27 August 2021
The ABA sees an important role for government in coordinating messaging and cyber security uplift efforts across stakeholder groups and sectors, and setting clear expectations of what entities should do to protect themselves and their customers.
The ABA acknowledges that there is a difficult but important balance to be struck between, on the one hand, economy wide, consistent cyber security regulatory requirements that improve the nation’s cyber risk position and, on the other hand, more specific or targeted measures which need to respond to specific risks and/or levels of risk.
Further clarity will also be required for entities that may be indirectly subject to SOCI Act requirements, and for entities that may move in and out of the SOCI Act regime.
The ABA seeks further information about the legal form that the governance standards would take and what legal standing (if any) the standards would have. The ABA asks for clarity on the interaction between the proposed standards and other regulatory regimes.
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The ABA strongly supports extension of the exemption for a period of a further two years to 3 October 2026 and requests the Treasury explore making the exemption permanent to ensure certainty and reduce regulatory restrictions and barriers for small businesses seeking access to credit.
Banks play an active role to support customers during natural disasters. ABA’s submission is made in two parts, first, outlining banks’ active support of customers during natural disasters and second, responding to the questions in respect to impacts of insurance unaffordability put to the ABA.
Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »