Australia said to be deploying additional AUD $550m to financial regulators

Australia has reportedly set aside an additional AUS $550m ($390m) in its new budget in order to boost regulations on its financial sector.

These new funds will be used to increase the implementation of recommendations which were released earlier this year by an inquiry into financial sector malpractice, a report from Reuters states.

The Royal Commission was deployed by Australia’s government and recommended the country’s corporate regulators become subject to a new oversight body. It also suggested the remuneration structures of the industry are reworked, the article said.

In conjunction with this, the new budget will see a further AUD $400m ($283m) funded to the Australian Securities and Investments Commission, and an additional AUD $150m (106m) to the Australian Prudential Regulation Authority – this will be made over the next four years.

This money is expected to come from banks and other financial institutions, the article said.

Last year, The Australian Securities and Investments Commission (ASIC) said it was looking to increase its efforts in tackling fraud within the initial coin offering space. The regulator received new powers from Australia’s Competition and Consumer Commission which empower it to take action against misleading or deceptive conduct within ICOs.

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