MyComplianceOffice Blog

It's been almost one year the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry. 31 July 2024 will be a milestone date, marking not just the anniversary of the Duty but also implementation for closed products and the first Board Report due date.

The Australian Prudential Regulation Authority (APRA) has undergone several initiatives over the last few years to make its standards and guidance simpler, clearer, and more adaptable.

In a culmination of these efforts, APRA has now launched its digital framework, taking shape as its digital “Prudential Handbook”.

The Financial Institutions (Miscellaneous Amendments) Bill, or FIMA Bill, aims to enhance the abilities of the Monetary Authority of Singapore (MAS) to enforce its regulatory regime and supervise capital markets Financial Institutions (FIs).

The Combatting Foreign Bribery (CFB) Bill aims to reform Australia’s foreign bribery offences. It passed Federal Parliament on 29 February 2024 and will come into effect six months after the Governor-General formally accepts it and provides Royal Assent.

The Monetary Authority of Singapore (MAS) has finalised its revision of competency requirements for representatives conducting regulated activities under the Financial Advisers Act 2001 (FAA) and the Securities and Futures Act 2001 (SFA).

MAS has now published its finalised response that addresses questions and feedback given concerning the 2020 Consultation Paper.

Finalised revisions will replace the current FAA Notice and SFA Notice and come into effect on 01 April 2024.