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Submissions 2020

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DateName
Date Title & Summary Topic Area Sent to
27-Apr-2020

VIC DELWP - Shocks to VEEC Scheme Market

AFMA sent a letter to Victorian Government Department of Environment, Land, Water and Planning (DELWP), raising concerns about the impact of COVID-19 to the supply of Victorian Energy Efficiency Certificates, and the consequences of implementing changes to the Victorian Energy Upgrades program at this point in time. AFMA accordingly requested the VIC DELWP to consider implementing some liability relief and defer implementation of proposed policy changes to provide a smoother transition period for the market.

Regulation VIC DELWP
21-Apr-2020

ASIC CP 329 - Advice Fee Consents and Independent Disclosure

AFMA made a submission to ASIC on CP 329 noting that while the proposed legislative instruments outlining requirements for consent forms and independence disclosures are well aligned with the policy intent of the Royal Commission’s recommendations, there needs to be appropriate calibration of the proposals to promote efficiency and reduce duplication.

Regulation ASIC
31-Mar-2020

AUSTRAC Interim Guidance

AFMA has engaged with AUSTRAC regarding adherence to KYC and other AML requirements due to changes in operational circumstances due to the COVID‐19 pandemic. Consequent to this, AUSTRAC published guidance on the use of alternative technologies to verify identities (selfies, video calls, etc) and a rule change regarding self‐attestation.

Regulation AUSTRAC
25-Mar-2020

ASIC CP 328 - Initial Public Offers

AFMA made a submission in response to ASIC CP 328, supporting the proposals to grant legislative relief for voluntary escrow arrangements and pre-prospectus communications on on 25 March.

Regulation ASIC
28-Feb-2020

Financial Services Royal Commission – Enhancing consumer protections and strengthening regulators

AFMA made a submission to Treasury responding to selected aspects of the draft legislation relating to Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations issued on 31 January 2020.

Regulation Treasury
28-Feb-2020

Confidentiality of data used in ADI quarterly publications and additional historical data

AFMA provided comment on APRA’s proposal to determine data sources for its quarterly publications to be non-confidential.
AFMA submitted that individual entity data currently afforded protection under the APRA Act should continue to be afforded this protection, absent which publication has the potential to be of substantial detriment to the commercial interests of the affected entities.

Regulation APRA
21-Feb-2020

Stamping Fee Exemption

AFMA made a submission in response to Treasury’s consultation on the Stamping Fee Exemption as it applies to listed investment entities. AFMA’s submission provided information to support a properly considered policy decision in respect of these products. However, our main priority is to ensure the exemption continues for other products, including Bank Hybrids, REITs, Infrastructure Issues and Shares.

Regulation Treasury
16-Feb-2020

Conflicts of interest and associated conduct risks during the debt capital raising process

AFMA comments on the consultation paper released by IOSCO on the issue of conflicts of interest in debt capital markets.
AFMA is of the view that the proposed IOSCO guidance to regulators is already generally reflected in formal law, regulatory guidance and market practice in Australia and no additional actions will be required to be in alignment with it.

Regulation IOSCO
14-Feb-2020

Financial Accountability Regime (FAR)

After discussions with Treasury and AFMA members, AFMA submitted a response to the proposed BEAR replacement, the Financial Accountability Regime (FAR). We expressed concern regarding the imposition of civil penalties of up to $1.05 million for accountable persons for licence breaches by their firm. AFMA is concerned with whether the FAR measures will necessarily produce the desired beneficial outcomes in a complex and dynamic environment, rather than lead to excessively risk adverse behaviour which dampens commercial activity.

Regulation Treasury
07-Feb-2020

Compensation Scheme of Last Resort (CSLR)

AFMA responded to the consultation on the proposed AFCA operated Compensation Scheme of Last Resort (CSLR) on 7 February.
Members will face an annual fee that could become significant in the event of a large failure of a firm, potentially in an unrelated area. AFMA has made a submission asking for a more sensible definition of small business and the use of a fairer charging methodology.

Regulation Treasury
05-Feb-2020

Corporate Criminal Responsibility

AFMA provided a response to the ALRC Discussion Paper 87 on Corporate Criminal Responsibility. AFMA is concerned that the reform proposed presents longer term increased risks of criminal and civil action for both firms and officers that would be unreasonable.
The ALRC has since stated that they will not be proceeding with the scheme as originally proposed due to the new Financial Accountability Regime.

