ASIC and APRA already Budget winners
Both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are set to emerge as major funding winners from next month’s Budget with the Government already confirming a 25 per cent increase in funding.
In doing so, the Treasurer, Josh Frydenberg pointed to the recommendations of the Royal Commission and the intention to extend the Banking Executive Accountability Regime (BEAR) to all Australian Prudential Regulation Authority (APRA) regulated entities including insurers and superannuation funds.
Frydenberg said the regulators would be provided with more than $550 million in the Budget with ASIC being provided with more than $400 million in additional funding and APRA being provided with more than $150 million.
He said the funding would allow the regulators to strengthen and intensify their approach to enforcement and take on expanded responsibilities to stamp out misconduct in the financial sector.
Recommended for you
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
