www.pwc.com.au

PwC Regulatory Update

March 2014

PwC

1. Legislative/Government developments

Future of financial advice (FOFA) Bill paused

The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 (Bill) was tabled in Parliament on 19 March 2014, but paused on 24 March 2014. The FOFA amendment regulations have not been released at this stage.

Minister for Finance and the Acting Assistant Treasurer, Mathias Cormann said “We remain committed to implement the improvements to FOFA which we took to the last election as soon as possible. I have decided to pause the process on the FOFA regulation for the time being to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes.”

The Bill amends the Corporations Act 2001 to:

• Remove the seventh step (the “catch all”) from the steps an advice provider may take in order to satisfy best interest obligations

• Enable clients and providers to agree on the scope of advice to be provided

• Remove the renewal notice obligations for fee recipients

• Remove the requirement to provide yearly fee disclosure statements to certain clients

• Provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances

• Make consequential amendments.

Source Parliament of Australia

2

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

Inquiry into foreign investment in residential real estate

The House of Representatives Economics Committee has announced an inquiry into Australia’s foreign investment policy as it applies to residential real estate.

Committee chair Kelly O’Dwyer said, “Australia’s foreign investment policy as it applies to residential property is intended to boost the supply of new housing and thus provide both economic and social benefits. However there have been concerns raised in the wider community from time to time that foreign investment in Australian real estate is causing a distortion in the market and making housing less accessible and affordable.”

The committee will inquire into and report on:

• The economic benefits of foreign investment in residential property

• Whether such foreign investment is directly increasing the supply of new housing and bringing benefits to the local building industry and its suppliers

• How Australia's foreign investment framework compares with international experience

• Whether the administration of Australia's foreign investment policy relating to residential property can be enhanced.

Submissions for consultation close on 9 May 2014.

See media release

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2. What have the regulators been up to?

ASIC publishes their seventh market supervision report

ASIC has published its seventh report on the supervision of markets and participants: July to December 2013 (REP 386). The report highlights the volume of market and participant-related outcomes achieved by ASIC in the second half of 2013. Key outcomes include:

• 19,255 trading alerts produced

• 102 market inquiries conducted

• 31 matters referred for further investigation

• 16 risk-based assessment visits conducted

• 73 surveillances completed

• 26 instances of pre-emptive supervision action

• Seven enforcement outcomes for insider trading offences

• Seven infringement notices issued by the Markets Disciplinary Panel.

See media release

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

PwC

2. What have the regulators been up to? (cont’d)

ASIC information sheet on audit quality

ASIC has released Information Sheet (INFO 196) on Audit quality: The role of directors and audit committees. The report aims to help directors and audit committees develop robust standards as part of ASIC’s commitment to improve audit quality. The report explains:

• Why audit quality is important

• The responsibilities of the auditor

• The roles of directors and audit committees

• The responsibilities of directors for auditor independence

• Who should manage the appointment of auditors

• What matters should be considered in setting audit fees

• What directors and audit committees can do to promote audit quality.

See media release

ASIC reports on penalties for corporate wrongdoing

ASIC has released a report on Penalties for corporate wrongdoing (REP 387). The report reviews penalties in Australia for corporate wrongdoing to assess whether they are proportionate and consistent.

The report surveys the penalties that apply to wrongdoers in Canada (Ontario), Hong Kong, the United Kingdom and the United States, other Australian Government regulators, and across ASIC’s regime for wrongdoing involving insider trading, market manipulation, continuous disclosure, false statements to the market, inappropriate advice, unlicensed conduct, fraud, and false or misleading representations.

See media release

4

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

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2. What have the regulators been up to? (cont’d)

ASIC Forum 2014 - Opening address: Regulating for real people markets and globalisation ( Greg Medcraft, Chairman)

ASIC’s annual forum 2014 was themed ‘Regulating for real people, markets and globalisation.’ This was aimed at taking into account the recent innovations and structural change in the financial system, in particular:

• The growth of market-based financing and superannuation

• A renewed focus on behavioural science

• The changing landscape resulting from digitisation of the economy and globalisation.

ASIC Chairman, Greg Medcraft has said that as market-based financing is largely regulated by ASIC, it is important to regulate for real people, markets and globalisation. See full opening address speech

See media release

ASIC facilitates internet securities offers

ASIC has released an updated regulatory guide titled- Fundraising: Facilitating electronic offers of securities (RG 107). The report aims to ensure that ASIC’s guidance reflects current market practices and advances in technology. The updated guidance includes:

• An explanation of ASIC’s view on the way the internet and other electronic means can be used in making offers of securities

• A ‘good practice guide’ to assist offerors, distributors, publishers and other parties involved in distributing offers

• Continuation of relief for the use of personalised or Australian financial services (AFS) licensee created application forms.

See media release

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

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2. What have the regulators been up to? (cont’d)

Statement on Financial Ombudsman Service review

ASIC welcomes the release of the 2013 Independent Review of the Financial Ombudsman Service (FOS) and FOS’s response to the review’s recommendations. The review assessed FOS against ASIC’s benchmarks for external dispute resolution (EDR) schemes: accessibility, independence, fairness, accountability, efficiency and effectiveness. It found FOS, an ASIC-approved EDR scheme, meets the majority of ASIC’s requirements, with one exception raised regarding timeliness.

On the quality of FOS’s decision making, the review found FOS has a ‘multi-pronged approach’ to developing ‘consistent quality’ in its decision making.

