of the Australian legal system and regulatory regimes such as that administered by ASIC.

Regulation The Treasury
18-Dec-2017

Financial Sector Crisis Resolution Bill

Submission supporting the Bill to strength APRA’s crisis management and resolution powers consistent with the Financial Stability Board’s Key Attributes of Effective Resolution Regimes.

Regulation Senate Standing Committee on Economics
25-Aug-2017

Implementing the financial benchmark regulatory regime

Submission on the proposed structure and content of ASIC rules to implement the regulatory regime for financial benchmarks.

Regulation ASIC
22-Dec-2017

Implementing the OECD Hybrid Mismatch Rules

Submission on the Exposure Draft and draft Explanatory Memorandum for the legislation to implement the OECD Hybrid Mismatch Rules in an Australian context.

Taxation The Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
06-Sep-2017

Modernising Business Registry Services

Submission supporting the goals of the National Business Simplification Initiative and the modernisation of business registry services.

Regulation The Treasury
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
29-Sep-2017

Response to APRA discussion paper: Counterparty Credit Risk for ADIs

Submission commenting on aspects of the Prudential Standards referenced in the discussion paper, and particularly the reporting forms which accompany the new Prudential Standard APS 180 Capital Adequacy: Counterparty Credit Risk (APS 180).

Regulation APRA
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
17-Jan-2017

Transparency Draft – New Issue Process Standard

AFMA letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics
Date Title & Summary Topic Area Sent to
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
08-Sep-2017

APRA’s Crisis Management Powers

Submission giving in principle support to the strengthening of APRA’s powers consistent with the Financial Stability Board’s (FSB) Key Attributes of Effective Resolution Regimes (Key Attributes), but noting the limited time to make an effective assessment of the integrity of the Draft Bill.

Regulation The Treasury
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
18-Sep-2017

ASIC Consultation Paper 290 – Sell-side Research

Submission on a range of matters arising from proposed guidance on handling conflicts between corporate advisory and sell-side research.

Regulation ASIC
17-Aug-2017

ASIC Enforcement Review – Access to Intercepts

Submission that no change to the current arrangements is warranted in keeping with the previous decisions of Australian governments, on the basis ASIC does not have the appropriate attributes or oversight arrangements to be an interception or recipient agency and administrative convenience is not sufficient policy justification for a change to the law.

Regulation Treasury
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
12-Oct-2017

ASIC Enforcement Review - Position and Consultation Paper 6: ASIC’s power to ban senior officials in the financial sector

Submission supporting the wider objectives of the proposed changes to ASIC’s banning powers as outlined in the consultation paper. It is important that the regulatory regime operates in a clear and effective way in the interests of both financial services business and consumers. In order to ensure that the overall regulatory regime is efficient and achieves its objectives, enhancements to any part of the regime should be clear in their application.

Regulation The Treasury
08-Dec-2017

ASIC Enforcement Review – Position Paper 7: Strengthening penalties for corporate and financial sector misconduct

Submission noting that AFMA members are committed to ensuring that markets function fairly and efficiently and properly serve the needs of investors and the wider economy and community within the framework of a regulatory regime is supported by a credible penalty regime. The review of penalties for corporate and financial services misconduct needs to ensure that the penalties are calibrated in a manner that supports both the effective functioning of financial markets and promotes strong public confidence in them. It is important that the right balance is achieved to foster decisions that will enhance the productivity of the financial system and the broader economy, and also to position Australia as a competitive centre for the conduct of financial business.

Regulation The Treasury
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
01-Dec-2017

ASIC’s Direction Powers

Submission that there is insufficient analysis to make out the policy case for the proposed directions powers.

Regulation The Treasury
08-Dec-2017

ASIC’s Fees for Service under the Industry Funding Model

Submission supporting the general principle of fees being applied to demand-driven services provided by ASIC to the regulated population.

Regulation The Treasury
11-Oct-2017

ASX-Listed Company Announcements: Processes for Advising of Changes to Security Status. Consultation Paper September 2017

Submission noting that the consultation represents an opportunity to make sensible changes to the design of the interaction between markets. AFMA broadly welcomes the proposed changes as a positive step in evolving the market to a more logical structure given its multi-market nature.

Regulation ASX
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, AFMA suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming AFMA has no further matters to raise at this time.

Regulation APRA
18-Oct-2017

Consultation on RPG 702.0 ABS/RBA Data Quality for the EFS Collection and Reporting Standard RRS 710.0 ABS/RBA Audit requirements for Registered Financial Corporations

Submission welcoming the revised approach adopted in the draft Reporting Practice Guide as part of the agencies’ response to the consultation on the Economic and Financial Statistics collection. In particular, the adoption of qualitative guidance to replace the previously proposed quantitative standard provides a more workable framework within which to manage the assurance of data quality.

Regulation APRA
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
17-Oct-2017

Draft determination – Five minute settlement

Submission noting issues in relation to cost/benefit, potential impacts on financial market liquidity, and the transition period.

Regulation AEMC
21-Aug-2017

Draft Indicative Restructure of the AML/CTF Rules Compilation

Submission supporting the proposed compilation to enhance the accessibility of the AML/CTF Rules. This support is based on the understanding that the compilation will not result in any substantive change to either the Rules or the administration of the Rules and accordingly will not give rise to any requirement for current reporting entities to review their frameworks and ascertain whether any changes are required.

Regulation AUSTRAC
29-Sep-2017

Exposure Draft Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (the Bill) and Explanatory Memorandum (EM)

Submission in relation to the draft Bill and EM on behalf of members who are Australian-owned banks and branches of foreign banks who will be required to comply with BEAR. Comments aimed at supporting the introduction of a regime that achieves the desired policy outcomes but also operates in a readily understandable way, is consistent with similar regimes in other jurisdictions to the extent this is appropriate, and affords individuals who are subject to the regime the level of rights and protections that are a common feature of the Australian legal system and regulatory regimes such as that administered by ASIC.

Regulation The Treasury
18-Dec-2017

Financial Sector Crisis Resolution Bill

Submission supporting the Bill to strength APRA’s crisis management and resolution powers consistent with the Financial Stability Board’s Key Attributes of Effective Resolution Regimes.

Regulation Senate Standing Committee on Economics
25-Aug-2017

Implementing the financial benchmark regulatory regime

Submission on the proposed structure and content of ASIC rules to implement the regulatory regime for financial benchmarks.

Regulation ASIC
22-Dec-2017

Implementing the OECD Hybrid Mismatch Rules

Submission on the Exposure Draft and draft Explanatory Memorandum for the legislation to implement the OECD Hybrid Mismatch Rules in an Australian context.

Taxation The Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
06-Sep-2017

Modernising Business Registry Services

Submission supporting the goals of the National Business Simplification Initiative and the modernisation of business registry services.

Regulation The Treasury
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
29-Sep-2017

Response to APRA discussion paper: Counterparty Credit Risk for ADIs

Submission commenting on aspects of the Prudential Standards referenced in the discussion paper, and particularly the reporting forms which accompany the new Prudential Standard APS 180 Capital Adequacy: Counterparty Credit Risk (APS 180).

Regulation APRA
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
17-Jan-2017

Transparency Draft – New Issue Process Standard

AFMA letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics