Media & Notices

Date Title & Summary Topic Area
26-Jun-2024

AFMA Fallback Language Template for Floating Rate Notes

The AFMA Fallback Language Template for Floating Rate Notes (FRN) was first published in November 2022 on the AFMA website for incorporation in FRN securities documentation as suggested template language to assist the market. This template has been lightly revised to clarify some language and definitions based on experience with its use.

Other
31-May-2024

Due Diligence Planning Memorandum Update

AFMA has just published an update to its Due Diligence Planning Memorandum (DDPM) dated June 2024.

Other
01-Jan-2024

New AFMA Gas Conventions

AFMA has published the a new set of Gas Conventions. The conventions are intended to streamline market practices in the Australian gas market and provide the basis for standardised trading in the over-the-counter gas market.

Other
01-Jan-2024

Amendments to the Environmental Products Conventions

AFMA Members and market participants are advised that AFMA’s Environmental Products Committee has adopted amendments to the AFMA Environmental Products Conventions to align them with recent changes to the Environmental Products Addendum and Spot Contract.

The amendments will take effect from 1 January 2024.

Other
01-Jan-2024

Amendments to the Carbon Conventions

AFMA Members and market participants are advised that AFMA’s Carbon Committee has adopted amendments to the AFMA Carbon Conventions to align them with recent changes to the Environmental Products Addendum and Spot Contract.

The amendments will take effect from 1 January 2024

Other
23-Nov-2023

New Convention and Amendments to Interest Rate Derivatives Conventions

AFMA member and other market participants are advised of amendments to the Interest Rate Derivatives Conventions

Other
21-Nov-2023

New Debt Primary Market Conventions

AFMA member and other market participants are advised of the implementation of the inaugural Debt Primary Market Conventions

Other
06-Jul-2023

Amendment to Cash Conventions

AFMA Members and market participants are advised that AFMA has made a non-material amendment to the Cash Conventions.

Other
06-Jul-2023

Amendments to Specified Market Conventions

AFMA Members and market participants are advised that AFMA has made non-material amendments to the following Market Conventions

Other
09-Jun-2023

ITAWG has issued a Statement on USD LIBOR cessation

The IBOR Transformation Australian Working Group (ITAWG), issued a Statement on USD LIBOR cessation.

Rates
11-Apr-2023

AFMA partners with CMI to drive carbon market standards

The Australian Financial Markets Association (AFMA) and the Carbon Market Institute (CMI) have come together in an affiliate membership arrangement to support the development of the Australian carbon market and establish high professional standards for participants in the market.

Association
27-Mar-2023

Amendments to Environmental Product Conventions

AFMA Members and market participants are advised that AFMA’s Environmental Product Committee has adopted changes to the AFMA Environmental Products Conventions

Other
05-Jan-2023

Amendments to Interest Rate Derivatives Conventions

AFMA Members and market participants are advised that AFMA’s Swaps Committee voted unanimously to adopt four changes to the AFMA Interest Rate Derivatives Conventions

Other
13-Dec-2022

Initial AFMA Carbon Market Conventions

AFMA has published the initial version of the Carbon Markets Conventions.  The conventions are intended to streamline market practices in the Australian Carbon Credit Unit (ACCU) market and provide the basis for standardised trading in the over-the-counter ACCU market

Other
29-Nov-2022

AFMA Website Notice

AFMA would like to advise members and stakeholders that, on or around 13 October 2022, AFMA’s main website (www.afma.com.au) was compromised by an automated cyber-attack, the aim of which was to enhance search indices to promote traffic to a non-related website.  AFMA became aware of the attack on 17 October and immediately executed an incident response plan, including rolling back all AFMA websites to their state prior to the attack and enhancing security on all websites. AFMA has a high level of confidence that no personally identifiable information was exposed by the attack as such data is not directly accessible from the website. Accordingly, AFMA’s position is that it has no notification obligation arising from the event but issues this notice for transparency. 
 
Please contact AFMA’s Company Secretary, Rob Colquhoun, at [email protected] if you would like any further information.

