Featured Product

    APRA and ASIC Welcome Proposed Reforms for Superannuation Sector

    February 14, 2020

    APRA and the Australian Securities and Investments Commission (ASIC) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in the superannuation sector. In response to recommendations from the Financial Services Royal Commission (FSRC), on January 31, the Treasurer had released the related exposure draft legislation for consultation. The draft legislation introduces important reforms that will support APRA and ASIC to carry out their roles as co-regulators in superannuation. The proposed reforms include expanding the role of ASIC as the conduct regulator while retaining the important role of APRA as the prudential and member-outcomes regulator in superannuation.

    In this context, APRA and ASIC have issued a joint letter to superannuation trustees about how regulatory oversight will operate assuming the reforms become law. The letter explains how they will work together to more effectively promote better outcomes for members, acknowledging that in doing so consideration needs to be given to reducing regulatory burden. APRA and ASIC recognize that this involves effectively harnessing each agency’s different approach to regulation and supervision, while minimizing the duplication of regulatory effort. The changes to the role of ASIC will be accompanied by an enhancement in the close co-operation and collaboration between the two regulators, which was strengthened by a Memorandum of Understanding, or MoU, that was updated in November 2019. Legislative reform to further increase this co-operation and collaboration is also proposed. 

    APRA Deputy Chair Helen Rowell said: “APRA welcomes ASIC having an expanded role in regulating a sector that is growing ever more integral to financial outcomes for Australians, and the broader economy. As the conduct regulator of the financial sector, ASIC has a critical role to play in tackling misconduct in superannuation, while APRA will continue to strengthen its focus on member-outcomes and prudential soundness.”

     

    Related Links

    Keywords: Asia Pacific, Australia, Insurance, Superannuation, Pensions, Prudential Regulator, Conduct Regulator, Superannuation Reforms, ASIC, APRA

    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153