Crypto assets token mapping
6 March 2023
Clarifying the legal regime for crypto assets can make Australia a more attractive destination for legitimate innovation, investment and use of crypto assets and related technology. highlight the case for applying clear and consistent regulation to crypto assets to protect retail investors, apply oversight of financial services including advice, and maintain the transparency and integrity of financial markets. Specifically, ABA supports clarifying expectations and regulatory obligations in relation to scams, in line with the Government’s policy focus on scams prevention and response. This should include capability for ‘notify and take down’ and taking part in funds recovery.
Download PDFDigital platform regulatory reform
24 February 2023
ABA’s submission focuses on issues that are of interest to the banking industry and our customers. In particular, ABA supports the ACCC’s recommendations for digital platforms to be subject to targeted measures including about scams.
Download PDFPayments strategic plan
6 February 2023
ABA proposes the strategic plan in its first iteration prioritises: 1) implementing a payments licence and revising the Payment Systems (Regulation) Act 1998; 2) responding to scams: taking a cross-sectoral approach to disrupting scams, protecting consumers and providing educations and awareness; 3) digital identity adoption; and 4) migrating from legacy to modern payments infrastructure.
Download PDFStatutory Review of the Consumer Data Right
20 May 2022
The ABA makes a number of recommendations to improve the rollout of the Consumer Data Right, including prioritising changes that benefit consumers the most, simplify and streamline regulatory requirements and prioritise broader payments reforms before rolling out write-access.
Download PDFExtension of the Consumer Data Right to non-bank lending
14 April 2022
Response to Treasury's consultation on the extension of the Consumer Data Right to non-bank lending. In this submission, the ABA responds to some issues raised in the discussion paper and provides comment based on the experience of banks in implementing the CDR.
Download PDFSupporting business adoption of electronic invoicing (BER)
25 February 2022
The ABA provides feedback to Treasury regarding the proposal to introduce a Business EInvoicing Right to accelerate business adoption of Peppol international eProcurement framework. The ABA strongly supports initiatives aimed at increasing business awareness and accelerating the adoption of eInvoicing; however, considers it premature to mandate a BER at this point in time.
Download PDFImproving the technology neutrality of Treasury portfolio laws
13 December 2021
The ABA remains very supportive of the Treasury’s ongoing efforts to improve the technology neutrality of the Treasury portfolio and look forward to further engagement on this, and subsequent, tranches of legislative change. Industry’s main comments regard allowing: • (under National Credit Code (NCC)) the ‘publish and notify’ and ‘in any other way agreed to’ methods of communications which are permitted under the Corporations Act; • more than one address to be used at any given time, which may be appropriate depending on the type of communications; and, • communications via secure portals instead of an email address, as securely housing certain notifications and communications within the credit providers (CP) information system, where it can be retrieved by customers after appropriate authentication, better balances the need for accessibility, security and technology neutrality.
Download PDFInsolvent Trading Safe Harbour
1 October 2021
Key points: • The eligibility requirements to trigger the safe harbour protections are too onerous and should be amended • Use of the safe harbour should be made more cost effective • The safe harbour regime would be improved by reducing complexity and providing more certainty in interpretation • The safe harbour regime should provide for better incentives for the involvement of professional advisers • Provide for advice to be obtained from a registered liquidator to ensure that it is appropriate • Increase awareness of the safe harbour regime • Any changes to the disclosure requirements for safe harbour should recognise that disclosure of the safe harbour restructuring plan is not appropriate in all circumstances • Consider shifting the burden of proof to establish safe harbour defences to insolvent trading
Download PDFUnfair Contract Terms – FICA Submission
1 October 2021
While individual FICA members have provided their own detailed submissions, and these highlight several specific issues relevant to their membership, the purpose of this submission is to outline the key areas of common agreement between FICA members and suggested next steps. Topics covered include: - Introduction of civil penalties - Flexible remedies – Rebuttable presumption - Flexible remedies - Injunctions - Existing remedies available under the UCT regime - Definition of Small Business and Monetary Value of Contracts - Transitional provisions
Download PDFImproving Schemes of Arrangement
22 September 2021
The ABA suggests that in finalising the proposal an updated analysis of the existing Scheme regime would be of benefit to consider current market practices which may have evolved since the Productivity Commission’s 2015 report ‘Business Set-up, Transfer and Closure’.
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