Association
02-Nov-2022

AFMA-ABA Commence discussions on potential collaboration

The Australian Financial Markets Association (AFMA) and the Australian Banking Association (ABA) have commenced exploring ways to collaborate in the interest of our respective members.

Association
02-Nov-2022

AFMA Fallback Language Template for Floating Rate Notes


The AFMA Fallback Language Template for Floating Rate Notes (FRN) has ben published to the AFMA website for incorporation in FRN securities documentation as suggested template language to assist the market.

Other
25-Oct-2022

Market Notice: 2022_05-Reciprocal Purchase Agreements Conventions

AFMA Members and market participants are advised of the addition of guidance to AFMA’s Reciprocal Purchase Agreements Conventions (Repo) Conventions, this designed to communicate best practice for dealers when considering procedural aspects of client relationships and steps which may serve to reduce settlement risks

Other
13-Sep-2022

Market Notice 2022_03 Public Holiday Thursday 22 September 2022

Market participants are advised that the Australian Government has declared Thursday 22 September 2022 as a one-off national public holiday to allow people to pay their respects for the passing of Queen Elizabeth.

Other
23-Aug-2022

Market Notice 2022_02 - Electricity Conventions Amendments

Market participants are advised of the following minor amendments to AFMA’s Electricity Market
Conventions.

Other
01-Aug-2022

Statement of Good Practice in Debt Capital Markets

Central Repository for Primary Market Issuance Documents

Other
29-Jun-2022

Cash Market Information for ADI RITS members

Cash Market Information for ADI RITS members

Other
04-Apr-2022

ITAWG Market Statement of 4 April 2022

The IBOR Transformation Australian Working Group (ITAWG) has issued a Market Statement dated 4 April 2022 on the use of Interest Rate Benchmarks in Australia

Other
23-Feb-2022

The Master Equity Capital Market Terms have been updated to the version dated 23 February 2022.

The Master Equity Capital Market Terms have been updated to the version dated 23 February 2022. The Master Equity Capital Market (ECM) Terms provide industry developed standard terms to streamline the confirmation of institutional allocations on equity capital raisings in Australia.

Other
01-Dec-2021

Market Notice: 2021_08 Market Conventions Amendments

Market participants are advised of the following amendments to AFMA’s Market Conventions.

Other
26-Nov-2021

Market Notice: 2021_07 Trading BBSW/SOFR Cross Currency Basis Swaps

Members of AFMA’s Swaps Committee have agreed that the Australian swaps market will begin trading BBSW/SOFR cross currency basis swaps as the primary basis swap in AUD/USD cross currency swap transactions from Monday, 29 November 2021.

Other
22-Oct-2021

AFMA Media Release - Senate Committee Ensures Competitiveness with Global Markets Incentive

The Australian Financial Markets Association (AFMA) has welcomed the Final Report of the Senate Committee into Australia as a Technology and Financial Centre, particularly the recommendation that the Government legislate a Global Markets Incentive (GMI) by end 2022.

Other
22-Oct-2021

AFMA Media Release - AFMA Calls Time on Interest Deductibility Cap for Foreign Banks

The Australian Financial Markets Association (AFMA) has today called on the Government to take the opportunity arising from the end of LIBOR to remove an existing flaw in the tax framework applying to foreign banks and restore competitive neutrality..

Rates
15-Sep-2021

Market Notice: 2021_06 AFMA Consequence Management Standard

AFMA has issued a Consequence Management Standard setting out Principles to guide member firms in the design and implementation of a consequence management policy for their employees. The standard may be found within the Guidelines section of the AFMA website main page

Other
14-Sep-2021

Market Notice: 2021_05 Repo Eligibility Criteria

AFMA is supporting the Reserve Bank’s efforts to see the Australian market adopt robust fallback language following the publication of Reserve Bank Repo Eligibility Criteria.

Other
01-Sep-2021

AFMA Media Release - Concern about Potential Delay to OBU Changes

The Australian Financial Markets Association (AFMA) is concerned that the passage of legislative measures in relation to the Offshore Banking Unit (OBU) regime in Schedule 2 of the Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 may be delayed due to an unrelated amendment that has been moved, as this outcome could harm Australia’s standing and be a deterrent to international investors.

