Council of Financial Regulators Annual Report – 2000 Appendix D

Main Developments in Regulation/Supervision of the Australian Financial System: 2000


APRA and the Private Health Insurance Administration Council sign a Memorandum of Understanding.

ASIC establishes an advisory body to provide guidance on education and training issues in the financial services sector. The advisory body is to provide input from the financial services and training industries on ASIC's policies for education and training of licensees and principals and their authorised representatives.


ASIC and the Australian Stock Exchange launch a surveillance program directed towards ensuring that directors of listed companies in market sectors with high trading volatility comply with their continuous disclosure obligations.

ASIC issues eight policy statements to assist industry and consumers deal with the fundraising aspects of the Corporate Law Economic Reform Program (CLERP).

ASIC and the Northern Territory Office of Consumer Affairs sign a Memorandum of Understanding setting out arrangements for co-operation between the two agencies in the regulation of consumer protection and market conduct.


APRA releases for comment a draft prudential standard on Credit Quality for all ADIs.

APRA releases for comment a draft prudential standard on Capital Adequacy: Market Risk for all ADIs.

APRA releases for information its submission to the Basel Committee on Banking Supervision on the proposed changes to the Basel Capital Accord.

A discussion paper on the future of securities clearing and settlement arrangements in Australia, prepared by a working group of representatives of the five existing securities clearing and settlement systems, is released.

ASIC launches Australia's first free company alert service through the Internet.

ASIC launches its new website for investors and consumers:

ASIC launches ‘OFFERlist’, a database giving free public access to details of all offer documents lodged with ASIC.


APRA releases for comment a Policy Information Paper outlining its main policy priorities over the medium term.

APRA releases for comment three draft prudential standards on Capital Adequacy for all ADIs.

APRA releases a Policy Information Paper outlining a framework for the prudential supervision of conglomerate groups which include an ADI.

APRA releases policy guidance for the capital adequacy treatment of credit derivatives transacted by Australian ADIs.

APRA releases for comment a Policy Discussion Paper on its Proposed Reforms to the Prudential Supervisory Requirements for General Insurers. The paper is a follow-on from three discussion papers released in 1999.


APRA releases guidelines for local and foreign financial entities wishing to operate in Australia as ADIs.

APRA releases for comment a draft prudential standard on Audit Arrangements for all ADIs.

APRA releases for comment a draft prudential standard on Funds Management and Securitisation for all ADIs.

As part of its review of supervisory arrangements for the general insurance industry, APRA hosts industry seminar on proposed new prudential regime.

APRA releases for comment a draft prudential standard on Reinsurance Arrangements for Insurers.

APRA releases for comment a draft prudential standard on the Valuation of the Insurance Liabilities of General Insurers.

ASIC hosts the 25th Annual IOSCO Conference in Sydney, with global markets and global regulation the main theme.

ASIC enters a Memorandum of Understanding with the Monetary Authority of Singapore (MAS).


APRA releases for comment two draft prudential standards – Large Exposures and Equity Associations – for all ADIs.

APRA releases for comment a draft guidance note on authorisation requirements for prospective insurers.

A Regulation is enacted under the Banking Act 1959 to define the holder of the stored value backing a purchased payment facility to be ‘carrying on banking business’, which would be supervised by APRA.

APRA releases for industry comment a range of consultation drafts setting out the new reporting requirements for ADIs.


APRA releases new rules and arrangements applying to the authorisation and conduct of business of Lloyd's underwriters in Australia.

ASIC releases a survey highlighting the need for Australian investors to conduct their online banking business through approved Australian deposit taking institutions (ADIs) and not through other unapproved ‘banks’ which offer services over the Internet.


APRA releases for comment guidelines for actuaries applying the proposed Prudential Standard on Liability Valuation for general insurers.

APRA releases for comment draft criteria for distinguishing ‘self-help’ friendly societies for the purpose of applying actuarial standards under the Life Insurance Act 1995.

ASIC holds a major e-commerce conference, E-Commerce: The Future for Financial Services – Insights for Business and Consumers. At the conference, ASIC releases a survey of on-line trading websites.

ASIC and the Australian Stock Exchange (ASX) jointly release principles designed to improve investor access to information about listed companies.


APRA releases 10 harmonised prudential standards for all ADIs. The standards and associated guidance notes cover capital, liquidity, credit quality, large exposures, equity associations and audit arrangements.

APRA releases for comment a draft prudential standard on Risk Management for General Insurers.

APRA hosts industry seminar for actuaries on the implementation of the proposed new liability valuation standard for general insurance.

ASIC launches a surveillance and enforcement campaign following a surge in the number of complaints relating to promoters of computer share trading software and issues a consumer alert.


The Payments System Board of the RBA and the Australian Competition and Consumer Commission release, for discussion, a study on interchange fees and access in debit and credit card schemes in Australia.

ASIC issues a consumer alert urging investors that they need to take an increased interest in their investments in high-technology companies.


The RBA declares that the Clearing House Electronic Subregister System (CHESS) is an approved real-time gross settlement system under the Payment Systems and Netting Act 1998.

ASIC and ASX announce a major education and compliance campaign in the areas of acceptable trading behaviour, proper order record keeping and compliance controls – Trading BEST.


ASIC and the Securities Institute of Australia (SIA) launch Australia's first online financial information directory, containing a comprehensive online catalogue of consumer education provided by consumer, industry and government organisations about financial products and services.