ASIC accepts the review’s focus on timeliness and its recommendations, and notes FOS’s positive response and its intended changes to its processes and structures to address this critical issue.

See related documents:

2013 Independent Review

FOS media release responding to the review

See media release

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

PwC

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

7

Revisions to reporting standards for superannuation - Letter to all RSE Licensees

APRA has issued a letter to RSE licensees for minor revisions to Final Reporting Standards for Superannuation. The affected reporting standards are:

• Reporting Standard SRS 320.0 Statement of Financial Position

• Reporting Standard SRS 330.0 Statement of Financial Performance

• Reporting Standard SRS 520.0 Responsible Persons Information

• Reporting Standard SRS 530.1 Investments and Investment Flows

• Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0)

• Reporting Standard SRS 702.0 Investment Performance (SRS 702.0).

See all reporting standards

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

AUSTRAC Australian Transaction Reports and Analysis Centre

PwC

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

8

Joint letter from APRA and ASIC to RSE Licensees

ASIC and APRA have released a letter to all RSE licensees relating to the operation of section 29QC of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Section 29QC requires that if an RSE licensee provides information calculated in a particular way to APRA under a reporting standard and the RSE licensee gives the same or equivalent information to another person, including on a website, then the RSE licensee must ensure that this information is calculated in the same way as the information given to APRA.

APRA is responsible for the reporting standards made under the Financial Sector (Collection of Data) Act 2001.

ASIC’s views about the key areas that are critical for transparency and consistency of information, and which will be ASIC’s areas of focus when considering RSE licensee compliance with its disclosure obligations, are:

• Aspects of asset allocation

• Return information.

Source: APRA Superannuation reforms

APRA welcomes assessment of the Basel capital framework in Australia

APRA has welcomed an assessment by the Basel Committee on Banking Supervision (Basel Committee) of the implementation of the Basel capital framework in Australia.

The report entitled Assessment of Basel III capital regulations in Australia has assessed Australia's capital framework for authorised deposit-taking institutions as ‘compliant’ with the Basel capital framework.

The report on Australia is the eighth in a series of assessments by the Basel Committee under its Regulatory Consistency Assessment Programme (RCAP). An RCAP review makes an assessment of the extent to which the capital framework in each member jurisdiction is aligned with the minimum standards agreed by the Basel Committee.

See media release

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

AUSTRAC Australian Transaction Reports and Analysis Centre

PwC 9

mFund Settlement Service

ASX has developed a new service that enables investors to buy and sell units in unlisted managed funds using a simple and convenient approach through ASX participants.

Amendments to the ASX Operating Rules and ASX Settlement Operating Rules to facilitate the introduction of the service have received regulatory clearance.

See ASX notice

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

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Financial flows and infrastructure financing

RBA’s annual conference was designed to support one of the key priorities for the G20 during Australia's year as the chair. The conference brought together senior central bankers, government officials, leading academics and prominent practitioners to discuss:

• The factors affecting the ability of savings to flow across borders to the most productive investments

• The role of financial market development

• The challenges specific to infrastructure financing

• The ability of public private partnerships to address these challenges

• The potential for institutional investors to meet the financing needs of infrastructure providers.

Draft Papers presented at the conference were:

• Capital Flows, Monetary Policy and Coordination - Marcel Fratzscher, DIW Berlin Humboldt-University Berlin and the Centre for Economic Policy Research (CEPR)

• External Funding and Long-Term Investment - Philip Lane, Trinity College Dublin

• Infrastructure and Corporate Bond Markets in Asia - Torsten Elhers, Frank Packer and Eli Remolona, Bank of International Settlements

• Public Infrastructure: A Framework for Decision Making - Peter Harris and Carl Toohey, Productivity Commission and Emily Poole, Reserve Bank of Australia

• Closing the Infrastructure Finance Gap: Addressing Risk - Jordan Z Schwartz, Jeff Chelsky and Fernanda Ruiz-Nuñez, The World Bank

• The Private Sector's Potential to Improve Public Transportation Infrastructure: With and Without Privatisation - Clifford Winston, The Brookings Institution

• Finance and Public-Private Partnerships - Alexander Galetovic, Universidad de los Andes, Eduardo Engel, Yale University and Ronald Fischer, Universidad de Chile

See media release

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

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Payment card access regimes

RBA’s Payments System Board has decided in principle to vary the Payment Card Access Regimes. These rules apply to the designated MasterCard and Visa systems in Australia and seek removal of the current specialist credit card institution (SCCI) framework, administered by the APRA.

The proposed framework will provide the card systems with the flexibility to expand membership beyond existing participants. The systems will be required to have in place transparent eligibility and assessment criteria and to report information about membership and applications to the Bank.

See media release

Monetary policy decision – cash rate remains unchanged

The RBA publication on Monetary Policy stated that the Board decided to leave the cash rate unchanged at 2.5 per cent.

Long-term interest rates and most risk spreads remained low. Equity and credit markets are well placed to provide adequate funding.

In Australia, recent information suggests slightly firmer consumer demand and indicates expansion in housing construction. Some indicators of business conditions and confidence have shown improvement and exports are rising.

The RBA expects unemployment to rise further. Over time, growth is expected to strengthen by continued low interest rates and the lower exchange rate. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.

See media release

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

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Lending controls a can of worms

A publication from Financial Review states that RBA is warming to the idea of imposing much tougher borrowing requirements on home lenders, even though it concedes this could be politically unpopular and would distort the financial system. It had some preliminary discussions with the Australian Prudential Regulation Authority (APRA) about these macro-prudential controls.