Regulation Australian Law Reform Commission (ALRC)
31-Jan-2020

2020-21 Pre Budget Submission

AFMA was pleased to participate in the Government’s 2020/21 Budget process.  Apart from a number of regulatory and tax issues that we believe ought be implemented through the budget process, we called on the Government to afford strategic priority to the policy settings that would best foster the development of the financial markets in Australia and enhance the competitiveness of the sector. 

Taxation Treasury
20-Jan-2020

Financial Regulator Reform (No.2) Bill

AFMA made comment on the exposure draft of the Financial Regulator Reform (No.2) Bill implementing Royal Commission recommendations concerning the need for APRA and ASIC to cooperate. AFMA has long been a strong advocate for cooperation between ASIC and APRA and this is in the clear interest of regulated entities and compliance efficiency.

Regulation Treasury
10-Jan-2020

Financial Market Infrastructure Regulatory Reforms

AFMA comments on the consultation paper by the Council of Financial Regulators (CFR) on Financial Market Infrastructure Regulatory Reforms (CP).
AFMA said that the final proposals to the Government on regulatory reform in this area should lay out basic policy thinking on FMI at this time, explain why current regulatory arrangements are failing to the extent that justifies change to the law.

Regulation RBA
Date Title & Summary Topic Area Sent to
31-Jan-2020

2020-21 Pre Budget Submission

AFMA was pleased to participate in the Government’s 2020/21 Budget process.  Apart from a number of regulatory and tax issues that we believe ought be implemented through the budget process, we called on the Government to afford strategic priority to the policy settings that would best foster the development of the financial markets in Australia and enhance the competitiveness of the sector. 

Taxation Treasury
25-Mar-2020

ASIC CP 328 - Initial Public Offers

AFMA made a submission in response to ASIC CP 328, supporting the proposals to grant legislative relief for voluntary escrow arrangements and pre-prospectus communications on on 25 March.

Regulation ASIC
21-Apr-2020

ASIC CP 329 - Advice Fee Consents and Independent Disclosure

AFMA made a submission to ASIC on CP 329 noting that while the proposed legislative instruments outlining requirements for consent forms and independence disclosures are well aligned with the policy intent of the Royal Commission’s recommendations, there needs to be appropriate calibration of the proposals to promote efficiency and reduce duplication.

Regulation ASIC
31-Mar-2020

AUSTRAC Interim Guidance

AFMA has engaged with AUSTRAC regarding adherence to KYC and other AML requirements due to changes in operational circumstances due to the COVID‐19 pandemic. Consequent to this, AUSTRAC published guidance on the use of alternative technologies to verify identities (selfies, video calls, etc) and a rule change regarding self‐attestation.

Regulation AUSTRAC
07-Feb-2020

Compensation Scheme of Last Resort (CSLR)

AFMA responded to the consultation on the proposed AFCA operated Compensation Scheme of Last Resort (CSLR) on 7 February.
Members will face an annual fee that could become significant in the event of a large failure of a firm, potentially in an unrelated area. AFMA has made a submission asking for a more sensible definition of small business and the use of a fairer charging methodology.

Regulation Treasury
28-Feb-2020

Confidentiality of data used in ADI quarterly publications and additional historical data

AFMA provided comment on APRA’s proposal to determine data sources for its quarterly publications to be non-confidential.
AFMA submitted that individual entity data currently afforded protection under the APRA Act should continue to be afforded this protection, absent which publication has the potential to be of substantial detriment to the commercial interests of the affected entities.

Regulation APRA
16-Feb-2020

Conflicts of interest and associated conduct risks during the debt capital raising process

AFMA comments on the consultation paper released by IOSCO on the issue of conflicts of interest in debt capital markets.
AFMA is of the view that the proposed IOSCO guidance to regulators is already generally reflected in formal law, regulatory guidance and market practice in Australia and no additional actions will be required to be in alignment with it.

