APRA Consults on Regulatory Framework for Stored-Value Facilities
APRA published a consultation, by the Council of Financial Regulators, on an Issues Paper that is part of a review of the regulatory framework for stored-value facilities, such as purchased payment facilities. Council of Financial Regulators, which is the coordinating body for the key financial regulatory agencies in Australia, comprises APRA, the Reserve Bank of Australia (RBA), the Australian Securities and Investments Commission (ASIC), and the Australian Treasury. Comments must be submitted by October 19, 2018.
The review will also consider the operation of a number of other aspects of the regulation of retail payments service providers that may have the potential to be improved or clarified. The review has the following objectives:
- To identify opportunities to simplify the regulatory framework for stored-value facilities
- To ensure that regulation does not pose an undue obstacle to innovation and competition, while maintaining appropriate levels of consumer protection and system-wide safety
- To identify changes necessary to enable regulation to adapt to recent and prospective developments in the payments market, including those associated with advances in technology and new participants
- To identify opportunities to improve the "competitive neutrality" of regulation
- To improve the transparency and clarity of regulation, from the perspective of regulated entities, potential new entrants, and consumers
This review will inform recommendations of the Council to the government on the regulatory framework for stored-value facilities and, potentially, a number of other areas relevant to the regulation of retail payments service providers that may have room for improvement. It is expected that interested parties will have further opportunity to comment on specific changes to the regulation administered by relevant agencies that may arise from the recommendations of this review. Stored-value facilities potentially encompass a wide range of facilities in which stored funds are used to make payments.
Related Link: Notification
Keywords: Asia Pacific, Australia, PMI, Banking, Stored-value Facilities, Payments Regulation, Retail Payments, Council of Financial Regulators, APRA
Previous Article
APRA Updates Guidance on Cloud Computing ServicesRelated Insights
|
News
FSB Report Examines Financial Stability Implications of FintechFSB published a report that assesses fintech-related market developments and their potential implications for financial stability.
February 14, 2019
WebPage
Regulatory News
|
|
News
US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECLUS Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.
February 14, 2019
WebPage
Regulatory News
|
|
News
OCC Consults on Company-Run Stress Test Requirements for BanksOCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
February 12, 2019
WebPage
Regulatory News
|
|
News
CFTC Extends Comment Periods for Trade Execution Requirement ProposalsCFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.
February 12, 2019
WebPage
Regulatory News
|
|
News
OCC Proposes to Renew Information Collection Under Stress Test RuleOCC is proposing to renew its information collection titled “Annual Stress Test Rule” (OMB Control No: 1557-0311). Comments must be received on or before March 13, 2019.
February 11, 2019
WebPage
Regulatory News
|
|
News
OSFI Consults on NSFR Disclosure Requirements for D-SIBsOSFI proposed the draft guideline on the net stable funding ratio (NSFR) disclosure requirements for domestic systemically important banks (D-SIBs).
February 11, 2019
WebPage
Regulatory News
|
|
News
EC Amends Its Regulation to Clarify Impairment Requirements for IFRS 9EC published the EU Regulation 2019/237 that amends Regulation (EC) No 1126/2008 adopting certain international accounting standards, in accordance with Regulation (EC) No 1606/2002 regarding International Accounting Standard (IAS) 28 on Investments in Associates and Joint Ventures.
February 11, 2019
WebPage
Regulatory News
|
|
News
FSB Chair Randal Quarles Speaks About the Upcoming Work of FSBWhile speaking at the BIS Special Governors Meeting in Hong Kong, Randal K. Quarles, the Chair of FSB and Vice Chair of FED, discussed his views on how the work of FSB must evolve and the key principles that, he believes, should inform that work.
February 10, 2019
WebPage
Regulatory News
|
|
News
OSFI Proposes to Amend the Liquidity Adequacy Requirements for BanksOSFI proposed revisions to the Liquidity Adequacy Requirements (LAR) Guideline for banks. OSFI published the proposed drafts (with proposed changes highlighted in yellow) of Chapters 1,2, 4, and 5 of the LAR guideline.
February 08, 2019
WebPage
Regulatory News
|
|
News
HKMA Publishes FAQs on Local Implementation of IRRBB FrameworkHKMA published the frequently asked questions (FAQs) related to the local implementation of the interest rate risk in the banking book (IRRBB).
February 08, 2019
WebPage
Regulatory News
|
