| 15-May-2024 |
AFMA expressed that consumer protection does not have a role in wholesale market regulation, only market integrity. The law needs to have a clear workable delineation between these two spheres to make clear to ASIC what its roles and regulatory responsibilities are.
|
Regulation |
Corporations and Financial Services Joint Committee |
| 13-May-2024 |
AFMA expressed its support for Australia having AI standards that are interoperable with international standards, use globally consistent terminology, leverage international regulatory outcomes, and are careful to preserve the potential efficiency gains that AI is enabling.
|
Regulation |
Select Committee |
| 30-Apr-2024 |
AFMA believes that the guidelines should provide clarity about the intended scope of the AER’s information collection; and how the functions will be coordinated with the ACCC’s ongoing pricing inquiries.
|
Regulation |
AER |
| 28-Apr-2024 |
The submission expressed that the associations generally agree with the proposal to permanently exclude exchange-traded derivatives wholly by provisions within the 2024 ASIC Rules.
However, expressed views that the proposed wording in rule 1.2.4(2)(b) seems
complex, offered suggestion for simplification.
|
Regulation |
ASIC |
| 16-Apr-2024 |
AFMA expressed the need to ensure that the policy approach, in respect of both the primary and secondary legislation is in alignment with OECD Model Rules and Guidance. AFMA endorsed the ambulatory statutory approach adopted by the Government in the Exposure Draft and that the Australian legislation is to be interpreted in accordance with the OECD guidance.
|
Taxation |
Treasury |
| 11-Apr-2024 |
AFMA's submission to the inquiry highlighted the need for global consistency, recommending substituted compliance for local subsidiaries. AFMA also noted that there are no reporting obligations for foreign entities that operate in Australia through a branch.
|
Regulation |
Senate Economics Committee |
| 04-Apr-2024 |
AFMA summarised a collection of feedback to each question received from members to ASIC including requests for confirmation, clarity and specific recommendations.
|
Regulation |
ASIC |
| 04-Apr-2024 |
AFMA welcomed the AEMC's decision to enhance the cost recovery arrangements for ROLRs and recommended that the AEMC ensure that the scheme can accommodate the failure of a retailer within a corporate group.
|
Regulation |
AEMC |
| 04-Apr-2024 |
AFMA affirmed that the costs associated with making the change should be fully explored and that AFMA's standard electricity derivatives documentation can accommodate the change.
|
Regulation |
AEMC |
| 03-Apr-2024 |
AFMA raised its concern regarding APS 330, recommending that APRA does not require Australian ADIs to automatically implement disclosures developed by a foreign body, where those requirements may not be wholly suitable or aligned to our local prudential framework.
|
Regulation |
APRA |
| 25-Mar-2024 |
AFMA maintained its position that participants should be incentivised to participate in the financial market and that alternative contract structures for CIS projects should be considered. AFMA also recommended that the department minimise contractual restrictions on CIS participants.
|
Regulation |
DCCEEW |
| 22-Mar-2024 |
AFMA made a number of technical recommendations as to references made, definitions and wording of legal obligations.
|
Regulation |
AUSTRAC |
| 22-Mar-2024 |
AFMA agreed that the current product is no longer fit for purpose and highlighted that the changing nature of the NEM will require ongoing work to ensure financial products remain fit for purpose. An evening peak was the preferred approach.
|
Regulation |
ASX |
| 21-Mar-2024 |
AFMA highlighted the need for democratised data accessible to all, support and resources for SMEs, consistency in baseline assumptions and scenario analysis, defining and providing commonality for minimum reporting requirements for different scenarios, upscaling assurance providers, streamlining information sharing from NGER entities to reporting entities and expanding NGER requirements to relevant SMEs.
|
Regulation |
AASB |
| 13-Mar-2024 |
AFMA encouraged APRA to continue its work on standardising and centralising definitions, including by identifying additional definitions across its broader prudential framework. This would reduce duplication and inconsistencies across the various standards and guides, and reduce uncertainties and conflicts with legal definitions.
|
Regulation |
APRA |
| 05-Mar-2024 |
AFMA's submission commended the Government's work in developing this strategy. However, plans to include regulators in the information loop may, when combined with the statutory obligations of company officers, fatally compromise the ability of firms to freely share information with the Cyber Coordinator and ASD. AFMA also noted that international firms will often face limitations on the information they can share based on regulatory and other requirements in their home jurisdiction.
