Australian Financial Services Regulatory Update - February 2021

This edition of the Update covers:

1. Recent legal and regulatory developments, including the release of APRA's policy and supervision priorities for 2021, the launch of APRA's Cyber Security Strategy 2020 - 2024, Australian regulatory support for the ISDA IBOR Fallbacks Protocol and Supplement, and Australia's renewed focus on sanctions;
2. Two recent Federal Court decisions which support ASIC's position on obligations to comply with ASIC notices and to substantiate any claims for legal professional privilege;
3. The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA appear to remain committed to taking enforcement action in relation to matters referred by the Commissioner;