Consultations

The following consultations were issued on 26 January 2011:

The Financial Crime Forum is to host a series of meetings for compliance officers and others to discuss the FATF's proposals for modifications to the 40 Recommendations plus 9.

UK Treasury consultation on proposals in changes in FATF 40 + 9 Recommendations.

Written responses on or before 7 January 2011.

FinCEN has issued a consultation regarding the proposed modernisation of the Suspicious Activity Report forms.

Launched: 15 Oct 2010

Closes: (tba)

Public submissions are invited as to rules to be made under the Dodd-Frank Act passed 21 July 2010

The Financial Services Authority (FSA) has today outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them.

The Securities and Futures Commission (the "SFC") invites market participants and interested parties to submit written comments on the Consultation Paper Concerning the Regulatory Oversight of Credit Rating Agencies (available as Acrobat PDF file) by not later than 20 August 2010. Any persons wishing to submit comments should, where applicable, provide details of any organizations the views of which they represent. In addition, persons suggesting alternative approaches are encouraged to submit proposed text of possible amendments that would be necessary to incorporate their suggestions.

On 27 June 2010, The Australian Securities and Investments Commission released a consultation paper relating to proposed new laws to regulate unfair or unconscionable penalties / payments for early exit from residential mortgages.

The Federal Deposit Insurance Corporation (FDIC) is seeking public comment on templates describing potential features for safe, low-cost transactional and basic savings account products for low- and moderate-income (LMI) consumers.

ASIC released today a consultation paper (Consultation Paper 136 Markets Disciplinary Panel (CP 136)) seeking comment on the proposed operation of its Markets Disciplinary Panel.
ASIC is setting up the panel as part of the regulatory infrastructure for the supervision of real-time trading on Australia’s domestic licensed financial markets. ASIC is expected to assume responsibility for this in August 2010.
In doing so, ASIC will be responsible for the supervision of its market integrity rules. It is proposed the Markets Disciplinary Panel will exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of those rules.
The panel will consist of people with appropriate market or professional experience and function as a peer-review body.
The Markets Disciplinary Panel is expected, as far as practicable, to take an approach similar to the existing ASX Disciplinary Tribunal. This will include imposing penalties and requiring remedial action generally consistent with those presently imposed or required by that tribunal.
ASIC Deputy Chairman Belinda Gibson said ‘This is another step in ASIC’s preparation for the transfer of supervision. In February, we consulted on the proposed market integrity rules and based on this market feedback, we expect to release the proposed rules shortly. We are on track for transition in August.
The deadline for feedback on ASIC’s consultation paper is 21 June 2010.
For information on market supervision and surveillance go to www.asic.gov.au/markets