Date | Title & Summary | Topic Area | Sent to |
---|---|---|---|
22-Dec-2017 | Implementing the OECD Hybrid Mismatch RulesSubmission 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 BillSubmission 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 ModelSubmission 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 misconductSubmission 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 PowersSubmission 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 CorporationsSubmission 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 settlementSubmission 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 sectorSubmission 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 2017Submission 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 ADIsSubmission 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 ResearchSubmission 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 PowersSubmission 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 ServicesSubmission 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 regimeSubmission 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 CompilationSubmission 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 InterceptsSubmission 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 BenchmarksSubmission 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 ExposuresSubmission 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 ContributionSubmission 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 2017-18Submission 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 systemSubmission 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 rulesSubmission 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 PanelSubmission 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 2017Submission 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 ActSubmission 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 SettlementSubmission 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 licenseesSubmission 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 LiquiditySubmission 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 collectionNo 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 restructuresSubmission 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 StructuresJoint 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 StatisticsSubmission 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 AdequacySubmission 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 PowerSubmission 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 277Submission 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 CompaniesSubmission 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 2017Submission 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 AmendmentsSubmission 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 frameworkSubmission 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 SubmissionSubmission 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 EntitiesSubmission 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 StandardAFMA 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 SubmissionSubmission 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 AmendmentsSubmission 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 StatisticsSubmission 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 PowersSubmission 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 277Submission 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 PanelSubmission 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 ResearchSubmission 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 InterceptsSubmission 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 licenseesSubmission 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 sectorSubmission 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 misconductSubmission 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 2017Submission 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 PowersSubmission 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 ModelSubmission 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 2017Submission 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 ContributionSubmission 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 SettlementSubmission 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 collectionNo 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 AdequacySubmission 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 CorporationsSubmission 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 rulesSubmission 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 ActSubmission 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 settlementSubmission 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 CompilationSubmission 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 BillSubmission 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 regimeSubmission 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 RulesSubmission 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 systemSubmission 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 EntitiesSubmission 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 CompaniesSubmission 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 restructuresSubmission 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 frameworkSubmission 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 ServicesSubmission 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 2017-18Submission 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 ExposuresSubmission 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 LiquiditySubmission 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 BenchmarksSubmission 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 ADIsSubmission 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 PowerSubmission 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 StructuresJoint 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 StandardAFMA 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 2017Submission 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 SubmissionSubmission 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 AmendmentsSubmission 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 StatisticsSubmission 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 PowersSubmission 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 277Submission 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 PanelSubmission 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 ResearchSubmission 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 InterceptsSubmission 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 licenseesSubmission 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 sectorSubmission 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 misconductSubmission 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 2017Submission 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 PowersSubmission 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 ModelSubmission 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 2017Submission 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 ContributionSubmission 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 SettlementSubmission 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 collectionNo 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 AdequacySubmission 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 CorporationsSubmission 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 rulesSubmission 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 ActSubmission 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 settlementSubmission 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 CompilationSubmission 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 BillSubmission 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 regimeSubmission 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 RulesSubmission 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 systemSubmission 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 EntitiesSubmission 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 CompaniesSubmission 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 restructuresSubmission 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 frameworkSubmission 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 ServicesSubmission 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 2017-18Submission 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 ExposuresSubmission 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 LiquiditySubmission 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 BenchmarksSubmission 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 ADIsSubmission 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 PowerSubmission 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 StructuresJoint 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 StandardAFMA 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 2017Submission 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 |