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Stuart Fuller
Managing Partner
Stuart Fuller
Managing Partner
T +61 2 9296 2155
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This newsletter is a new initiative of Mallesons, to provide updates on regulatory developments in the financial sector.
It is clear new legislation or regulation to tighten controls on financial services organisations, markets and products will form a significant part of the response to the GFC. Mallesons is working through the implications of this wave of regulatory change via our newly established Market Regulation Team, which 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, investment 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.
Interestingly, Mallesons had the opportunity this week to host a roundtable discussion on the topic of “global regulation; local implementation” involving a number of regulators and industry participants. These were the key points that were highlighted during that discussion. There is more about the roundtable elsewhere in this newsletter.
Key bodies
Initiatives around these issues are being driven at a global level by organisations such as the Financial Stability Board, The Group of 20, as well as The Bank for International Settlements in Basel and the international body of regulators, IOSCO.
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 we are assisting clients
Mallesons has deep expertise in regulatory issues, both locally and regionally, on a whole of industry and whole of business basis. 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.
To speak with a Mallesons partner about how we can assist your organisation, please click here.
We also welcome your feedback and input on our newsletter. To contact the Editor, please click here.