March 2014

March 28, 2014 10:55 AM | Posted by Paul Schoff | Permalink
The intersection of financial services and competition law is very important for the FSI. The FSI terms of reference are only two pages long, but refer to 'competition' and 'competitiveness' no less than five times. read more
March 27, 2014 5:15 PM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
One issue to pay close attention to in the Financial System Inquiry is whether there will be any developments in relation to complex products. The current financial services regime affords consumers with access to almost any financial product, regardless of complexity, provided that proper disclosures are given. This approach stems from the Wallis Inquiry, which recommended removing the prohibition on retail participation in OTC derivative markets.
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March 26, 2014 9:12 AM | Posted by Mark Standen, Siobhan Doherty | Permalink
The terms of reference of the Financial System Inquiry include how governance structures across the financial system affect stakeholder interests, and how they may drive further change in the global and domestic financial system. Our new video discusses what aspects of corporate governance of financial services institutions may be of interest to the Inquiry. read more
March 24, 2014 11:32 AM | Posted by Batten, Richard | Permalink
The Treasurer has today announced the appointment of the members of the International Advisory Panel to the Financial System Inquiry (FSI). They are: Sir Michael Hintze AM (London), CEO of AQS, a hedge fund and alternative investments manager, Dr David Morgan AO (London), former Westpac CEO, Ms Jennifer Nason (New York), senior executive at JP Morgan, and Mr Andrew Sheng (Hong Kong), former Hong Kong central banker and financial regulator. The Panel is intended to advise the FSI on international competitiveness and offshore regulatory frameworks. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
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March 20, 2014 11:29 AM | Posted by Richard Batten, Mark Standen | Permalink
We're pleased to introduce Minter Ellison's new blog, which can help you to navigate the federal government's Financial System Inquiry. read more
March 19, 2014 10:44 AM | Posted by Richard Batten, Tim Sutton | Permalink
The Financial System Inquiry will no doubt be forward looking. The Wallis and Campbell inquiries in the past went well beyond addressing the issues that existed at the time, in order to making recommendations which would underpin the policy settings in the decades ahead. Keeping this in mind, one of the key themes which appears to be high on the agenda, is funding the Australian economy. read more
March 14, 2014 1:00 PM | Posted by Richard Batten, Tim Sutton | Permalink
It's been 17 years since Australia's last inquiry into its financial system. A lot has changed since the Wallis Report in 1997. Why the need for a new inquiry? What has changed since Wallis made his recommendations? read more
March 13, 2014 9:56 AM | Posted by Richard Batten, Tim Sutton | Permalink
The Treasurer announced the final terms of reference for the Inquiry on 20 December 2013. The issues identified in the terms of reference are diverse and complex, and timing – at least for the panel's final report in November this year – will no doubt be tight. read more
March 7, 2014 11:33 AM | Posted by Karen Payne | Permalink
Global tax systems are looking increasingly to harmonise 'disclosure' through the Automatic exchange of information and Tax Transparency, but the cost of this global tax harmonisation seems to be borne in large part by the financial services sector – both in Australia and elsewhere. read more