Welcome to the latest edition of our Banking Sector Newsletter.

The Reserve Bank of Australia has released a comprehensive review of the operating environment supporting the Reserve Bank Information and Transfer System (RITS). The review was commissioned in January and was conducted by Deloitte. The RBA is committed to implementing the recommendations in the review in order to maintain the highest operational standards.

The Australian Banking Association has welcomed key initiatives in the 2023-24 Federal Budget that invest in fighting scams and fraud, bolstering online safety and increased gambling protections. Key initiatives include an $86.5 million package to combat scams and online fraud, including $58 million to build the National Anti-Scam Centre plus establish ‘Fusion Cells’ to target specific scams.

The newsletter also includes our usual round-up of practice notes, cases and legislation.  

In the media

ASIC to extend date for financial adviser registration requirement

In response to amendments to the Treasury Laws Amendment (2023 Measures No.1) Bill 2023, ASIC will extend the date by which relevant providers must be registered. https://asic.gov.au/about-asic/news-centre/news-items/asic-to-extend-date-for-financial-adviser-registration-requirement/

AUSTRAC and Crown agree to proposed $450 million penalty

Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. https://www.austrac.gov.au/news-and-media/media-release/austrac-and-crown-agree-proposed-450-million-penalty

Payments System Board Update: May 2023 Meeting

The Payment System Board met last month to discuss a number of issues including the Reserve Bank Information and Transfer Systemand the pricing of New Payments Platform services. https://www.rba.gov.au/media-releases/2023/mr-23-11.html

Strengthening the RBA’s Payments Infrastructure

In January 2023, the Reserve Bank of Australia commissioned a comprehensive review of the operating environment supporting the Reserve Bank Information and Transfer System (RITS). The review, conducted by Deloitte,is now available to the public. https://www.rba.gov.au/media-releases/2023/mr-23-12.html

APRA releases findings of the review of amendments to the Superannuation Guarantee (Administration) Act 1992

The Australian Prudential Regulation Authority (APRA) has released findings from a review of the amendments to the Superannuation Guarantee (Administration) Act 1992 (SGAA), introduced by the Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020 (YSYC Act). https://www.rba.gov.au/media-releases/2023/mr-23-11.html

ABA welcomes Federal Budget investment in combatting scams and supporting sustainable finance

The Australian Banking Association (ABA) welcomes the 2023-24 Federal Budget which invests significantly towards fighting scams and fraud, bolstering online safety and increased gambling protections. https://www.ausbanking.org.au/aba-welcomes-federal-budget-investment-in-combatting-scams-and-supporting-sustainable-finance/

In practice and courts

ASIC

23-122MR ASIC sharpens focus on credit and debt management

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-122mr-asic-sharpens-focus-on-credit-and-debt-management/

AAT Bulletin

Issue No. 10/2023, 22 May 2023

https://www.aat.gov.au/AAT/media/AAT/Files/AAT%20Bulletins/10-23.pdf

Published articles, papers, reports

ASIC’s recent greenwashing interventions

This report outlines regulatory interventions made by the Australian Securities and Investments Commission (ASIC) between 1 July 2022 and 31 March 2023 in relation to greenwashing concerns. Listed companies, managed funds and superannuation funds are increasingly making claims about their environmental, social and governance (ESG) credentials. In response to this, and in line with their strategic priorities, ASIC has expanded its surveillance and enforcement activities related to greenwashing.

Guide to the 2023-24 Budget

The Parliamentary Budget Office has produced a guide to the 2023-24 Federal Budget.

RBA Review a Missed Opportunity

Centre for Future Work Associate Dr Anis Chowdhury catalogues the assumptions and failures of conventional inflation targeting policy, and the misleading nature of so-called ‘independent’ central banks. He argues the review panel missed an historic opportunity to reconsider those assumptions, and help craft a more balanced and democratic macroeconomic policy framework.

Cases

Feldman v Tayar [2023] FCAFC 79 (29 May 2023)

BANKRUPTCY AND INSOLVENCY  – appeal from a decision of a single judge affirming orders made by a registrar that the estates of the appellants be sequestrated under the Bankruptcy Act 1966 (Cth) – appeal dismissed

Jones v Robson, as Trustee for the estate of Jones [2023] FCA 497 (22 May 2023)

BANKRUPTCY AND INSOLVENCY  – Application pursuant to s 109(10) of the Bankruptcy Act 1966 (Cth) seeking the net balance of property held by the trustee in bankruptcy be applied to the admitted debt of the applicant – where applicant provided indemnity for litigation costs of the trustee in bankruptcy to recover divisible assets – where applicant undertook significant risk – application granted

Legislation

Workplace Gender Equality Act 2012 (Cth)

C2023C00095 • Act No. 91 of 1986 as amended • Registered: 08/05/2023

Income Tax Assessment Act 1997 (Cth)

C2023C00094 • Act No. 38 of 1997 as amended • Registered: 05/05/2023

Australian National Registry of Emissions Units Act 2011 (Cth)

C2023C00093 • Act No. 99 of 2011 as amended • Registered: 04/05/2023

Climate Change Act 2022 (Cth)

C2023C00092 • Act No. 37 of 2022 as amended • Registered: 02/05/2023