Source: Financial Review

Report: Financial Stability Review

The RBA has released its March 2014 Financial Stability Review. The report provides the RBAs assessment of the current condition of the financial system and potential risks to financial stability and is issued half-yearly.

See report

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

AUSTRAC Australian Transaction Reports and Analysis Centre

PwC 13

Updated AUSTRAC information circular 42: Bribery of foreign public officials

AUSTRAC has released an updated information circular on Bribery of foreign public officials (No. 42). The report states that Australian companies or individuals that bribe an official of a foreign country can be prosecuted under Australian law and the laws of foreign countries. Since 1999 it has been a criminal offence under section 70.2 of the Criminal Code Act 1995 (Criminal Code) to bribe a foreign public official, whether in Australia or in another country.

The current maximum penalty for an individual for bribery offences is 10 years imprisonment and/or a fine of 10,000 penalty units ($1.7 million). The maximum penalty for a body corporate can be a fine issued in penalty units or it can be a proportional penalty, calculated with regard to the value of benefits obtained from bribery or the annual turnover of the company.

Source: AUSTRAC publication

2. What have the regulators been up to? (cont’d)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

RBA Reserve Bank of Australia

AUSTRAC Australian Transaction Reports and Analysis Centre

ASIC Australian Securities and Investments Commission

APRA Australian Prudential and Regulatory Authority

ASX Australian Securities Exchange

PwC

3. Industry bodies

FSC throws support behind new infrastructure financing

The FSC supports the announcement between the Commonwealth and state government’s principle agreement to drive new infrastructure financing.

FSC CEO John Brogden has said that Australia’s superannuation funds have a strong appetite for infrastructure and the States should take up the funding offer.

Mr Brogden further said that the government’s proposed asset recycling initiative will match proven assets with superannuation large pool of capital, freeing up much need financing for new government projects.

See media release

Pause to FOFA changes prudent and sensible

The FSC has said that the government’s decision to pause changes to the Future of Financial Advice (FOFA) regulations is prudent and sensible.

John Brogden, CEO of the FSC has said that there has been a lot of misinformation on what the proposed FoFA refinements mean for consumers.

See media release

14

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC

3. Industry bodies

ACNC abolishment will save significant costs for the charitable sector

The FSC has said that the abolition of the Australian Charities and Not-For-Profit Commissions (ACNC) will save significant costs for the charitable sector and eliminate unnecessary red tape.

FSC estimates that charitable trusts alone will save more than $2 million in compliance costs with the disbandment of the ACNC and the costs to the entire charitable sector, including charitable entities, is likely to be much more.

See media release

Changes to FoFA best interests duty will not impact consumers: New legal advice

The FSC has obtained new legal advice which confirms proposed amendments to the best interests’ duty in the FoFA amendments will continue to require a financial adviser to act in the best interests of their client and will not reduce consumer protection.

See media release

15

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC

3. Industry bodies (cont’d)

Government acknowledges FPA concerns on general advice as consumer risks eased by 'employee only' rule

The Financial Planning Association of Australia (FPA) has welcomed the Government’s amended restrictions to the general advice exemption under FoFA.

The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was recently introduced in Parliament.

The FPA said that they have always raised the issue of potential consumer risks, through submissions to Government and in media presentations, particularly highlighting the general advice exemption and conflicted remuneration issues.

See media release

16

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC

3. Industry bodies (cont’d)

Asset recycling model will help super funds invest in nation-building projects.

The Association of Superannuation Funds of Australia (ASFA) has welcomed Government’s announcement that the state treasurers are open to an incentivised capital recycling model to help meet Australia's infrastructure needs.

ASFA CEO Ms Pauline Vamos has said that such a model will help facilitate superannuation fund investment in infrastructure, by providing a much-needed pipeline of investable projects benefiting the government and community.

See media release

New report shows intra-fund advice is low-cost and appropriate.

ASFA has released a report entitled ASFA survey on the provision of financial advice by superannuation funds. The report summarises the main findings of these surveys and research, it demonstrates that intra-fund advice is provided at a relatively low cost per member per year.

The report shows that the median cost for intra-fund advice equates to $2.81 per member per year, with an average per member per year cost of $9.65. The bulk of the cost of scaled advice (87 per cent) is covered by general administration fees charged to members by funds, or a combination of general administration fees and a specific fee for the service provided.

The report also found people prefer simple advice about their superannuation such as that provided by the current definition of intra-fund advice. According to research from ASIC, around one-third of fund members prefer to receive financial advice as required, as opposed to a comprehensive plan.

See media release

17

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC

3. Industry bodies (cont’d)

Eight-point plan for global pensions dialogue required to tackle challenges ahead.

ASFA CEO Pauline Vamos has called for an eight-point discussion regarding the way pensions are delivered globally, to ensure pension systems across the world are positioned to meet future challenges.

Speaking at ASFA's 3rd Asia-Pacific Pension Forum in Beijing, China, Ms Vamos said governments across the world will be faced with challenges as the demographics of their populations change, with the entry into a new era of the global economy.

Ms. Vamos outlined the following eight points that such a global conversation should address:

• Pension system design

• The connection of pensions system with other public policy

• The role of pension capital in both local and global economies

• Regulatory and supervisory frameworks

• System implementation and connectivity

• Fiduciary governance standards

• Operational and investment delivery

• Informed, advised and engaged members

See full speech

See media release

18

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC

3. Industry bodies (cont’d)

New superannuation account balance data shows gender gap still persists

ASFA has released a research report entitled An update on the level and distribution of retirement savings with Australian Bureau of Statistics (ABS)-sourced data. The research confirms that women still lag substantially behind men when it comes to their superannuation savings.