Regulation IOSCO
05-Feb-2020

Corporate Criminal Responsibility

AFMA provided a response to the ALRC Discussion Paper 87 on Corporate Criminal Responsibility. AFMA is concerned that the reform proposed presents longer term increased risks of criminal and civil action for both firms and officers that would be unreasonable.
The ALRC has since stated that they will not be proceeding with the scheme as originally proposed due to the new Financial Accountability Regime.

Regulation Australian Law Reform Commission (ALRC)
14-Feb-2020

Financial Accountability Regime (FAR)

After discussions with Treasury and AFMA members, AFMA submitted a response to the proposed BEAR replacement, the Financial Accountability Regime (FAR). We expressed concern regarding the imposition of civil penalties of up to $1.05 million for accountable persons for licence breaches by their firm. AFMA is concerned with whether the FAR measures will necessarily produce the desired beneficial outcomes in a complex and dynamic environment, rather than lead to excessively risk adverse behaviour which dampens commercial activity.

Regulation Treasury
10-Jan-2020

Financial Market Infrastructure Regulatory Reforms

AFMA comments on the consultation paper by the Council of Financial Regulators (CFR) on Financial Market Infrastructure Regulatory Reforms (CP).
AFMA said that the final proposals to the Government on regulatory reform in this area should lay out basic policy thinking on FMI at this time, explain why current regulatory arrangements are failing to the extent that justifies change to the law.

Regulation RBA
20-Jan-2020

Financial Regulator Reform (No.2) Bill

AFMA made comment on the exposure draft of the Financial Regulator Reform (No.2) Bill implementing Royal Commission recommendations concerning the need for APRA and ASIC to cooperate. AFMA has long been a strong advocate for cooperation between ASIC and APRA and this is in the clear interest of regulated entities and compliance efficiency.

Regulation Treasury
28-Feb-2020

Financial Services Royal Commission – Enhancing consumer protections and strengthening regulators

AFMA made a submission to Treasury responding to selected aspects of the draft legislation relating to Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations issued on 31 January 2020.

Regulation Treasury
21-Feb-2020

Stamping Fee Exemption

AFMA made a submission in response to Treasury’s consultation on the Stamping Fee Exemption as it applies to listed investment entities. AFMA’s submission provided information to support a properly considered policy decision in respect of these products. However, our main priority is to ensure the exemption continues for other products, including Bank Hybrids, REITs, Infrastructure Issues and Shares.

Regulation Treasury
27-Apr-2020

VIC DELWP - Shocks to VEEC Scheme Market

AFMA sent a letter to Victorian Government Department of Environment, Land, Water and Planning (DELWP), raising concerns about the impact of COVID-19 to the supply of Victorian Energy Efficiency Certificates, and the consequences of implementing changes to the Victorian Energy Upgrades program at this point in time. AFMA accordingly requested the VIC DELWP to consider implementing some liability relief and defer implementation of proposed policy changes to provide a smoother transition period for the market.

Regulation VIC DELWP
Date Title & Summary Topic Area Sent to
31-Jan-2020

2020-21 Pre Budget Submission

AFMA was pleased to participate in the Government’s 2020/21 Budget process.  Apart from a number of regulatory and tax issues that we believe ought be implemented through the budget process, we called on the Government to afford strategic priority to the policy settings that would best foster the development of the financial markets in Australia and enhance the competitiveness of the sector. 

Taxation Treasury
25-Mar-2020

ASIC CP 328 - Initial Public Offers

AFMA made a submission in response to ASIC CP 328, supporting the proposals to grant legislative relief for voluntary escrow arrangements and pre-prospectus communications on on 25 March.

Regulation ASIC
21-Apr-2020

ASIC CP 329 - Advice Fee Consents and Independent Disclosure

AFMA made a submission to ASIC on CP 329 noting that while the proposed legislative instruments outlining requirements for consent forms and independence disclosures are well aligned with the policy intent of the Royal Commission’s recommendations, there needs to be appropriate calibration of the proposals to promote efficiency and reduce duplication.

Regulation ASIC
31-Mar-2020

AUSTRAC Interim Guidance

AFMA has engaged with AUSTRAC regarding adherence to KYC and other AML requirements due to changes in operational circumstances due to the COVID‐19 pandemic. Consequent to this, AUSTRAC published guidance on the use of alternative technologies to verify identities (selfies, video calls, etc) and a rule change regarding self‐attestation.

