Featured Product

    APRA Consults on Regulatory Framework for Stored-Value Facilities

    September 24, 2018

    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

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681