The report shows that the average superannuation account balance at retirement for females is around $105,000. By contrast, the average male will retire with almost double this amount, with an account balance of $197,000. There is also a strong gender gap when it comes to current superannuation account balances, with women having an average of $44,866, while men have, on average, almost double this, with a balance of $82,615. The disparity is universal across all age groups.

See media release

ASFA launches new-look Super Guru website to help people get the most out of their super

ASFA has relaunched the Super Guru website (www.superguru.com.au) in order to make it easier for people to understand and get the most out of their superannuation.

The site was re-designed in response to an analysis of the key super-related information Australians search for, in order to target it specifically to the community's needs, and includes:

• New content, including information for people who are working casual or part-time hours, are self-employed, small business owners or super beneficiaries

• New checklists to make finding and consolidating your super easier

• A fresh, easy-to-navigate layout and a new-look design

• Calculators to help you figure out how much money you will need in retirement, budget tools and insurance calculators

• Hints and tips to help you maximise your super

• FAQs covering all you need to know about your account.

See media release 19

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC 20

3. Industry bodies (cont’d)

ARCA responds to late payment grace period changes

Commonwealth Attorney-General, Senator the Hon George Brandis QC, has requested the Credit Reporting Privacy Code (CR code) be varied so that the five day grace period for late payments recorded on a consumer’s credit report is extended to 14 days.

As the CR code developer, ARCA will make an application to the Office of the Australian Information Commissioner to vary the CR code, which went live following the start of comprehensive credit reporting in Australia on 12 March.

ARCA CEO Damian Paull agrees that a 14 day grace period is an appropriate compromise before a late payment is recorded as Repayment History Information. Comprehensive credit reporting features the inclusion of Repayment History Information which shows payments which were made or missed for each month over a 24 month cycle on a consumer’s credit report.

Repayment History Information helps improve the accuracy of predicting the credit risk of consumers, which will help lenders meet their responsible lending obligations.

See media release

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC 21

3. Industry bodies (cont’d)

Will your superannuation last?

Finsia has released a research report entitled How safe are safe withdrawal rates in retirement? An Australian perspective. This study considers one of the questions in the retirement income debate; namely, what is a safe withdrawal rate for retirement?

The report discussed whether withdrawing the superannuation savings at the rate of 4% is a rule of thumb that delivers sustainable retirement income. It analysed 112 years of market returns across five countries, this research found that the 4% rule is not a silver bullet. The report found even with the exceptional performance of the Australian stock market over the last century, a 4% withdrawal rate over 30 years on a 50:50 growth/defensive asset allocation is associated with a 20% chance of financial ruin.

See media release

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

FPA Financial Planning Association of Australia

ASFA Association of Superannuation Funds of Australia

FSC Financial Services Council

FINSIA Financial Services Institute

ARCA Australian Retail Credit Association

PwC 22

4. Overseas developments – Global

Basel III monitoring exercise (global and European level)

The Basel Committee on Banking Supervision (BCBS) released the report on its Basel III monitoring exercise at global level, using data as of 30 June 2013.

A total of 227 banks participated in the study, comprising 102 large internationally active banks (Group 1 banks) and 125 Group 2 banks (representative of all other banks). The exercise is based on the assumption that the final Basel III package has been fully implemented.

The report shows that shortfalls in the risk-based capital of large internationally active banks generally continue to shrink. At the Common Equity Tier 1 (CET1) target level of 7.0% (plus the surcharges on G-SIBs as applicable), the aggregate shortfall for Group 1 banks is €57.5 billion, compared to €115.0 billion on 31 December 2012. However, the aggregate shortfall of CET1 capital with respect to the 4.5% minimum has increased to €3.3 billion, which is €1.1 billion higher than previously. As a point of reference, the sum of after-tax profits prior to distributions across the same sample of Group 1 banks for the year ending 30 June 2013 was €456 billion.

Source: BIS

Risk Weight for the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF)

The Basel Committee has designated securities issued by the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) as Level 1 High Quality Liquid Assets (HQLA). Accordingly these securities will be included in the list of entities receiving a 0% risk weighting under Basel III.

Source: BIS

Basel III monitoring exercise (global and European level)

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

Risk Weight for the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF)

PwC 23

4. Overseas developments – Global (cont’d)

IOSCO report compares and analyses prudential standards in the Securities Sector

The Board of the International Organization of Securities Commissions (IOSCO Board) has published a Consultation report: “A Comparison and Analysis of Prudential Standards in the Securities Sector”, prepared by the IOSCO Committee on the Regulation of Market Intermediaries (C3).

The report highlights prudential regulatory and supervisory areas that might be considered in any update of the 1989 Capital Standards Report, particularly:

• To identify opportunities for regulatory capital arbitrage that might (or actually have) materialised from differences in prudential regulations across jurisdictions;

• To account for the increasing use of internal models and the commensurate increase in infrastructure, systems and controls that are necessary to help ensure that firms are not undercapitalized compared to the risks posed by their positions and activities.

