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Regulatory Overview Jane Ecclestone Ian Johnstone Kevin Lewis

2011 Annual Conference. 2011 Annual Conference. Regulatory Overview Jane Ecclestone Ian Johnstone Kevin Lewis. Asia–Pacific regulatory overview. ASIC is an active participant in international discussions on regulatory issues:

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Regulatory Overview Jane Ecclestone Ian Johnstone Kevin Lewis

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  1. 2011Annual Conference 2011Annual Conference Regulatory Overview Jane Ecclestone Ian Johnstone Kevin Lewis

  2. Asia–Pacific regulatory overview ASIC is an active participant in international discussions on regulatory issues: • Council of Financial Regulators - considers G20 requirements • IOSCO and its 7 standing committees: accounting, secondary markets, market intermediaries, investment management, enforcement, CRAs and systemic risk • IOSCO Asia-Pacific Regional Committee • Joint Forum – securities, banking and insurance regulators (major project on regulation of conglomerates) • FSAP review by IMF benchmarking ASIC by reference to IOSCO standards

  3. ASIC’s ongoing priority: fair and efficient markets • Material information is available to all the market in a timely manner: • continuous disclosure (yes, again) • managing confidential information • managing soundings • Stamp on insider trading and market manipulation • Controls for market volatility and algorithmic trading (including high frequency trading)

  4. ASIC’s ongoing priority: confident and informed investors • Better prospectuses: • business models are clear • risks are clear and up front • Significant transaction reporting – related party dealings • Misuse of “underlying profits” reporting • Enhanced governance standards – what we expect of directors • Proper management of shareholder voting, particularly of voting exclusions

  5. G20 Joint Forum CGFS (market stability) IASB (accounting) IOSCO (securities) IAIS (insurance) BCBS (banking) CPSS (payment & settlement) Singapore Switzerland Spain Hong Kong International Regulatory Architecture F20 – Financial Stability Board International Standard- Setting Bodies & Other Groupings Member Jurisdictions International Organisations BIS ECB EC IMF The Netherlands OECD The World Bank

  6. applied to Financial Institutions CASE STUDY: OUTSOURCING Joint Forum Outsourcing principles adopted by IOSCO Basel IAIS implemented by National Regulators

  7. SHIFT OF CAPITAL TO THE EAST …

  8. So, Some Common Themes For The Wider Region • High levels of savings • Powerful sovereign wealth funds • Deepening Capital Markets • Need to unlock Family Capital • ….while lifting Standards of Governance • ….and maintaining System Stability

  9. What’s Coming Down The Line (Globally) • Growing global convergence and less national divergence • Accountability through to FSB • Greater attention to big financial institutions • Ever increasing attention to governance

  10. Kevin A. Lewis 5 December 2011 CSA Conference ASX: Upcoming Developments

  11. Upcoming developments • ‘Good fame and character’ listing rule changes • Updated Appendix 1A • Revised Guidance Note 1 (admissions) • Revised Guidance Note 4 (foreign entities listing on ASX) • Revised Guidance Note 12 (significant changes to activities) • ASX Listing Rules review issues paper: reserves and resources disclosure rules for mining and oil & gas companies • CGC gender diversity reporting

  12. Upcoming developments (continued) • Listing Rule Guidance Notes refresh: • Guidance Note 9 (corporate governance) • Guidance Notes 15 and 15A (fees) • Guidance Note 16 (trading halts) • Guidance Note 17 (waivers and in principle decisions) • Guidance Note 27 (trading policies) • Guidance Note 30 (quotation of additional securities) • Guidance Note 8 (continuous disclosure) - consultation draft end Q1 2012

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