As a result of the Global Financial Crisis, governments around the world are turning their minds to new regulatory approaches within the financial sector. It is clear that new legislation to tighten controls on financial services organisations, markets and products will form a significant part of this response.
Mallesons is working through the implications of the wave of regulatory change for clients. Our Market Regulation Team combines the expertise of partners from our Banking & Finance, Taxation, Competition and Mergers & Acquisitions practice groups.
The impact of the new regulatory landscape is expected to be felt across the finance sector including retail banks, fund managers, brokers, custodians, super trustees and ratings agencies. The scope of potential regulatory reform is broad and includes:
- stability of global financial markets and issues of systemic risk
- prudential regulation and the supervision of banking organisations
- supervision of non-bank financial institutions
- regulation of previously unregulated financial markets and products
- global regulatory structure and effectiveness
- regulatory standards for governance and risk management
- regulatory capital and liquidity standards.
Initiatives around these issues are being driven at a global level by organisations such as the Group of 30 and The Group of 20, as well as The Bank for International Settlements in Basel.
At a national level, the US Treasury and the UK Financial Services Authority are also releasing guidance on regulatory reform. In Australia, key bodies interpreting the global agenda include the Reserve Bank, Treasury, ASIC and APRA. In Asia they include the Asian Development Bank, the China Banking Regulatory Commission and the Securities Industry and Financial Markets Association.
A number of new global and regional regulators may also be established.
How Mallesons is assisting clients
Mallesons has deep expertise in regulatory issues, both locally and regionally. Our focus is to help shape new legislation through regular liaison with governments and regulators. We are also communicating regulatory changes to our clients, both during the consultation phase and as changes progress towards announcement.
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