Senate

Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018

Revised Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)
This memorandum takes account of amendments made by the House of Representatives to the bill as introduced.

[1]
See for example the Remuneration and Allowances Act 1990 which sets the remuneration of holders of judicial offices, secretaries of Commonwealth departments and Senators and Members of the House of Representatives without defining the term 'remuneration'.

[2]
Financial System Inquiry Final Report, p.7, http://fsi.gov.au/files/2014/12/FSI_Final_Report_Consolidated20141210.pdf .

[3]
See, for example, David Gruen, 2008, Opening Statement to the Senate Standing Committee on Economics https ://static.treasury.gov.au/uploads/sites/1/2017/06/Opening_Statement.pdf

[4]
Reserve Bank of Australia, 1995, "Implications of the Barings Collapse for Bank Supervisors", RBA Bulletin, November, pp 1-5. https://www.rba.gov.au/publications/bulletin/1995/nov/pdf/bu-1195-1.pdf

[5]
National Commission on Financial Institution Reform, Recovery and Enforcement, 1993, Origins and Causes of the S & L Debacle : A Blueprint for Reform - A Report to the President and Congress of the United States , Washington DC, July 1993. https://babel.hathitrust.org/cgi/pt?id=pur1.32754063100741;view=2up;seq=20;skin=mobile

[6]
Financial Stability Board, 2014, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture : A Framework for Assessing Risk Culture, April 2014. http://www.fsb.org/wp-content/uploads/140407.pdf?page_moved=1

[7]
Basel Committee on Banking Supervision, 2015, Guidelines : Corporate Governance Principles for Banks , July 2015, Bank for International Settlements. https://www.bis.org/bcbs/publ/d328.pdf

[8]
See, for example, Tony McDonald and Steve Morling, 2011, "The Australian economy and the global downturn Part 1: Reasons for Resilience", Economic Roundup , Issue 2. https://treasury.gov.au/publication/economic-roundup-issue-2-2011/economic-roundup-issue-2-2011/the-australian-economy-and-the-global-downturn-part-1-reasons-for-resilience/

[9]
ASIC 2015-16 Annual Report.

[10]
The Hon Scott Morrison, 2016, Government follows through on bank accountability . http://sjm.ministers.treasury.gov.au/media-release/100-2016/

[11]
House of Representatives Standing Committee on Economics Review of the four major banks (first report), p.14. http://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Four_Major_Banks_Review/Report

[12]
Basel Committee on Banking Supervision, 2015, Guidelines : Corporate Governance Principles for Banks , July 2015, Bank for International Settlements. https://www.bis.org/bcbs/publ/d328.pdf

[13]
Ibid.

[14]
Financial Stability Board, 2014, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture : A Framework for Assessing Risk Culture, April 2014. http://www.fsb.org/wp-content/uploads/140407.pdf?page_moved=1

[15]
Reserve Bank of Australia, 1995, "Implications of the Barings collapse for Bank Supervisors", Reserve Bank Bulletin , November 1995, p1-5. https://www.rba.gov.au/publications/bulletin/1995/nov/pdf/bu-1195-1.pdf, Board of Banking Supervision, 1995, Report of the Board of Banking Supervision Inquiry into the Circumstances of the Collapse of Barings . https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/235622/0673.pdf

[16]
APRA, 2014, Regulation Impact Statement : Harmonising cross-industry risk management requirements. http://www.apra.gov.au/CrossIndustry/Documents/Final-Regulatory-Impact-Statement-Risk-Management-RIS-(January-2014).pdf

[17]
John Laker, 2009, 'The Global Financial Crisis - Lessons for the Australian Financial System', Address to the Australian Economic Forum, 19 August 2009. http://www.apra.gov.au/Speeches/Documents/03-Aust-Economic-Forum-Opening-Remarks-19-Aug-09.pdf

[18]
Ibid.

[19]
Cost Benefit Analysis of the new Regime for Individual Accountability and Remuneration, p.59, http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/cp1414annex10.pdf

[20]
Cost Benefit Analysis of the new Regime for Individual Accountability and Remuneration, p.59, http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/cp1414annex10.pdf.

[21]
Ibid, p.59.

[22]
Wayne Byres, 2017, Key Issues for the Year Ahead : Bank Capital and the Approaching Bear , 'The Regulators' Finsia Event, 8 September 2017. http://www.apra.gov.au/Speeches/Pages/Key-issues-for-the-year-ahead-Bank-Capital-and-the-approaching-BEAR.aspx.

[23]
Financial Conduct Authority, Senior Managers Regime , https://www.fca.org.uk/publication/corporate/applying-smr-to-fca.pdf.

[24]
Wayne Byres, 2017, Key Issues for the Year Ahead : Bank Capital and the Approaching Bear , 'The Regulators' Finsia Event, 8 September 2017. http://www.apra.gov.au/Speeches/Pages/Key-issues-for-the-year-ahead-Bank-Capital-and-the-approaching-BEAR.aspx

[25]
Cost Benefit Analysis of the new Regime for Individual Accountability and Remuneration, p.89, http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/cp1414annex10.pdf

[26]
General comment No . 16 : Article 17 ( Right to privacy ), Thirty - second session ( 1988 ) at [3]-[4].


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