Taxation
23-Aug-2021

AFMA Appoints Brett Harper as its new Chief Executive Officer

AFMA Appoints Brett Harper as its new Chief Executive Officer

Association
04-Aug-2021

AFMA - FFSP Consultation Response Media Releas

AFMA supports reform of cross border financial regulation

Regulation
04-Jun-2021

Market Notice: 2021_04 Credit Products Conventions and Long Term Government Debt Securities Conventions Amendments

Market participants are advised of the following amendments to AFMA’s Credit Products Conventions and Long Term Government Debt Securities Conventions to further clarify the conditions to be satisfied for the use of the AFMA formula applicable to FRNs with zero floor coupons..

Other
12-May-2021

AFMA - Budget FFSP Media Release

AFMA welcomes prospect of more efficient cross border financial regulation

Taxation
06-Apr-2021

Market Notice: 2021_03 Market Conventions Amendments

Market participants are advised of the following amendments to AFMA’s Market Conventions, effective immediately.

Other
16-Mar-2021

AFMA Media Release - OBU

Loss of OBU Regime will Harm Australia’s Competitiveness.

Taxation
08-Mar-2021

Master ECM Terms 8 March

Master ECM Terms dated 8 March have been released

Other
05-Feb-2021

AFMA Media Release - Macquarie University

The Australian Financial Markets Association (AFMA) and Macquarie University are pleased to announce a long-term collaboration agreement, under which Macquarie Business School (MQBS) will provide education services for AFMA’s Accreditation program.

Other
03-Feb-2021

Market Notice: 2021_02 Market Conventions Amendments

Market participants are advised of the following amendment to be made to AFMA’s Market Conventions.

Other
11-Jan-2021

Market Notice: 2021_01 Market Conventions Amendments

Market participants are advised of the following amendments to AFMA’s Market Conventions, effective 1 February 2021.

Other
27-Nov-2020

Market Notice: 2020_10 Market Conventions Amendments

Market participants are advised of the following amendments to AFMA’s Market Conventions, effective 30 November 2020

Other
20-Nov-2020

GN1 - Conduct Training Practice Guide

AFMA has produced a Conduct Training Practice Guide to assist member firms to design and implement effective education and training programs for their employees in relation to matters of individual and company conduct in the financial markets. The Guide sets out the principles that underpin an effective training program for employees in relation to conduct

Other
12-Oct-2020

AFMA Electricity Derivatives Turnover Report 2019-2020

AFMA has released the AFMA Electricity Derivatives Turnover Report, which provides annual turnover data for the exchange and over-the-counter (OTC) electricity derivatives markets for 2019-2020 and earlier years

Other
12-Oct-2020

AFMA Statement on Forthcoming ISDA IBOR Fallbacks Protocol

The Australian Financial Markets Association (AFMA) welcomes the International Swaps and Derivatives Association’s (ISDA) announcement on 9 October 2020 of the upcoming launch of its IBOR (interbank offered rates) Fallbacks Protocol (the Protocol) and IBOR Fallbacks Supplement (the Supplement), which focus on strengthening existing and new derivatives contracts with robust fallback language.

Other
03-Sep-2020

AFMA Welcomes Senate Committee Interim Report

AFMA welcomes the release of the Senate Select Committee on Financial Technology and Regulatory Technology’s Interim report and, specifically, Recommendation 14 for the Government to put in place a framework for the Council of Financial Regulators, supported by Austrade, to regularly consider and report on Australia’s international competitiveness in financial services.

Other
26-Aug-2020

AFMA Pre-Budget Submission

In its Pre-Budget submission to the Federal Government, the Australian Financial Markets Association (AFMA) has called for action to support the vital role of financial markets in the economic recovery from the COVID-19 pandemic.

Other
10-Aug-2020

Definition of AONIA

To assist the market, AFMA has published today the definition of AONIA to clarify its meaning. It is available here

Other
14-Jul-2020

DCM and Debt Securities Conventions Amendments

Credit Products Conventions and Long Term Government Debt Securities Conventions Amendments

Other
03-Jul-2020

Market conventions amendments

Market participants are advised of the following amendments recently made to AFMA’s Market Conventions

Other
15-May-2020

AFMA welcomes revocation of trade caps

The Australian Financial Markets Association (AFMA) has welcomed ASIC’s guidance issued today to equity market participants in relation to the volume of share trading, setting out its expectations for all market participants to act appropriately to ensure Australia’s equity market remains resilient.

