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ASIC has this week released its Strategic Outlook paper, a new initiative which sets out what it sees as its key challenges in 2014-2015.  Among these key challenges is the important and reoccurring theme of ‘digital disruption’ in the context of the Australia’s financial services industry and financial markets. ASIC has identified that “[t]raditional business models in financial services and markets are being disrupted by new digital strategies at an accelerating pace.”  Examples of such…
Regulators around the world have made clear their view that responsibility for the culture of a bank sits at the top; if senior management creates the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis, the senior management of banks has come under increasing regulatory scrutiny and, in some jurisdictions, proposals have been put forward to make it easier to make them accountable for their actions. To help our clients…
ASIC, which is Australia’s corporate, markets and financial services regulator, has over the last six months achieved a bumper 256 enforcement outcomes designed to protect consumers and enhance the fairness and efficiency of the financial markets.  These enforcement outcomes included criminal, civil and administrative actions in addition to negotiated outcomes such as enforceable undertakings. While the total number of enforcement outcomes has dropped from 340 in the preceding six month period, the report identifies that…