Legal and regulatory update for the life and health insurance sector
15 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has begun consulting on targeted changes to liquidity and capital requirements aimed at strengthening the banking sector’s resilience to future stress. https://www.apra.gov.au/news-and-publications/apra-proposes-targeted-changes-on-liquidity-and-capital-response-to-global
16 Nov 2023 - FSC publish 'Leading Lawyers Australia' webinar replay which covered a range of topics designed to give an insight into some of the key issues in the Australian regulatory landscape, comparable regimes and insights applicable to New Zealand financial organisations and our legislative change. https://blog.fsc.org.nz/fsc-connect-webinar-leading-lawyers-australia-2023?utm_content=271849010&utm_medium=social&utm_source=linkedin&hss_channel=lcp-14426254
16 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-0
16 Nov 2023 - ASIC Chair Joe Longo and the Australian Financial Security Authority (AFSA) Chief Executive Tim Beresford signed a refreshed Memorandum of Understanding (MoU). The agencies will continue to work together to pursue common interests and demonstrate their commitment to a whole-of-Australian Government approach to protecting and promoting confidence in the financial system. https://asic.gov.au/about-asic/news-centre/news-items/asic-chair-and-afsa-chief-executive-sign-refreshed-memorandum-of-understanding/
17 Nov 2023 - ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of the revised Code.
This is the first time that ASIC has undertaken a public consultation before making a decision on approving the Code. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-306mr-asic-consults-on-aba-s-proposed-changes-to-the-banking-code/
20 Nov 2023 - Simone Constant and Alan Kirkland start their five-year terms as ASIC Commissioners today https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-308-new-commissioners-commence-at-asic/