• Federal Budget 2018/2019 | Minister Kelly O'Dwyer has issued a statement highlighting a number of budget measures which she says (if enacted) will have specific benefits for women.
• Double standards on diversity? The FT comments that though asset managers are pushing for companies to promote and improve board diversity, they are less willing to provide data on their own fund boards.

• Top Story | International activist activity has surpassed US campaigns for the first time according to JP Morgan research, with 52% of activist campaigns launched globally during 2017 involving non US targets.
• In Brief | Activist Glaucus vindicated? Blue Sky Alternative Investments has withdrawn profit guidance for the 2018 and 2019 financial years and the Chief Investment Officer and Chair will step down.

• Top Story | One step closer to implementing a modern slavey reporting requirement? An anti-slavery unit to manage the implementation of a Modern Slavery Reporting Requirement was among the announcements in the Federal Budget 2018-2019.
• ASIC takes action against Big Un Ltd for failure to lodge half year financial reports: Big Un must issue a full prospectus if it wishes to raise funds from retail investors: ASIC has restricted Big Un Limited (Big Un) from eligibility to issue a reduced-content prospectus until 2 May 2019.
• In Brief | Orica will increase the amount of its environmental provision by $115m in its financial report for half year ended 31 March 2018. ASIC writes that it has previously raised concerns as to whether environmental provision in previous financial reports was sufficient given the likely duration and cost of remediation obligations at its Botany Industrial Park site.

• Additional funding for regulators to implement specific measures announced in the Federal Budget 2018-2019 including additional funds for ASIC and APRA to assist the Financial Services Royal Commission and for ASIC to strengthen the quality of financial reports.
• United States | New anti 'pile on' enforcement policy announced by the US Department of Justice: Agencies to coordinate in imposing multiple penalties on a company for the same conduct to address the issue of companies facing multiple enforcement actions for the same conduct.
• In Brief | The Treasury Laws Amendment (ASIC Governance) Bill 2018 which amends the Australian Securities and Investments Commission Act 2001 to enable the Governor-General to appoint a second Deputy Chairperson to ASIC has passed both houses without amendment and awaits royal assent.

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Financial Services Royal Commission)

• Top Story | An end to commissions? ASIC's submission to the Financial Services Royal Commission expresses the view that the grandfathering of commissions should cease as soon as reasonably practicable.
• Royal Commission | Round three public hearings to focus on secured and unsecured loans to small and medium businesses; schedule of topics and case studies and a new background paper released.
• New Zealand | FMA and RBNZ have requested licenced NZ banks to undertake their own assessments, and provide details of the work undertaken to ensure that the issues identified at the Australian Financial Services Royal Commission are not present in their own organisations/are being addressed.
• In Brief | The Financial Services Royal Commission has released responses to requests for more information by official witnesses following the second round of hearings.

Banking

• Top Story | Phased implementation of Open Banking from July 2019: The government has agreed to the Farrell Review recommendations; the Federal Budget 2018-2019 includes a $44.6m commitment over four years to establish a national consumer data right (CDR)
• CBA and ASIC have agreed to an in-principle settlement over BBSW: CBA to pay $25m to settle allegations.
• More competition in the banking sector? APRA has authorised the first restricted authorised deposit taking institution (ADI) licence.
• In Brief | Building on the 2016-2017 budget measure, the government has committed $0.1m to promote Australia internationally as a fintech destination.
• In Brief | ANZ announced two executive committee appointments: the promotion of Alexis George to deputy CEO replacing Graham Hodges, and the appointment of Mark Hand as Group Executive, Australian Business and Private Banking. Both appointments are effective from 15 May 2018.
  Insurance
• Top Story | 'Protecting your super package' announced in the Federal budget 2018-2019; exposure draft legislation released for consultation.
• In Brief | APRA has released annual general insurance institution-level statistics for December 2017

Other developments

• In Brief | The Super Guarantee integrity Bill (Treasury Laws Amendment (2018 Measures No 4) Bill 2018) has been referred to the senate committee for report by 13 June 2018. The Bill includes the Government's Superannuation Guarantee (SG) integrity package and other measures.

• IOSCO consultation paper released: Good Practices for Audit Committees in Supporting Audit Quality. Consultation closes 24 July.
• In Brief | The Hong Kong Securities and Futures Commission (SFC) announced that its Chief Executive Officer, Mr Ashley Alder, has been reappointed as Chair of the new Board of the International Organisation of Securities Commissions (IOSCO) at IOSCO’s annual conference in Budapest.
• In Brief | The UK Financial Reporting Council has released its first report on audit culture and has flagged plans to review the culture at the largest firms as part of its recently announced expanded monitoring and supervision of those firms

• Top Story | What to expect from AUSTRAC if you're in their sights: MinterEllison Partner Tony Dhar and Senior Associate Jacki Wang caution that the mere existence of compliance processes is insufficient to mitigate regulatory risk.
• Recent developments at AMP | A first strike, board renewal and confirmation that the company will defend shareholder class actions.
• Further resignations at Nike; Nike CEO has reportedly apologised to staff for allowing a corporate culture that was not inclusive which failed to take complaints seriously.

• Top Story | Treasurer Scott Morrison has announced 'tough new anti-phoenixing measures' in the Federal Budget 2018-2019.

• Funding to address financial elder abuse announced in Federal Budget 2018-2019.
• Measures to address illegal 'black economy activity' announced in the Federal Budget 2018-2019.
• In Brief | Tax implications of the Federal Budget 2018-2019: The MinterEllison tax team have provided an overview of key budget measures and the possible implications from a tax perspective.