The month of March saw developments in relation to major legislative initiatives and regulatory consultations. Notably, the Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 passed both Houses of Parliament and Amended Regulations pertaining to both Foreign Acquisitions and Takeovers and the CCIV framework were registered. ASIC also opened up industry consultation on the AFS licensing requirements for CCIVs.
APRA announced it will not take action against Trustees regarding the divestment of Russian assets and it released an updated prudential standard to enhance the risk management of the use of offshore reinsurers by the Australian life insurance industry.
The Treasury has commenced consultation on proposed regulation of Crypto Asset Secondary Services Providers and appeals have been filed in the Second Business Interruption Test case.
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