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Review of the Intergovernmental Agreement for an Electronic Conveyancing National Law

19 September 2019

The ABA welcomes the IGA review and is in general, supportive of its findings, draft recommendations and the draft options for improvement.

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Consultation Paper 313 – Product Intervention Power and draft Regulatory Guide

7 August 2019

We acknowledge The Australian Securities and Investments Commission’s (ASIC) intention to provide ‘high level’ guidance, and to rely on the ordinary meaning of ‘significant detriment’. However, for the efficient implementation of this measure, maximum clarity around the meaning of this term is desirable.

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Enforceability of financial services industry codes

18 April 2019

Recommendation 1.15 should be implemented in a manner consistent with Commissioner Hayne’s clear intention to preserve the benefits and fundamental self-regulatory characteristics of financial sector codes.

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IGA eConveyancing Paper

10 April 2019

While the Issues Paper comprehensively considers the impact of eConveyancing from an industry and government perspective, greater consideration should be given to the consumer outcome.

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Banking System Reform (Separation of Banks) Bill 2019

9 April 2019

The ABA does not support this Bill and has concerns with the drastic regulatory intervention it proposes. The industry’s existing reform program will be more efficient, less costly and less disruptive to the economy and community.

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ASIC Industry Funding Model and Registry Search Fees

8 February 2019

The ABA supports the CCM initiative and its members are committed to co-operating with ASIC to ensure its success. The ABA supports the principle that costs of the close and continuous monitoring program should be contributed to by industry.

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Regulations for Design and Distribution Obligations and Product Intervention Powers

13 November 2018

These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.

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Design and Distribution Obligations and Product Intervention Powers (Senate)

18 October 2018

ABA members support the intent of the design and distribution obligations (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products.”

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Product Intervention and Design and Distribution Obligations (Treasury)

15 August 2018

The banking industry supports the intent of the Design and Distribution Obligation (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products,” but highlights some concerns around the current draft legislation.

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Australian Banking Association submission on Mandatory Comprehensive Credit Reporting

23 February 2018

The ABA has commented on the exposure draft legislation to mandate a comprehensive credit reporting regime.

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