Other
17-Apr-2020

Market conventions amendments

Market participants are advised of the following amendments recently made to AFMA’s Market Conventions

Other
23-Mar-2020

Master ECM Terms Amendments

Market participants are advised that the Master ECM Terms have been updated, effective 23 March 2020. The current version of the Master ECM terms is available on the AFMA website

Other
13-Jan-2020

Market Convention Amendments

Market participants are advised of the following amendments made and new conventions introduced to AFMA’s Market Conventions, effective 13 January 2020

Other
05-Nov-2019

Market Convention Amendments

Market participants are advised of the following amendments made to AFMA’s Reciprocal Purchase Agreement (Repo) Conventions

Other
23-Oct-2019

AFMA Appoints New Chair and Deputy Chair

The Board of the Australian Financial Markets Association (AFMA) today announced it has appointed Robert Bedwell, Chief Executive Officer, Australia & New Zealand, J.P. Morgan as its new Chair.

Association
02-Oct-2019

Market conventions amendments

Market participants are advised of the following amendments recently made to AFMA’s Market Conventions

Other
02-Oct-2019

AFMA Electricity Derivatives Turnover Report 2018-2019

AFMA has released the AFMA Electricity Derivatives Turnover Report, which provides annual turnover data for the exchange and over-the-counter (OTC) electricity derivatives markets for 2018/2019 and earlier years.

Other
07-Aug-2019

AFMA CEO elected Chair of ICSA

AFMA CEO, David Lynch, has been elected Chair of the International Council of Securities Associations (ICSA), the first Australian representative to hold the position.

Association
05-Jun-2019

Market conventions amendments

Market participants are advised of the following amendments recently made to AFMA’s Market Conventions

Other
20-Feb-2019

AFMA Electricity Derivatives Turnover Report 2017-2018

AFMA has released the AFMA Electricity Derivatives Turnover Report, which provides annual turnover data for the exchange and over-the-counter (OTC) electricity derivatives markets for 2017/2018 and earlier years

Other
18-Dec-2018

Swaps Reference Price Transaction Guidelines

AFMA is publishing new guidelines on its website dealing with conduct of dealers when managing swaps reference price transactions in the Australian market

Other
26-Oct-2018

AFMA Commits to Working with Government on OECD Review into Offshore Banking Unit Regime

AFMA Commits to Working with Government on OECD Review into Offshore Banking Unit Regime

Association
03-Sep-2018

AFMA Electricity Derivatives Turnover Report

As a result of increased interest from regulatory bodies, market participants and other observers of the electricity derivative markets, AFMA has released a report on electricity derivative turnover.

Other
02-Jul-2018

AFS Licensee Notices on Research Independence for Issuers on an IPO

AFMA is making available on its website for member use a one page notices document AFS Licensee Notices on Research Independence for Issuers on an IPO (Issuer Notices) to provide initial notices to issuers regarding research independence requirements set out in the Australian Securities and Investments Commission (ASIC) Regulatory Guide 264 (Sell Side Research) (RG 264).

Regulation
18-Apr-2018

Amendments to the NTI Conventions - Reporting of Stock Details

In its role as administrator of the BBSW benchmark rate the ASX is preparing to transition the primary calculation of the rate from a national best bid and best offer (“NBBO”) methodology to that of a volume weighted average price (“VWAP”). In order for this to be effective a selling counterparty of prime bank paper will be required to report all secondary market trades that occur within the VWAP trade set window, but not through an approved trading venue, to a trade reporting agent

Other
19-Jan-2018

Launch of the Australian FX Global Code Register

The Australian Financial Markets Association (AFMA) has launched a Public Register for Statements of Commitment to adhere to the FX Global Code (the Code) for use by participants in the Australian wholesale foreign exchange market. The Register was developed in collaboration with ACI Australia.

Association
30-Nov-2017

Introduction of the Rolling Maturity Pool to the NTI Conventions

Market participants are advised that the NTI Conventions are being amended, effective 4 December 2017, to introduce the rolling maturity pool convention, which replaces the early and late bucket pooling convention.

Association
22-Nov-2017

AFMA releases 2017 Australian Financial Markets Report

The Australian Financial Markets Association (AFMA) today released the 2017 Australian Financial Markets Report, its annual review of Australia’s over-the-counter and exchange-traded financial markets.

Association
19-Oct-2017

AFMA welcomes the appointment of James Shipton

David Lynch, CEO of the Australian Financial Markets Association, welcomed today's announcement by the Minister for Revenue and Financial Services of the appointment of James Shipton as the next chairman of ASIC.

Other
24-Jul-2017

APRA CPS 226 Margining status renewal request

Entities regulated by the Australian Prudential Regulation Authority (APRA, and such entities, APRA covered entities) are required to have in place margining practices in relation to non-centrally cleared derivatives. These requirements are contained in the Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives (CPS 226).

Regulation
25-May-2017

Global FX Code breaks new ground

The Australian Financial Markets Association (AFMA) welcomes the launch of the FX Global Code for the wholesale foreign exchange (FX) market.

Other
15-May-2017

Debt Capital Market Issuance Disclosure Practice – Guidance on Price and Tenor

Following consideration by the AFMA Credit Product Committee of market feedback on debt capital market issuance disclosure requirements, it has been resolved to recommend as good practice broad and consistent dissemination of price and tenor guidance.

Association
11-May-2017

Notice of Change to the Inflation Products Conventions

Members are advised of the following change to the Inflation Products Conventions that the Inflation Products Committee has unanimously agreed to.

Association
10-May-2017

2017-18 Budget Media Release: Major Bank Levy a Poor Policy Precedent

The Australian Financial Markets Association (AFMA) has expressed concern regarding the cornerstone budget announcement of the Government to impose a Major Bank Levy, with projected revenue over the forward estimates period of $6.2 billion. The announced levy applies to Australia’s five largest banks, with liabilities in excess of $100 billion

Other
08-Feb-2017

Professional standards framework for retail advisers

AFMA congratulates the Government on the passage of legislation today to introduce the professional standards framework for advisers dealing with retail customers.

Other
30-Nov-2016

New Benchmark Administrator for BBSW

The Australian Financial Markets Association (AFMA) has today announced that it will transfer administration of the BBSW benchmark rate to ASX. It is the intention of both parties that ASX will administer BBSW from 1 January 2017.

Other
29-Nov-2016

AFMA Appoints New Chairman

The Board of the Australian Financial Markets Association (AFMA) has appointed as its Chairman John Knox, CEO, Credit Suisse Australia.

Association
27-Nov-2016

Evolution of the BBSW Methodology

An update on Operational Developments to Facilitate Market Change

Other
30-Sep-2016

Annual AFMA Prime Bank Elections

The Australian Financial Markets Association today concluded its 2016 Prime Bank Survey, and from this process the current Prime Banks were re-elected, there being no other nominating institutions

Association
28-Sep-2016

Notice of Change to the Electricity and Environmental Product Conventions

Members are advised of the following changes to the Electricity and Environmental Product Conventions that their respective Markets Committees has unanimously agreed to and which have been ratified by the Market Governance Committee.

Association
06-Sep-2016

Notice of Change to the Interest Rate Derivatives Conventions

Members are advised of the following changes to the Interest Rate Derivatives Conventions that the Swaps Committee has unanimously agreed to and which have been ratified by the Market Governance Committee.

Other
02-Sep-2016

Debt Capital Market Issuance Disclosure Practice

Following consideration by the AFMA Credit Product Committee of market feedback on debt capital market issuance disclosure, it has been resolved to recommend as good practice broad and consistent dissemination of debt primary market issues in a standard format.