Regulation AUSTRAC
07-Feb-2020

Compensation Scheme of Last Resort (CSLR)

AFMA responded to the consultation on the proposed AFCA operated Compensation Scheme of Last Resort (CSLR) on 7 February.
Members will face an annual fee that could become significant in the event of a large failure of a firm, potentially in an unrelated area. AFMA has made a submission asking for a more sensible definition of small business and the use of a fairer charging methodology.

Regulation Treasury
28-Feb-2020

Confidentiality of data used in ADI quarterly publications and additional historical data

AFMA provided comment on APRA’s proposal to determine data sources for its quarterly publications to be non-confidential.
AFMA submitted that individual entity data currently afforded protection under the APRA Act should continue to be afforded this protection, absent which publication has the potential to be of substantial detriment to the commercial interests of the affected entities.

Regulation APRA
16-Feb-2020

Conflicts of interest and associated conduct risks during the debt capital raising process

AFMA comments on the consultation paper released by IOSCO on the issue of conflicts of interest in debt capital markets.
AFMA is of the view that the proposed IOSCO guidance to regulators is already generally reflected in formal law, regulatory guidance and market practice in Australia and no additional actions will be required to be in alignment with it.

Regulation IOSCO
05-Feb-2020

Corporate Criminal Responsibility

AFMA provided a response to the ALRC Discussion Paper 87 on Corporate Criminal Responsibility. AFMA is concerned that the reform proposed presents longer term increased risks of criminal and civil action for both firms and officers that would be unreasonable.
The ALRC has since stated that they will not be proceeding with the scheme as originally proposed due to the new Financial Accountability Regime.

Regulation Australian Law Reform Commission (ALRC)
14-Feb-2020

Financial Accountability Regime (FAR)

After discussions with Treasury and AFMA members, AFMA submitted a response to the proposed BEAR replacement, the Financial Accountability Regime (FAR). We expressed concern regarding the imposition of civil penalties of up to $1.05 million for accountable persons for licence breaches by their firm. AFMA is concerned with whether the FAR measures will necessarily produce the desired beneficial outcomes in a complex and dynamic environment, rather than lead to excessively risk adverse behaviour which dampens commercial activity.

Regulation Treasury
10-Jan-2020

Financial Market Infrastructure Regulatory Reforms

AFMA comments on the consultation paper by the Council of Financial Regulators (CFR) on Financial Market Infrastructure Regulatory Reforms (CP).
AFMA said that the final proposals to the Government on regulatory reform in this area should lay out basic policy thinking on FMI at this time, explain why current regulatory arrangements are failing to the extent that justifies change to the law.

Regulation RBA
20-Jan-2020

Financial Regulator Reform (No.2) Bill

AFMA made comment on the exposure draft of the Financial Regulator Reform (No.2) Bill implementing Royal Commission recommendations concerning the need for APRA and ASIC to cooperate. AFMA has long been a strong advocate for cooperation between ASIC and APRA and this is in the clear interest of regulated entities and compliance efficiency.

Regulation Treasury
28-Feb-2020

Financial Services Royal Commission – Enhancing consumer protections and strengthening regulators

AFMA made a submission to Treasury responding to selected aspects of the draft legislation relating to Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations issued on 31 January 2020.

Regulation Treasury
21-Feb-2020

Stamping Fee Exemption

AFMA made a submission in response to Treasury’s consultation on the Stamping Fee Exemption as it applies to listed investment entities. AFMA’s submission provided information to support a properly considered policy decision in respect of these products. However, our main priority is to ensure the exemption continues for other products, including Bank Hybrids, REITs, Infrastructure Issues and Shares.

Regulation Treasury
27-Apr-2020

VIC DELWP - Shocks to VEEC Scheme Market

AFMA sent a letter to Victorian Government Department of Environment, Land, Water and Planning (DELWP), raising concerns about the impact of COVID-19 to the supply of Victorian Energy Efficiency Certificates, and the consequences of implementing changes to the Victorian Energy Upgrades program at this point in time. AFMA accordingly requested the VIC DELWP to consider implementing some liability relief and defer implementation of proposed policy changes to provide a smoother transition period for the market.

Regulation VIC DELWP