Greg Kilminster
Head of Product - Content
APRA announces climate change survey
The Australian Prudential Regulation Authority (APRA) has alerted all of its regulated entities to a forthcoming survey aimed at assessing the maturity of firms’ current practices against APRA’s guidance on managing the financial risks of climate change.
The survey, which is voluntary, is intended to help both the regulator and firms understand the approaches being taken to identify, assess and manage climate-related financial risks.
As well as repeating a number of questions from a similar exercise carried out in 2022, the 2024 survey is expected to include new questions aimed at gathering additional insight on existing topics and emerging issues including nature risk and transition plans.
It will be made available to all banking, insurance and superannuation firms APRA supervises and each firm will have six weeks to compile their responses.
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New Zealand’s FMA issues new business continuity plan requirements
The Financial Markets Authority in New Zealand (FMA) has announced the introduction of a new standard condition which will require licence holders to have and maintain a business continuity plan that is appropriate for the scale and scope of its service. the new conditions apply to managers of registered schemes (but not restricted schemes), providers of discretionary investment management services, derivatives issuers and prescribed intermediary services (peer-to-peer lending providers and crowdfunding service providers).
In the same notification, the FMA has also announced the launch of a new secure online notification form for licence holders to notify the FMA of any event that materially impacts the operational resilience of their critical technology systems. This includes an event that materially disrupts or affects the provision of the licensee’s market service or has a materially adverse impact on recipients of those services.
The new standard condition comes into effect on 1 July 2024.
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