Other
25-Aug-2016

AFMA introduces an Algorithmic Fall-back to the BBSW Calculation Methodology

As advised in the 19 July Market Notice 2016_5, AFMA is changing the calculation methodology for BBSW to place it on a sounder footing going forward. One component of the new methodology is the introduction of an algorithmic fall-back stage, which would come into operation in the event that the NBBO calculation process fails to compute a BBSW rate for all tenors. It is expected that the algorithmic fall-back would be rarely used in practice.

Other
22-Aug-2016

Cessation of Environmental Products Data Publication

AFMA has made a decision to discontinue the provision of Environmental Products data product on 30 September.

Other
09-Aug-2016

AFMA welcomes ASIC Reports 486, 487

AFMA welcomes the release today of Reports 486 and 487 by ASIC in relation to sell-side research and corporate advisory confidential information and conflicts, and a review of the cleanliness of the Australian equity market, respectively.

Other
22-Jul-2016

AFMA Commences BBSW Externalisation Process

AFMA has previously advised the market that it intends to step away from its function as administrator of the Bank Bill Swap (BBSW) Benchmark Rate and will transfer responsibilities to an appropriately qualified entity. This will provide AFMA with greater capacity to conduct the policy advocacy and market development activities that form the core of its mission.

Association
19-Jul-2016

Evolution of the BBSW Methodology

The Council of Financial Regulators, in its February Discussion Paper Evolution of the BBSW Methodology, asked AFMA to finalise a set of amendments to the BBSW methodology by end-June 2016. AFMA has concluded this process and has settled the changes to the future methodology

Other
08-Jul-2016

AFMA Carbon Addendum CRP methodology resolved

AFMA's Electricity Committee has selected a proposed methodology for the CRP, after consideration of the feedback from a general market consultation process that occurred in March/April

Other
11-May-2016

AFMA to Refocus its Support for Financial Benchmarks

AFMA has determined that benchmark administration has now evolved to a point where it is appropriate for it as an industry body to step away from the function of being a benchmark administrator. This will provide AFMA with greater capacity to conduct the policy advocacy and market development activities that form the core of its mission.

Association
06-May-2016

Budget to Support Jobs and Growth: AFMA

The Australian Financial Markets Association has welcomed the focus in the 2016/17 Budget on promoting growth in the Australian economy. The Government has laid out a cohesive narrative to support the transition of the Australian economy into one that promotes Australia's competitiveness in the region and enhances Australia's financial services export capability.

Other
02-May-2016

Attorney General's Report Strengthens Australia's AML/CTF Framework

The Australian Financial Markets Association has welcomed the Attorney-General's Department Report into Australia's AML/CTF Regime (the Report), released on 29 April 2016

Other
20-Apr-2016

Government measures announced today to strengthen ASIC

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and that participants in the financial services sector should be prepared to provide a proportionate amount of ASIC's funding through cost recovery. While incentives in the regulatory system would work better under a mixed funding model, AFMA understands the Government's fiscal challenges and its decision to adopt a user pays industry funding model for ASIC.

Other
15-Apr-2016

Notice of change to the Cash Market Conventions

Cash Conventions changes specific to ESA holder banks

Other
29-Mar-2016

AFMA responds to announcement on competition in cash equities clearing

The Australian Financial Markets Association (AFMA) welcomes the announcement today by the Treasurer, Scott Morrison, on competition in cash equities clearing.

Regulation
22-Mar-2016

Proposed change to Cash Market Conventions

The AFMA Cash Committee has endorsed the Reserve Bank's proposal to adopt a new data collection methodology to be applied to the calculation of the Interbank Overnight Cash Rate (IBOC), which is the Reserve Bank Board's operational target for the implementation of monetary policy. The new methodology would eliminate the need for data submissions by banks and rely instead on data extracted from RITS, however implementation is conditional upon the adoption of the proposed amendments to the market conventions governing market practice specific to all IBOC cash transactions between bank Exchange Settlement Account holders.

Other
09-Feb-2016

Council of Financial Regulators’ Discussion Paper on BBSW

AFMA considers today's release of the Council of Financial Regulators Discussion Paper on BBSW methodology a useful progression in the industry's dialogue in relation to benchmark design

Other
31-Jan-2016

Healthy finance sector key to Australia’s productivity: AFMA

The finance sector is critical to Australia's future economic growth, according to a report released today from the Australian Financial Markets Association (AFMA).