Source: Mondovisione

IOSCO report compares and analyses prudential standards in the Securities Sector

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

PwC 24

4. Overseas developments – Europe

ECB publishes manual for asset quality review

European Central Bank (ECB) has published the Phase 2 Manual of the Asset Quality Review (AQR) as part of the Comprehensive Assessment. The manual explains methodology for phase 2 of its AQR and provides guidance to national authorities executing the on-site inspections.

During phase 2, the ECB and national supervisors will be looking for capital shortfalls in more than € 3,72 trillion in assets held by 128 euro banks (these assets were identified during phase 1 which was completed in February) using a ten working block strategy.

Phase 2 will run until 14 August and the ECB is planning to release its results in October along with the stress test on banks (third and final phase of the ECB’s comprehensive assessment) just before taking up its new single banking supervisor role in November.

The manual includes detailed guidance on:

• Procedures for validating data and checking model inputs

• How to value material exposures and collateral and determine provisioning needs

• Processes for quality assurance and progress tracking to ensure timely completion

• When to use independent, external valuations for assets

• The use of industry benchmarks to assess market values.

Source: ECB

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

ECB publishes manual for asset quality review

PwC 25

4. Overseas developments – Europe (cont’d)

Guidelines on the convergence of supervisory practices relating to the consistency of supervisory coordination arrangements for financial conglomerates

The Joint Committee of the European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), and the European Securities and Markets Authority (ESMA), have launched a joint consultation paper: Guidelines on the convergence of supervisory practices relating to the consistency of supervisory coordination arrangements for financial conglomerates.

The guidelines aim to clarify and enhance supervisory cooperation between national competent authorities on financial conglomerates and, as such, reduce administrative burden.

The document focuses on how authorities should cooperate in order to achieve a supplementary level of supervision of financial conglomerates. This will serve the purpose of addressing loopholes in present legislation, as prescribed by the FICOD (Financial Conglomerates Directive).

The consultation will close on 12 June 2014.

Source: EBA

ECB: Supervisory board members appointed

The Governing Council of the ECB has appointed three ECB representatives to the Supervisory Board of the Single Supervisory Mechanism (SSM).

The three members are Sirkka Hämäläinen, Julie Dickson and Ignazio Angeloni:

• Ms Hämäläinen was a Member of the Executive Board of the ECB from 1998 to 2003

• Ms Dickson is currently Superintendent of Financial Institutions at the Office of the Superintendent of Financial Institutions (OSFI), the primary Canadian regulator and supervisor of the financial industry

• Mr Angeloni is currently Director General Macro-Prudential Policy and Financial Stability at the ECB.

Source: ECB

ESA gives guidelines on the convergence of supervisory practices

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

ECB: Supervisory board members appointed

PwC 26

4. Overseas developments – Europe (cont’d)

MEPs vote to pierce secrecy of trusts in anti-money laundering bill

Members of European Parliament (MEP) with 643 votes in favour , passed a draft bill to crack down on money laundering and fraud (AML4) on 11 March. The anti-money laundering bill requires companies, trusts and foundations to list the names of people who own them in inter-connected public registers set up in each member state.

Source: Euobserver

Commission proposal for a Single Resolution Mechanism (SRM)

The European Parliament has announced that it had reached a provisional political agreement with the Council on a blueprint for a single resolution mechanism and the establishment of a single resolution fund that will enter into force on 1 January 2015 (the bail-in and resolution powers will enter into force a year later). The most recent agreement was confirmed by the full ECOFIN Council on 27 March. The European Parliament is scheduled for vote on the final text on 15 April, after which the Council will adopt the regulation formally and it will be passed for publication in the Official Journal.

Source: EUROPA

ESMA issues good practices for structured retail product governance

The European Securities and Markets Authority (ESMA) has published an opinion report : “Structured Retail Products - Good practices for product governance arrangements.” The report sets out good practices for firms when manufacturing and distributing structured retail products. These good practices that product providers could put in place to improve their ability to deliver on investor protection in particular focus on:

• The complexity of the structured retail products they manufacture and distribute

• The nature and range of investment services and activities undertaken in the course of business

• The type of investors they target.

Source: ESMA

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

MEPs vote to pierce secrecy of trusts in anti-money laundering bill

Commission proposal for a Single Resolution Mechanism (SRM)

ESMA issues good practices for structured retail product governance

PwC 27

4. Overseas developments – Europe (cont’d)

European Banking Authority (EBA) publishes final draft Technical Standards on liquidity requirements

The European Banking Authority (EBA) has published its final draft Implementing and Regulatory Technical Standards (ITS and RTS) related to liquidity requirements:

• Final draft ITS on currencies for which the justified demand for liquid assets exceeds their availability

• Final draft RTS on derogations for eligible currencies

• Final draft ITS listing the currencies with an extremely narrow definition of central bank eligibility.

These final draft Technical Standards will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in the European Union (EU) and namely at strengthening its resilience against liquidity risk.

Source: EBA

UCITS V in final form – investment fund managers can start preparing

The UCITS V Directive has been finalised. It has been indicated that managers of UCITS can start making preparations by amending their remuneration policies and reviewing depositary arrangements in order to comply with these new rules. The rules are expected to be implemented by mid-2016.

UCITS V aims to amend current legislation in order to address discrepancies between national provisions regarding remuneration policies, depositaries’ duties, liability and sanctions.

The provisions on remuneration policy, eligible depositaries and depositaries’ duties will especially influence the day-to-day practice of UCITS and their managers. In addition, UCITS V unifies the sanctions for breaches.

