Regulatory Radar Q3 2024
In the latest edition of our ‘Regulatory Radar’, we delve into several pivotal developments within Australia’s regulatory landscape, which are highlighted as strategic priorities for both APRA and ASIC in their respective Corporate Plans for the year ahead.
Navigating Australia’s Regulatory Landscape: Key Updates for 2025 and Beyond
APRA’s Strategic Priorities: APRA has issued its final guidance on the new Prudential Standard CPS 230, focusing on operational risk management, and the Financial Accountability Regime, both set to commence in 2025. These initiatives aim to enhance the resilience and accountability within the financial sector.
ASIC’s Focus Areas: ASIC is gearing up for the implementation of the mandatory climate-related risk disclosure regime starting from 1 January 2025. This regime is designed to ensure transparency and accountability in how companies report climate-related risks in alignment with international standards. Additionally, ASIC continues its efforts to deter greenwashing, ensuring that companies’ ESG claims are accurate and not misleading.
Proposed Merger Control Regime: A significant overhaul spearheaded by the Australian Treasury will introduce a new merger control regime in 2026, granting enhanced powers to the ACCC. This change aims to foster fair competition and prevent mergers which pose a risk to competition in Australian markets.
Employment Regulations: Australia’s Work Health and Safety (WHS) laws place substantial duties on directors and officers, whether they reside within or outside its borders. We outline the current WHS framework for directors and officers and their key responsibilities.
Stay informed with our comprehensive overview of these critical regulatory updates, ensuring your organisation remains compliant and prepared for the future.
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