APRA seeks staff, ASIC enhances IT
15 May 2007
Australia’s two financial services regulators, the Australian Securities and Investments Commission and APRA, received a funding boost in last week’s Federal Budget…
Regulatory & Government
More red tape cut
15 May 2007
Assistant Treasurer Peter Dutton has released a draft of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill…
APRA tailors framework for DOFIs
08 May 2007
APRA will modify its regulatory framework following the addition last week of DOFIs to its responsibilities…
ASIC may offer relief to not-for-profits
08 May 2007
The Australian Securities and Investments Commission is seeking submissions on proposals to offer exemptions for some entities that arrange group insurance, such as sporting…
HIH Chairman faces charges
01 May 2007
Former HIH Chairman Geoff Cohen will face criminal charges later this year relating to the collapse of the company, with prosecutors alleging he gave misleading information…
Lucy ends term as ASIC head
01 May 2007
Jeff Lucy’s three-year term as Chairman of ASIC has drawn to a close, and Commissioner Tony D’Aloisio will take over later this month…
APRA offers flexibility in a pandemic
11 April 2007
Business may be exempt from some APRA regulatory requirements during any national health pandemic to help regulated institutions through the crisis…
Sales recommendation issue still sparking debate
11 April 2007
The Federal Government continues to work on regulatory amendments through the Simpler Regulatory System Bill, but the more complex sales recommendation will be…
Government listening on red tape: Pearce
11 April 2007
Mr Pearce says lightening the regulatory burden on the financial services industry is crucial for a well-functioning economy…
Boards urged to ‘live and breathe’ risk
11 April 2007
The argument of principles versus prescription-based regulation – or, in other words, rules – is a hot topic around the world, according to APRA Member John Trowbridge…
Former GIO executive loses appeal
11 April 2007
The NSW Court of Appeal has upheld findings that former GIO Australia Holdings CFO Geoffrey Vines contravened his duty of care on three occasions relating to profit forecasts…
Life providers welcome regulation
03 April 2007
The Australian Prudential Regulation Authority has unveiled new prudential standards and guidance for the life insurance industry, including friendly societies…
ASIC foolery masks serious purpose
03 April 2007
The Australian Securities and Investments Commission launched a fake website on Sunday – April Fool’s Day – to alert investors to the dangers of investment opportunities on the internet…
Promina fined for non-disclosure
27 March 2007
Promina has been fined $100,000 by the Australian Securities and Investments Commission for not adequately informing investors about a $7.9 billion takeover offer from Suncorp…
Government offers more refinements
27 March 2007
Parliamentary Secretary to the Treasurer Chris Pearce has announced new regulations that include more guidance on the amount of disclosure in documents required for general insurance products…
Dollar disclosure extended – again
27 March 2007
Insurers will be given more time to comply with new product disclosure requirements, extending the original period to three years…
Former director charged
27 March 2007
ASIC has laid insurance fraud charges relating to more than $5 million against former EBS Holdings Director Timothy John McKenzie…
Watchdog gets more resources
27 March 2007
The Federal Government has boosted ASIC funding by $2.2 million…
Zurich in the clear
20 March 2007
The Australian Prudential Regulation Authority has handed Zurich Australian Insurance Limited its report on the reinsurance contract Zurich bought in September 2000…
ASIC releases guide to undertakings
20 March 2007
A new guide to enforceable undertakings has been prepared by the Australian Securities and Investments Commission to clear ambiguities over the breach remedy…