Source: Mondaq

EBA publishes final draft Technical Standards on liquidity requirements

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

UCITS V in final form – investment fund managers can start preparing

PwC 28

4. Overseas developments – Europe (cont’d)

European Commission roadmap to meet the long-term financing needs of the European economy

The European Commission has presented a series of reforms to unlock long-term financing in order to revive lending to small and medium companies.

The package of measures includes a communication on:

1. A legislative proposal for new rules on occupational pension funds (MEMO/14/239)

2. Crowdfunding to offer alternative financing options for SMEs (MEMO/14/240)

Source: EUROPA

UK: FCA sets out P2P lending and crowdfunding rules

The UK's Financial Conduct Authority (FCA) has set out rules designed to boost protections for people lending and investing through P2P and crowdfunding platforms.

This is intended to ensure that potential lenders have access to clear information on the risks that they are taking on and on who is ultimately borrowing their money. The rules also require P2P platforms to put in place plans to make sure that loan repayments can still be made even if they get into difficulties. New prudential regulations would be introduced "over time" so that these firms have capital to help withstand financial shocks, an important feature because lenders will not be able to claim through the Financial Services Compensation Scheme.

Source: Finextra

UK: FCA sets out P2P lending and crowdfunding rules

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

European Commission roadmap to meet the long-term financing needs of the European economy

PwC 29

4. Overseas developments – Europe (cont’d)

UK: £75 trillion payment systems industry to have new regulator - FCA will open the market to new entrants to improve competition

FCA has announced that a new regulator to oversee UK payment systems will be introduced by April 2015. The authority has issued a consultation paper: Payment System Regulations Call for Inputs which seeks views on the key issues facing the payments sector. FCA said that every year these payment systems process over 7 billion transactions, worth over £75 trillion. The paper will help shape the focus of the new regulator’s work.

Payment systems make every payment to or from UK consumers possible, by allowing funds to be transferred between people and businesses.

The Banking Reform Act (2013) created a new independent regulator for payment systems as a subsidiary of the FCA. The new regulator will be fully operational by 1 April 2015 and has three objectives:

• Promoting competition

• Promoting innovation

• Ensuring that payment systems operate in the interests of their users.

Source: FCA

UK: FCA and Bank of England agree Memorandum of Understanding for supervision of markets and market infrastructure

The UK's Financial Conduct Authority (FCA) and the Bank of England, including the Prudential Regulation Authority (PRA) have agreed to a Memorandum of Understanding (MoU). The MoU sets out how they co-operate with one another in relation to the supervision of markets and market infrastructure, including financial market infrastructures (FMI’s).

It also covers co-ordination between the authorities where the PRA or FCA supervises members (particularly banks and investment firms) of market infrastructure.

Source: FCA

UK: FCA and Bank of England agree Memorandum of Understanding for supervision of markets and market infrastructure

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

UK: £75 trillion payment systems industry to have new regulator - FCA will open the market to new entrants to improve competition

PwC 30

4. Overseas developments – US

US Senator Collins says bill would tweak capital rules for insurers

The Senate Banking Committee held its first hearing on non-bank financial firms aimed to provide clarity how the Federal Reserve Board will interpret capital requirements applied to insurance firms under Dodd-Frank.

Insurance executives, their state regulators, many lawmakers and some Fed officials have said insurers are not subject to runs on the business in the way banks are in a crisis and do not hold the same types of assets.

Senator Susan Collins has introduced a bill that will give the Federal Reserve the flexibility to tailor capital rules for insurance differently than for banks.

Source: Reuters

House Panel backs limited CLO exemption from Volcker Rule

The House Financial Services Committee approved legislation that would lessen the impact on certain collateralized loan obligations from the Volcker Rule as part of a package of regulatory relief bills.

The bill, which passed the committee with both strong Democratic and Republican support, would grandfather many CLOs issued before February and clarifies the definition of commercial loan pools subject to the Volcker Rule going forward.

Source: American Banker

US Senator Collins says bill would tweak capital rules for insurers

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

House Panel backs limited CLO exemption from Volcker Rule

PwC 31

4. Overseas developments – US (cont’d)

Federal Reserve Board announces approval of capital plans of 25 bank holding companies participating in the CCAR

The US Federal Reserve approved the capital plans of 25 banks and rejected the capital plan of five banks as part of its annual Comprehensive Capital Analysis and Review (CCAR). Rejection to the plans of the five participating firms included four based on qualitative concerns and one because it did not meet a minimum post-stress capital requirement.

Federal Reserve in CCAR evaluates the capital planning processes and capital adequacy of the largest bank holding companies, including the firms' proposed capital actions such as dividend payments and share buybacks and issuances.

Source: Federal Reserve

US SEC proposes new rules to safeguard clearing agencies

The Securities and Exchange Commission (SEC) has proposed its rules for better oversight of clearing agencies that are considered to be systemically important under title VIII of the Dodd-Frank Act.

The plan primarily targets the major clearinghouses it regulates, such as the Options Clearing Corp (OCC) and units of the Depository Trust & Clearing Corp (DTCC).

The proposals would impose additional regulatory responsibilities on large clearing agencies, such as stress-testing, capital requirements and certain governance rules to strengthen board independence.