|
Regulation |
Department of Home Affairs |
| 05-Mar-2024 |
AFMA's submission expressed the need to align the requirements completely with EU Directive 2021/2101 and that no qualitative information should be required to be reported. AFMA made a number of other technical requirements to enhance alignment and reduce burden.
|
Taxation |
Treasury |
| 01-Mar-2024 |
AFMA highlighted in its submission that further clarity was needed on APRA's overarching data and reporting plans. Specifically, AFMA recommended that APRA amend item 6 to be clear that it applies only to non-SFI ADIs. AFMA supported proposals to further aggregate some products to the extent these remain aligned to EFS reporting. AFMA also encouraged APRA to be mindful of any divergence in product granularity to the EBA implementation of the Basel standard.
|
Regulation |
APRA |
| 22-Feb-2024 |
AFMA's submission included technical comments that would better facilitate the provision of services to Australian clients by FFSPs where the regulatory benefit does not outweigh the costs to FFSPs which could impact on their decision whether to service the Australian market, including a professional investor exemption.
|
Regulation |
Senate Standing Committees on Economics |
| 16-Feb-2024 |
AFMA made specific recommendations to APRA to consider a range of policy solutions to the value of HTM assets. The submission recommended that APRA engage with industry regarding the potential impacts of asymmetric recognition of liquid asset valuation changes and provide greater clarity on how such changes are to be calculated, toegether with clarity on the applicability of Exceptional Liquidity Assistance for Foreign ADIs and how Foreign ADIs should use the data request template.
|
Regulation |
APRA |
| 09-Feb-2024 |
AFMA broadly views the package of FMI reforms as sensibleand the establishment of a crisis management regime is a reasonable precautionary step. The additional step-in powers for the RBA are necessary in the context of such a regime, and the increased clarity around ASIC’s licencing and supervisory powers around overseas clearing and settlement facilities that provide services in Australia was noted as a positive development.
|
Regulation |
Treasury |
| 09-Feb-2024 |
AFMA broadly supported the direction and framework that the Government has set for Australia on sustainable finance. AFMA however raised its concern around modified liability, forward-looking statements, statements made outside a sustainability report, 3-year immunity to apply to each reporting group and Directors' Declaration.
|
Regulation |
Treasury |
| 05-Feb-2024 |
AFMA is broadly supportive of the proposed approach to payments reform, and sees the project itself as an important one in updating arrangements. However, AFMA considers that the proposed approach of regulating the issuance and redemption functions as financial products and not the PSCs themselves could work to create such an outcome depending on the details of the regulatory implementation. AFMA also recommended that the drafting make clear that the threshold is to apply only for SVFs balances within the Australian jurisdiction.
|
Regulation |
Treasury |
| 02-Feb-2024 |
AFMA supports the proposed expansion but believes that NSW should delay the RFS start until a wider range of renewable fuels can be included. AFMA also recommended that the NSW Government maintain alignment between the RFS to the GO and REGO schemes as they all develop.
|
Regulation |
NSW Office of Energy and Climate Change |
| 02-Feb-2024 |
AFMA highlighted that a mechanism to ensure the orderly exit of coal fired generation is necessary to provide the market with the certainty it needs to support the transition to net-zero. The proposed mechanism provides short term certainty about the closure of coal plants but does not provide the medium to long term certainty required for new investment. AFMA also believes that financial contracts purchased by government under the OEM should be offered to the market to boost liquidity and recover some of the cost of the OEM.
|
Regulation |
Energy and Climate Change Ministerial Council |
| 01-Feb-2024 |
AFMA stated its position that the ADIs that should be subject to the Mandatory Code are only those that are authorised by APRA to provide services to retail customers.
|
Regulation |
Treasury |
| 25-Jan-2024 |
AFMA made a number of specific recommendations but highlighted the importance of a fit and proper consultation process, competitive business settings, prioritising the attractiveness of Australia as a financial centre and supporting a smooth transition to net zero.
|
Regulation |
Treasury |
| 19-Jan-2024 |
AFMA's submission supported the Reliability Panel’s decision to shortlist two approaches to APC and given the current proposals for increases to Market Price Cap (MPC), AFMA considered that there may be value in considering linking APC to MPC and recommended as such.
|
Regulation |
AEMC |