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A heavy focus on compliance with regulation can lead to unethical decision-making. 
 
This was the position of Professor Dimity Kingsford Smith from UNSW Law, panellist at the Banking and Finance Oath (BFO) Summit held recently at the Swissostel. 
 
"I don't think we can get rid of regulation,” Kingsford Smith said. “But we can certainly impr...

By Kwame Slusher





 
Introduction
Recently, GRC Professional spoke with Kris Peach, CEO and Chair of the Australian Accounting Standards Board (AASB). 
 
With 20 years at KPMG, Kris Peach served on the AASB as both a member and as the Deputy Chair, and as a member of the Australian Urgent Issues Group before becoming Chair and CEO in 2014.

 
T...

By Kwame Slusher

Monday 26 June 2017



Consultation Papers Update

 
 From
Australian Securities and Investments Commission (ASIC)
Consultation for both these papers close on August 3rd
 

From Australian Prudential Regulation Authority (APRA)
  • ...

By Kwame Slusher

ASIC Media Release

ASIC has issued ASIC Corporations (Urgent Superannuation Advice) Instrument 17-530 (the Instrument) to temporarily extend the time financial advisers have to provide retail clients with a Statement of Advice (SoA).

The Instrument provides temporary and conditional relief from the requirement under s946C of the Corporati...

By Kwame Slusher

ASIC Media Release


Statement pursuant to regulation 7.2A.15(4) of the Corporations Regulations 2001 

Macquarie Securities (Australia) Limited (“Macquarie”) has paid a penalty of $505,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel (“MDP”).

The MDP had reasonable grounds to believe that Macquar...

By Kwame Slusher

ASIC Media Release

ASIC today released a new Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers.

The guide provides transparency on our criteria and process for communicating financial reporting and audit findings from our review of audit files to directors and audit committees. ...

By Kwame Slusher

ASIC Media Release

The Japan Financial Services Agency ('JFSA') and Australian Securities and Investments Commission ('ASIC') today announced the completion of a framework for co-operation to promote innovation in financial services in Japan and Australia.

This Co-operation Framework recognises the global nature of innovation in financial...

By Kwame Slusher

Thursday 22 June 2017



The understanding of cyber risks differs by sector and size within the financial services.

“That’s across banking, capital markets, insurance, wealth and asset management, and superannuation businesses,” Anthony Robinson, Cyber Security and Financial Services partner at EY, told GRC Professional at the Thomson Reuters Australian Regulatory Sum...

By Kwame Slusher

ASIC Media Relase

ASIC today released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017.

Under the CSF regime, eligible public companies will be able to make offers of ...

By Kwame Slusher

Wednesday 21 June 2017



The Global FX Code of Conduct is not intended to be seen as regulation.

“The code does not impose legal or regulatory obligations on market participants nor will it supplant existing regulatory standards or expectations,” Guy Debelle, Deputy Governor of the Reserve Bank said, at the recent Thomson Reuters event where the FX Code of Conduct was...

By Kwame Slusher