Regulator June 2011

In this issue, we look at a number of proposed reforms, the challenges associated with these and the evolving regional markets, and as we do so, it is clear that the wave of regulatory reform that commenced 18 months ago has not yet lost momentum. Many of the major reports and consultation papers produced over this period are yet to be implemented, and in some cases, the rumination looks set to continue. These reforms cover a wide range of areas and have an impact across the market, including the wealth management, funds, retail and investment banking sectors.

In her article, Michelle Levy considers what happens when regulation isn't synthesised in her review of the role of super trustees and the difficulties they face in reconciling the recommendations of the Cooper Review, the requirements of My Super and APRA's standards. Michelle, along with Michael Mathieson, also looks at the impact of uncertain regulation and the quagmire that the FOFA reform process seems to have found itself in.

Damien Richard reports on Australia's more moderate response to structured financial products, while Minny Sui, based in Hong Kong, looks at changes to the territory's funds industry with the influx of PRC asset managers setting up global platforms, promoting RMB products, including RMB funds. Jim Boynton and Anne-Marie Neagle look at the trend to increase regulatory capital for banks and non-banks in Australia.

While we feel very strongly that the reform process must be one that all market participants actively engage in, there is little doubt that senior personnel at regulatory bodies play a key role in shaping our regulatory landscape. With this in mind, Caroline Coops and Sharon Henrick offer some background on the new Chairman of the Australian Competition and Consumer Commission.

We hope you find this mix of articles interesting and look forward to bringing you more of this analysis next month.