Source: Reuters

Federal Reserve Board announces approval of capital plans of 25 bank holding companies participating in the CCAR

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

US SEC proposes new rules to safeguard clearing agencies

PwC 32

4. Overseas developments – US (cont’d)

Federal Reserve issues full corrected results for the 2014 Dodd-Frank Act stress test

The Federal Reserve has issued the corrected Dodd-Frank Act stress test report , “Dodd-Frank Act Stress Test 2014: Supervisory Stress Test Methodology and Results.” This report includes the adjusted stress test results to address inconsistencies in the treatment of the fourth quarter 2013 actual capital actions and assumptions about preferred and employee compensation-related issuance over the course of the planning horizon. A minor technical correction was also made to tier 2 capital. The report also suggests that Bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies that the Financial Stability Oversight Council has designated for supervision by the Federal Reserve will undergo an annual supervisory stress test and semi-annual company-run stress tests. These firms will begin stress testing under DFA stress test rules in 2012. The firms will make summaries of the results of the company-run stress tests available to the public starting in March 2013.

Bank holding companies with total consolidated assets between $10 billion and $50 billion and savings and loan holding companies and state member banks with total consolidated assets of more than $10 billion will undergo annual company-run stress tests. Generally, these firms began stress testing in 2013 and will make summaries of the results of the company-run stress tests available to the public starting in June 2015.

Source: Federal Reserve

Federal Reserve issues full corrected results for the 2014 Dodd-Frank Act stress test

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

PwC 33

4. Overseas developments – US (cont’d)

New York Fed: An in-depth look at large and complex banks

The Federal Reserve Bank of New York has released the key findings on a review of large and complex banks in a series of eleven research papers analysing several key areas such as bank size, complexity and resolution.

Key findings of the report:

• Bank size has benefits and costs: the upside is the potential for economies of scale and lower operating costs; the downside is the “too-big-to-fail” problem and associated funding advantages and moral hazard.

• Banks have become less bank-centric and more organizationally complex. Furthermore, the increase in bank complexity may be a natural response to an evolving intermediation technology.

• Bail-in regimes, where the claims of creditors of the parent company are converted to equity in resolution, are an efficient and superior process for resolving the failure of a large financial firm. Requiring systemically important bank holding companies to issue “bail-inable” long-term debt that converts to equity in resolution would make large bank failures more orderly.

Source: New York Fed

New York Fed: An in-depth look at large and complex banks

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

PwC 34

4. Overseas developments – Asia

China to improve oversight of shadow banking: Premier

Chinese Premier Li Keqiang said that the authorities had set a timetable for implementing the Basel III accord in tightening regulative measures over shadow banking.

Mr Li said that it is important to tighten monitoring and deal with the problems timely to make sure regional and systemic financial risks do not occur.

Source: China Central Television

China to pilot five private banks

As part of a reform package to further open the county’s banking sector, The China Banking Regulatory Commission (CBRC) has announced that it will set up five private banks on a trial basis before the practice is extended to more places.

The first batch of five banks will be in Tianjin, Shanghai, Zhejiang Province and Guangdong Province, according to Shang Fulin, head of the China Banking Regulatory Commission (CBRC), at a press conference on the sidelines of the annual parliamentary session.

Source: Xinhuanet

China to improve oversight of shadow banking: Premier

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

China to pilot five private banks

PwC 35

4. Overseas developments – Asia (cont’d)

South Korea: Watchdog pledges to resolve regulatory hurdles for foreign firms

The Financial Supervisory Service (FSS) has said that it will make efforts to remove excessive regulatory hurdles for foreign financial firms operating in the country.

Foreign financial firms operating in South Korea complain often that their operations are sometimes thwarted by excessive regulatory barriers despite the country having overhauled financial systems to meet global standards

FSS is also working to strengthen monitoring of staff at financial companies and their contractors who handle customer data management, and bar financial firms from sharing client data with their affiliates beyond a set limit.

Source: Yonhap News

Taiwan: Rules changes open up Formosa bonds to insurance sector

The Financial Supervisory Commission (FSC) said that it eased the restrictions on the purchase of Formosa bonds to give insurers more investment options and inject vitality into the fledgling Formosa bond market.

Formosa bonds refer to bonds issued in Taiwan by foreign entities in currencies other than the Taiwan dollar.

Regulatory revisions will pave the way for local insurance companies to invest in Formosa bonds and make it easier for them to invest in real estate overseas.

Under existing rules, domestic insurers are not allowed to invest in them, but the revised rules will permit them to invest in foreign currency-denominated bonds issued in Taiwan by foreign companies, overseas subsidiaries of Taiwanese companies, and Chinese and foreign banks.

The new rules will be especially beneficial to life insurers, which are not allowed to invest in bonds that do not have ratings, including many of those issued by Chinese banks.

Source: Focus Taiwan

South Korea: Watchdog pledges to resolve regulatory hurdles for foreign firms

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

Taiwan: Rules changes open up Formosa bonds to insurance sector

PwC 36

4. Overseas developments – Asia (cont’d)

NZ: Reserve Bank of New Zealand: Comments on Basel liquidity standards and central bank operations (Grant Spencer)

Mr Grant Spencer, Deputy Governor and Head of Financial Stability of the Reserve Bank of New Zealand commented on the new Basel liquidity standards and central bank operations.

He said that the longer term policy response to the liquidity shock of the GFC has been two-fold: central banks have strengthened and broadened their capability as system liquidity providers, and prudential regulators have begun to strengthen liquidity requirements for banks. Central banks have become better prepared to respond to systemic liquidity shocks in their various forms, and at the same time new prudential standards are requiring banks to be better prepared to withstand liquidity shocks on their own account.

