Regulation and Compliance News

ASIC reminds AFSL holders that from 1 July 2010, all AFSL holders who wish to provide financial services in respect of margin lending products will need to have either margin lending authorisations or have lodged an application to vary their AFSLs to include margin lending authorisations.

"The agency would have almost limitless authority to tell dealers how to run their finance operations and to impose unnecessary new hurdles to getting consumers the credit they need," says Ed Tonkin, chairman of the National Automobile Dealers Association (NADA).

Congress should remove a provision to create an Office of National Insurance (ONI) at the Treasury Department from the upcoming financial services reform bill, according to the National Association of Professional Insurance Agents (PIA).

North American Securities Administrators Association (NASAA) President and Texas Securities Commissioner Denise Voigt Crawford has sent a letter to each member of the U.S. Senate outlining a series of recommendations to strengthen the Restoring American Financial Stability Act when it is considered on the Senate floor.

The contagion effect of international co-operation between regulators is part of the reason that the UK's Financial Services Authority is to investigate Goldman Sachs International. But it's not the only reason.

The USA's Federal Deposit Insurance Corporation (FDIC) has announced that it is to adopt flexible regulatory requirements for banks suffering from severe storms and flooding in the Rhode Island and Massachusetts.

AUSTRAC’s PLI No. 10 seeks to clarify issues relating to the application of the principles of agency under the AML/CTF Act.

AUSTRAC Online no longer accepts the submission of suspect transaction reports or significant cash transaction reports using Financial Transaction Reports Act 1988 (FTR Act) formats from reporting entities.

One would think that, in any discussion on the future of regulation of the financial sector that the sector itself would have an important role to play. The UK Treasury clearly doesn't think so, as a speech from Lord Myners this morning confirms as he welcomes a range of people to a seminar, but doesn't mention any bankers.

The Hong Kong Monetary Authority has started the new decade with a clear statement of intent: criticised for aiming at partnership more than regulation in the past, Karen Kemp, Executive Director of Banking Policy has written to the CEO of all authorised institutions making it clear that compliance with the Code of Banking Practice will be a focus of monitoring visits.