| Financial Services Regulatory Update Calendar 2024 | ||
|---|---|---|
January1 January - CPS 190 (Recovery and Exit Planning) comes into effect for all APRA-regulated entities other than RSEs. 1 January - CPS 511 (Remuneration) requirements take effect for all APRA-regulated entities. 1 January - Updated CPS 230 (Operational Risk Management) requirements come into effect. 1 January - CPS 900 (Resolution Planning) will commence. 15 January - CP 373 Proposed Changes to the Banking Code of Practice - consultation paper comments close. 29 January - Mandatory Industry Code against Scams consultation paper comments close. | February1 February - New requirement for financial advisers to be registered with ASIC, will take effect via the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023. 2 February - Payments System Modernisation: Regulation of Payment Service Providers (PSPs) consultation paper comments close. 2 February - Winding down Australia's cheques system consultation closes. 9 February - Comments on Role of Superannuation in Retirement Discussion Paper close. | March1 March - Consultation submissions for revisions to APS 117 (Interest Rate Risk in the Banking Book) and APG 117 close. 15 March - FAR commences for ADIs and NOHCs. 31 March - Consultation on data collections to strengthen transparency in latest phase of Superannuation Data Transformation submissions close. |
April1 April - ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195, will expire. ASIC has indicated it expects to remake this instrument. 1 April - ASIC is expected to remake class orders relating to relief for managed investment schemes that are listed or quoted, primary production schemes and custody standards, which are due to expire on 1 April 2024. 30 April - ASIC Corporations (Auditor Independence) Instrument 2021/75, will expire. ASIC has indicated it expects to remake this instrument. | May1 May - APRA intends to update CPS 520 (Fit and Proper), following the finalisation of the FAR. | June1 June - Joint Reserve Bank and Treasury paper on CBDC use in Australia and a roadmap for its future use due to be released mid-2024. 1 June - APRA to consult on the prudential treatment for crypto-assets. 30 June - APRA plans to finalise changes to APS 117 (Interest Rate Risk in the Banking Book). |
July1 July - APRA to begin engagement with industry on the design of a non-financial risk data collection scheme to support APRA's supervision of CPS 230 (Operational Risk Management), 234 (Information Security), 510 (Governance) and 520 (Fit and Proper). 1 July - APRA to consult on targeted changes to APS 210 (Liquidity). | August1 August - APRA to sequence the review of CPS 220 (Risk Management), following the completion of the review of CPS 510 (Governance). | September1 September - APRA to undertake a comprehensive review, considering consultation process, of APS 210 (Liquidity). |
October1 October - Legislation Act 2003, [CO 13/760] and [CO 13/761] (financial resource requirements on managed funds) will expire (‘sunset’). 21 October - ASIC Derivative Transaction Rules (Reporting) 2022, come into force. ASIC has indicated it will update Regulatory Guide 251 - Derivative transaction reporting (RG 251) to reflect the changes made. | November1 November - 'initial' and 'large' Buy-Now-Pay-Later product providers, as well as other Non-Bank Lenders, will be required to handle product data requests under the Consumer Data Right Regime. | December |
*ASIC has released plans for several initiatives to be implemented in 2024 but have not provided specific dates for their enaction. These include updating the regulatory guides for: RG 133 (Funds management and custodial services: Holding assets), RG 217 (Duty to prevent insolvent trading), RG 16 (External administrators), RG 258 (Registered liquidators), and RG 242 (ASIC’s power to wind up abandoned companies). Further, ASIC plans to publish new regulatory guide’s relating to ASIC’s power to appoint reviewing liquidators and regarding their power to request eligible applicant authorisation, after undertaking a consultation process on both issues. CPS 190 (Recovery and Exit Planning) will come into effect for RSEs from 1 January 2025.
Other legislative reform expected in 2024
- Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) are expected to be finalised.
- Proposed reforms to the Privacy Act 1988 (Cth) aimed at strengthening the protection of personal information and personal control over that information, to be introduced to Parliament.
- 345 (88%) of the Whittaker Review recommendations, to be implemented in full or partially, as amendments to the Personal Property Securities Act 2009 (Cth).