• Climate change is 'a systemic risk that could impact an entity's financial prospects for future years and that may need to be disclosed in an operating and financial review': ASIC has released updated guidance on climate related disclosure
• ASIC findings from 31 December 2018 financial reports: The largest number of inquiries related to impairment of non-financial assets and inappropriate accounting treatments
• APRA has fined Westpac (and two of its subsidiaries) for failing to meet data reporting requirements
• United States | Moving towards a more 'flexible', principles-based approach to disclosure? The Securities and Exchange Commission has proposed amendments to disclosure requirements under regulation S-K
• United States | The risk of gun violence is emerging as a new risk factor in annual reports: The WSJ reports that several companies have added the possible financial impact of gun violence to their securities filings

• APRA's appearance before the House of Representatives Economics Committee: The focus of the hearing was largely on progress towards implementation of recommended reforms and APRA's strategic priorities
• APRA six monthly update on Financial Services Royal Commission Recommendations: on track to meet the original timelines set in February
• Self-Regulation is not dead? APRA Chair Wayne Byres has said he considers that self-regulation remains the optimal model but that work is needed to restore the system to health
• Hong Kong | SFC latest quarterly report released
• In Brief | How should organisations respond to an SFO probe? The UK Serious Fraud Office has released guidance outlining the steps organisations should take if they decide to cooperate with the agency in an investigation. The WSJ questions whether the guidance could revive tensions with lawyers over legal privilege

• Top Story | The Federal Court has dismissed ASIC's responsible lending test case against Westpac and ordered the regulator to pay the bank's costs
• The ABA and Bauer Media have launched a campaign to stop elder abuse: the group has called on governments to establish a national online register of Power of Attorney Orders, standardise laws and legislate a designated safe place to report elder financial abuse
• United Kingdom | The Financial Conduct Authority has released the findings of its review into the embedding of the Senior Managers and Certification Regime in the banking sector
• In Brief | APRA has announced that it will apply an additional $250 million capital requirement to Allianz Australia Limited (Allianz) to reflect the issues identified in the insurer’s risk governance self-assessment. APRA has advised Allianz that the extra $250 million capital requirement will remain in place until it completes remediation work underway to strengthen risk management, and closes gaps identified in its self-assessment. APRA comments that Allianz is the fifth APRA-regulated entity to have an additional capital requirement imposed due to heightened operational risk: APRA applied a $1 billion capital adjustment to CBA last May following the final report of the Prudential Inquiry, and last month imposed additional $500m capital requirements each on ANZ, National Australia Bank and Westpac
• In Brief | The CBA has provided an update on its prudential inquiry remedial action plan: As of 30 June 2019, CBA has submitted on time to the Independent Reviewer all of the 75 milestones that were due. 65 milestones have been assessed as ‘complete and effective’ and the assessment of the remaining 10 by the Independent Reviewer is in progress. The CBA writes that the independent reviewer has noted the 'solid progress' being made and has said that CBA remains 'on track' to deliver on the plan
• In Brief | Australian Financial Markets Association (AFMA) CEO, David Lynch, has been elected Chair of global securities industry body the International Council of Securities Associations (ICSA). Mr Lynch is the first Australian representative to hold the position
• In Brief | Leadership changes at FINSIA announced: Professional non-executive director, Victoria Weekes has been elected as the new President of the Financial Services Institute of Australasia (FINSIA). The appointment, comes as part of a series of board level changes Three new board directors appointed during May and June are: Westpac Chief Risk Officer David Stephen; National Australia Bank Executive General Manager, Growth Sector Cameron Fuller; and Commonwealth Bank of Australia Executive General Manager, Regional and Agribusiness Banking Grant Cairns

• In Brief | Australia should follow the UK's example? Graeme Samuel has reportedly said that accounting firms should be prevented from selling consulting services to their audit clients given the inherent conflict of interest in a company hiring their auditor to provide general consulting advice. Reportedly Mr Samuel expressed support proposed UK rules preventing the big firms offering almost any other service to their audit clients

Privacy, Technology, Cybersecurity

• ACCC calls for competition reforms that will impact digital platform operators and beyond 
• ACCC calls for privacy law reform and a move towards GDPR-style privacy laws
• The Australian Competition and Consumer Commission has launched legal action against online health booking platform, HealthEngine for allegedly of misusing patient data and manipulating reviews
• In Brief | Record losses expected? The ACCC has cautioned that Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies so far expected to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time. The ACCC, along with over 100 campaign partners from government and industry, is urging consumers to test their scams knowledge and refresh their scam protection and detection skills

Whistleblowing

• ASIC is consulting on new guidance for companies on whistleblowing policies
• Five steps to better whistleblowing policy and practice: Griffith University (and partners) have released a guide for organisations and policy makers based on the findings of a largescale research project into management of whistleblowing

Climate Change

• The Commonwealth bank has committed to exit thermal coal by 2030, climate lobby group Market Forces has welcomed the move
• World first for the retail property sector: NAB has arranged the world's first climate bond-certified green bond to be issued by a retail property landlord
• In Brief | The Guardian reports that the UK environmental audit committee (EAC) has called for the City of London to face mandatory climate reporting within the next three years to avoid jeopardising pension savings

Other Developments

• Reportedly seventeen current and former Goldman Sachs executives have been charged in connection with alleged embezzlement of state funds

• The Parliamentary Joint Committee on Intelligence and Security has commenced two reviews into the three new national security Bills and has called for submissions
• In Brief | Failing of the political process? In a recent speech, the Hon Kenneth Hayne AC QC has suggested that the proliferation of Royal Commissions is indicative of the loss of trust in the political process, and that the 'increasingly frequent calls for royal commissions in this country cannot and should not be dismissed as some passing fad or fashion'