APRA and ASIC need to collaborate on data
It should be mandatory for the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) to collaborate on information, documentation, and data requests and collection where reasonably practical, according to the Financial Services Council (FSC).
In a submission to the Financial Regulator Reform draft bill, the FSC also called for the two regulators to be required to seek from industry participants the same or similar information in the same format and adopt common definitions.
The FSC said a failure to comply with the cooperation requirements by a regulatory should be result in consequences.
The submission also recommended that given that compliance with the new obligations was to be overseen by the new Financial Regulatory Oversight Authority, the Authority should commence operations at the same time as the bill commenced.
“We assume that the legislation establishing the Authority will be sufficiently robust so that there will be consequences for a regulator where the Authority determines that a regulator has failed to act in accordance with its statutory obligations,” the submission said.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
