The Financial Markets (Conduct of Institutions) Amendment Bill, which received its first reading in Parliament on 12 February 2020, proposes a new conduct regulation regime that will affect banks, insurers, non-bank deposit takers and intermediaries.
The Bill highlights a number of new areas that will now be subject to regulatory scrutiny. As introduced, the bill proposes a far reaching set of new systems and controls requirements and flags the possibility of incentive compensation being subject to detailed regulatory restrictions. The legislation will not be the last word, regulations will play a significant part in detailing many aspects of the regime.
We take a look at the key features of the proposed regime and highlight the practical issues worth considering. We are also in the process of preparing our submission on the Bill (submissions close on 26 March 2020). Please contact a member of our Conduct Regulation team if you would like to discuss our insights on the Bill or the content of your own submission.