Other
08-Jan-2016

Financial Sector Growth, Capital Formation and Productivity

The financial and insurance services sector is the largest of the 12 industries that make up the market sector of the Australian economy, with a 9.9% share of output compared to the next largest sector mining with a 9.8% share. Productivity growth in the financial and insurance sector has outperformed productivity growth in the market sector as a whole on average over the 24 years to 2013-14. The financial sector contributes directly to productivity growth through its share of the economy, but also indirectly through its role in determining the quantity and quality of investment. The financial sector mobilises saving, while financial markets allocate that saving to its most productive uses in the form of investment. The efficiency of this capital formation process is an important driver of productivity growth, which is the main long-run driver of national income per capita.

Other
13-Dec-2015

Overnight Index Swap (OIS) settlement – clarification

Further to Market Notice 6-2015 sent on 4 December 2015, for the purposes of clarity, the new convention of T+2 relates only to the settlement date of the payment of cash under the swap after maturity. The start date for the calculation of the cash flows is unaffected.

Other
13-Dec-2015

Reciprocal Purchase Agreements (Repo) Conventions Amendment

AFMA’s Repo Committee has approved an increase in the minimum cash value per line of bonds or securities delivered under General Collateral (GC) transactions, from $20 million to $50 million.

Other
03-Dec-2015

Interest Rate Derivative Conventions Changes

AFMA’s Swaps Committee has approved the following changes to the Interest Rate Derivative Conventions on 10 November 2015

Other
03-Dec-2015

Overnight Index Swap (OIS) settlement to move to T+2 from 1st January 2016

The AFMA Swaps Committee approved a change in settlement for Overnight Index Swaps from T+1 to T+2 at their most recent meeting on 10 November 2015. This change was subsequently ratified by the Market Governance Committee on 25th November 2015. To enable market participants to operationally prepare for the change, the Swaps Committee agreed to have an effective date of the convention change of 1st January 2016

Other
22-Oct-2015

AFMA Statement regarding Council of Financial Regulators Consultation Paper on BBSW

AFMA has an ongoing, mutually beneficial dialogue with the financial regulators in relation to benchmark matters and we have engaged with them on the consultation paper prior to its release. The RBA participates as an observer on the AFMA committees that deal with benchmark matters. We agree with the Council of Financial Regulators assessment that the market has changed and volumes are low at the time of day BBSW is set, with significantly larger volumes traded outside of this period. It is this issue, rather than the specific calculation methodology, that the Council is looking to address.

Regulation
19-Oct-2015

AFMA responds to outcomes of the Financial System Inquiry

The Australian Financial Markets Association (AFMA) has welcomed the commitment by the Government to maintain an efficient and resilient financial system in its response to the Murray Financial System Inquiry Report.

Other
05-Oct-2015

AFMA releases 2015 Financial Markets Report

The Australian Financial Markets Association (AFMA) today released its 2015 Australian Financial Markets Report, an authoritative survey of Australia’s over-the-counter and exchange-traded financial markets.

Other
30-Sep-2015

Annual AFMA Prime Bank Elections

The Australian Financial Markets Association today concluded its 2015 Prime Bank Survey, and from this process the current Prime Banks were re-elected, there being no other nominating institutions.

Other
22-Sep-2015

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

Further to AFMA Market Notice 4-2014 on 24 July 2014, and for the purposes of clarity, the “carbon reference price” for the purposes of the AFMA Australian Carbon Benchmark Addendum continues to be $0/tonne of CO2-e (exclusive of GST).

Regulation
21-Sep-2015

AFMA Responds to New Cabinet

The Australian Financial Markets Association (AFMA) has welcomed the new Ministry and its emphasis on building an innovative, productive and competitive economy. CEO David Lynch said the industry body was particularly looking forward to working with the newly appointed Treasury Ministers on the range of policies required to achieve these objectives.

Regulation
28-Aug-2015

AFMA Reaction to Proposed ASIC Funding Model

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery charges.