Mr Spencer discussed the extent of alignment between the two policy arms as well as some potential implications of the Basel III standards for central banks’ policy operations.

He also said that the main impact is to be on the quality of assets that central banks may need to accept in reverse repo operations. Banks are more likely to hoard their higher quality liquid assets to meet LCR requirements, including in a crisis situation. This will reinforce the need for central banks to improve their credit assessment capabilities, including closer attention to pricing and haircut requirements.

See full speech

Source: BIS

India: RBI in pact with Japanese financial regulator for coordination

The Reserve Bank of India (RBI) and the Japanese Financial Services Agency (FSA) have signed an agreement for co-operation in the area of banking supervision. This is aimed to promote co-operation and sharing of supervisory information among international financial regulators.

Source: Livemint

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

NZ: Reserve Bank of New Zealand: Comments on Basel liquidity standards and central bank operations (Grant Spencer)

India: RBI in pact with Japanese financial regulator for coordination

PwC 37

4. Overseas developments – Asia (cont’d)

Hong Kong: HKMA Quarterly Bulletin and Half-Yearly Monetary and Financial Stability Report (March 2014 Issue)

The Hong Kong Monetary Authority (HKMA) has recently published the following reports:

• The Quarterly Bulletin (March 2014 issue) : this Bulletin contains a feature article reviewing the Hong Kong debt market in 2013.

• Half-Yearly Monetary & Financial Stability Report (March 2014 report): the Report provides detailed analyses of the global and local economy, the monetary and financial conditions of Hong Kong, and the assessment of the recent performance and risks of the local banking sector.

Source: HKMA

Singapore: MAS consults on proposed revisions to risk-based capital framework for insurers and launches QIS

The Monetary Authority of Singapore (MAS) has published a consultation paper –“Review on Risk-Based Capital Framework for Insurers in Singapore-second edition” (RBS 2 Review). This paper covers proposals in the area of calibrating the required capital, the alignment of available capital components with those in MAS's capital adequacy framework for banks, and the introduction of a matching adjustment for life business.

The proposals aim to improve the comprehensiveness of the risk coverage and the risk sensitivity of the framework. The consultation paper also contains technical specifications which will guide insurers to conduct a comprehensive quantitative impact study to fully understand the impact of the proposals of the RBC 2 review.

The consultation closes on 30 June 2014.

Source: Monetary Authority of Singapore

What have the regulators been up to?

Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

Hong Kong: HKMA Quarterly Bulletin and Half-Yearly Monetary and Financial Stability Report (March 2014 Issue)

Singapore: MAS consults on proposed revisions to risk-based capital framework for insurers and launches QIS

PwC 38

5. PwC publications

PwC UK: Behavioural economics: Driving better customer outcomes

PwC analysis report looks at how the study of behavioural economics can be used by firms to develop the following:

• Strategies, products and information which encourage customers to make better financial decisions,

• Improving the financial outcomes for the customer,

• Building greater customer-centricity within firms

This will ultimately help firms take a significant step in helping rebuild trust back into financial services.

For a copy of the publication, please contact Yuan Pang at yuan.pang@au.pwc.com

PwC UK: FS Risk & Regulation: Tightening up supervision of international banks

This PwC briefing looks at the Prudential Regulatory Authority's (PRA) recent consultation paper on its proposed approach to supervising international banks. Under the proposals, the PRA would undertake more detailed risk assessments of branches of international banks, and would require all UK branches (both EEA and non-EEA) to submit six-monthly reporting on their activities. Non-EEA firms currently doing business in the UK through branches should review the proposals in detail, as there are likely to be significant implications for their UK structure and operations.

For a copy of the publication, please contact Yuan Pang at yuan.pang@au.pwc.com

PwC UK: Behavioural economics: Driving better customer outcomes

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Overseas developments Industry bodies PwC

publications

Legislative/ Government

developments

PwC UK: FS Risk & Regulation: Tightening up supervision of international banks

PwC 39

5. PwC publications (cont’d)

PwC China: PwC Private Equity 2013 Review and 2014 Outlook

PwC’s annual review report on China’s private equity (PE) market analysis shows that there was a surge in deal value in China in 2013 to US$ 35 billion. This was despite fundraising being tightened due to the IPO embargo in the country. In addition, the average deal size for 2013 reached its highest level since 2008.

China’s PE market developed strongly in 2013 and picked up throughout the year. There were also breakthroughs on the regulatory front with reforms in fundraising, investment, administration and exits. These changes have made the PE market more stable. Therefore, we are optimistic for 2014 and expect fundraising to rebound with the IPO markets re-opened.

See full publication

PwC Singapore: Managing upstream risks Feb 2014 edition

PwC’s February 2014 edition of Managing Upstream Risk features a special contribution from PwC Singapore’s US Regulatory and FATCA Leader, Michael Brevetta, on the OECD’s Common Reporting Standards and recent FATCA developments, an excerpt of PwC Singapore’s Budget Commentary 2014 and Asset Management 2020: A Brave New World, and updates (among others) on the outcomes from the FATF Plenary Meeting in Paris held over 12 to 14 February 2014.

See full publication

PwC China: PwC Private Equity 2013 Review and 2014 Outlook

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publications

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developments

PwC Singapore: Managing upstream risks Feb 2014 edition

Contacts

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Nicole Salimbeni Partner

E: nicole.salimbeni@au.pwc.com P: (02) 8266 1729

Edwina Star Director

E: edwina.star@au.pwc.com P: (02) 8266 4940

www.pwc.com.au

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