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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Australia | Publication | June 14, 2019
APRA’s recently released Information Paper, regarding the recent self-assessments undertaken by financial institutions, indicates focus areas for APRA in the upcoming period of regulatory supervision.
APRA called for self-assessments on a range of ADIs, insurers and super funds and asked those entities to assess their present capabilities in non-financial risk management as well as in matters of culture and governance. APRA released the paper to further assist the sector in addressing the challenges of embedding effective risk governance practices within their organisations.
APRA observed some key emerging themes from the self-assessments:
Significant uplift is required across industries to bring governance and the management of non-financial risks to an appropriate standard. APRA – 22 May 2019
In a clear signal to the sector, APRA foreshadowed increased supervisory intensity for governance, accountability and culture for all regulated institutions. Given Hayne’s robust commentary on the performance of regulators, we can expect APRA to walk the talk on this.
The questions for institutions to now ask themselves include:
There is no doubt that regulatory focus on whether institutions are proactively improving the management of non-financial risk, and prioritising risk culture, governance and remuneration will continue to sharpen. There is also no question that, in this regard, all organisations – and particularly financial institutions – must be able to demonstrate, both to regulators and, increasingly, the public, an effective and continuing response to these challenges.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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