Jurisdiction
by Leela|18 September 2023|Our Thinking
Background On 28 August 2023, the Australian Securities and Investments Commission (“ASIC”) released its 2023-2027 corporate plan (with a focus on 2023-2024). On 29 August 2023, the Australian Prudential, and Regulatory Authority (“APRA”) released its 2023-2024 corporate plan. APRA’s Corporate Plan Update The APRA Corporate Plan strategies have been shaped by recent global events, most […]
Read moreby Leela|13 September 2023|Our Thinking
On 5 September 2023, Australia’s Parliament passed the Financial Accountability Regime Bill 2023 (”FAR”), which replaces and expands on the previous Banking Executive Accountability Regime. The FAR applies to insurers, banks, and superannuation providers, and aims to hold key executives accountable for their organisation’s activities and decisions. The 2024 corporate plans of Australian regulators, ASIC […]
Read moreby Leela|4 September 2023|Our Thinking
On 27 June 2023, the Australian Treasury issued a second consultation paper titled “Climate-related financial disclosure”. This release builds upon a prior consultation and is in line with the Australian Government’s dedication to creating standardised and internationally aligned reporting requirements for businesses to disclose governance, strategy, risk management, targets, and metrics. Large businesses may need […]
Read moreby Leela|29 August 2023|Our Thinking
On 7 August 2023, The Australian Treasury released an exposure draft. This draft invites stakeholders to participate in a consultation process regarding proposed exemptions for Australian Financial Services Licences that would apply to foreign financial services providers (“FFSPs“). This initiative follows a prior consultation which lapsed in 2022 due to governmental changes. The exposure draft […]
Read moreby Leela|15 August 2023|Our Thinking
Artificial intelligence (“AI“) is rapidly growing and bringing positive changes to various aspects of life, but concerns regarding potential risks are also emerging. The Australian government has been prioritising ethical considerations while advancing technology and AI for years. In 2022, the Department of Industry, Science, and Resources of the Australian Government (“the Department“) sought public […]
Read moreby Leela|9 August 2023|Our Thinking
On 25 May 2023, the Attorney-General’s Department released the outcomes of the statutory review (“the Review“) of the Australian Modern Slavery Act 2018 (Cth). The Review focuses on reinforcing Australia’s efforts to combat modern slavery, in accordance with the United Nations Guiding Principles on Business and Human Rights. The proposed changes, if observed… Please click […]
Read moreby Leela|8 August 2023|Our Thinking
The Australian Prudential Regulation Authority (“APRA“) has published a newsletter highlighting the importance of placing focus on cyber security while conducting independent tripartite cyber assessments on its regulated entities. These assessments are aimed at ensuring that these entities have the necessary infrastructure to effectively withstand cyberattacks and security threats. Although currently evaluating approximately 300 banks, […]
Read moreby Leela|7 August 2023|Our Thinking
On 17 July 2023, the Australian Prudential Regulation Authority (“APRA“) released the Prudential Standard CPS 230 for Operational Risk Management (“CPS 230“), along with a consultation draft of the Practice Guide CPG 230 for Operational Risk Management. The main objective of CPS 230 is to minimise disruptions to critical operations by mandating that organisations establish […]
Read moreby Leela|2 August 2023|Industry News
In recent times, a number of investment funds have come under scrutiny and criticism for engaging in greenwashing. We can help you navigate this complex issue. Safeguard your firm against the risk of greenwashing Schedule your 10-minute call with Tanja Listar for invaluable insights and guidance to ensure that your firm meets all the necessary […]
Read moreby Leela|1 August 2023|Industry News
The 79th session of the Economic and Social Commission for Asia and the Pacific (the “ESCAP”) was held from 15 to 19 May 2023. This session witnessed the adoption of 10 United Nations (“UN”) resolutions by countries within Asia-Pacific (the “APAC”), with the aim of reaffirming their unwavering commitment to safeguarding the planet and its […]
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