The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Banking Royal Commission, or BRC) has been in Australian media headlines since the Commission was established on December 14, 2017. On February 4, 2019, the widely anticipated final report from Commissioner Hayne was released.
While Australian banks were BRC’s focus, international institutions watched with keen interest and made submissions to ensure their voices were heard, anticipating that the resulting regulations for financial institutions would be far stricter and structured.
However, the impact is not limited to the financial sector. Commissioner Hayne recommended a change to the regulators’ enforcement approach, which may transform the perceived soft touch of the country’s principal corporate watchdog, the Australian Securities and Investments Commission (ASIC).
For overseas companies operating in Australia, these changes may impact future engagements with the Australian regulator and the prospects of global settlements where multiple regulators are involved.
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https://www.corporatecomplianceinsights.com/has-the-road-to-settlement-gotten-bumpier/