Regulation
19-Aug-2015

AFMA announces move to T+2 for Australian Fixed Income

The Australian Financial Markets Association (AFMA) has announced that Australia will move to T+2 settlement for fixed income products on March 7th, 2016.

Other
14-Aug-2015

AFMA survey on Complementary Financial Benchmarks

AFMA is working with member firms and the Australian regulatory authorities to develop a robust, near-risk-free benchmark interest rate for the Australian market. The indications are that a near-risk-free benchmark will, for certain applications, hold attraction to users of existing interest rate benchmarks. That said, the new benchmark is being designed to complement the existing Bank Bill Swap (BBSW) rate, which has a vital ongoing role as a benchmark in the financial system.

Other
17-Jul-2015

AFMA appoints new Chair

The Board of the Australian Financial Markets Association (AFMA) has elected Steve Harker, Managing Director and Chief Executive Officer of Morgan Stanley Australia, as its new Chair.

Association
08-Jul-2015

AFMA supports ASIC recommendations on administration of financial benchmarks

AFMA supports ASIC recommendations on administration of financial benchmarks. In particular, AFMA endorses the recommendation that administrators of systemically-important benchmarks administered in Australia adopt and implement the IOSCO Principles.

Regulation
11-Jun-2015

Industry Associations Call For Global Data Reporting Harmonisation

AFMA with a group of 10 other industry Associations around the globe wrote on 15 June 2015 a letter to international financial sector authorities and local regulators, including ASIC and the RBA, concerning the need for improved consistency in data reporting requirements. This is an issue which AFMA has long championed both locally and internationally.

Other
04-Jun-2015

AFMA calls for tax changes to support Australian markets

The Australian Financial Markets Association (AFMA) has called for a number of changes to the Australian taxation system to remove barriers to Australia’s competitiveness.

Taxation
27-May-2015

OBU Reforms Enhance Australia as a Financial Centre

The Australian Financial Markets Association (AFMA) has welcomed today's introduction into Parliament of reforms to Australia's Offshore Banking Unit (OBU) regime. The OBU regime is a key pillar of Australia's push to export financial services and allows financial institutions in Australia to compete for internationally mobile financial business with regional financial centres, like Singapore and Hong Kong, which brings income and employment to Australia.

Regulation
15-Mar-2015

Complementary Benchmark to BBSW Envisaged

The Australian Financial Markets Association (AFMA) is working with the regulatory authorities to develop a robust risk-free benchmark interest rate for the Australian market.

Other
07-Dec-2014

Financial System Inquiry's Final Report

The release of the Financial System Inquiry's final report is a major step in the Government's process to develop the Australian financial system in a way that best meets the evolving needs of Australian businesses, households and government. AFMA agrees with the Report's assertion that there is not a strong case to change Australia's institutional arrangements for making and implementing financial stability policy.

Regulation
26-Nov-2014

AFMA welcomes sensible solution on FOFA regulations

The Australian Financial Markets Association (AFMA) welcomes the announcement by Senator Cormann that the Government has agreed with the Opposition that a revised regulation to progress the broadly supported elements of the disallowed Future of Financial Advice (FOFA) Regulations will be re-made by the Government before the end of this year.

Regulation
07-Oct-2014

2014 Australian Financial Markets Report

Financial markets volumes continue to tread water with mixed outcomes across individual markets, according to data published by the Australian Financial Markets Association (AFMA) in its 2014 Australian Financial Markets Report (the Report) released this evening. Data in the Report confirms the ongoing importance of efficient and healthy financial markets to the national economy.

Other
30-Sep-2014

AFMA Prime Banks Re-confirmed

The Australian Financial Markets Association today announced the conclusion of its 2014 Prime Bank Survey and the re-election of the existing AFMA Prime Banks, effective immediately.

Other
24-Jul-2014

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

On the 17th July 2014, the Parliament of Australia repealed the Clean Energy Act with retrospective effect to 1 July 2014. Consequently, and for the purposes of clarity, the “carbon reference price” for the purposes of the Addendum is $0/tonne of CO2‐e (exclusive of GST) with respect to each Calculation Period commencing at or after 12:00am (AET) on 1 July 2014.

Regulation
01-Jul-2014

Bank Bill Swap (BBSW) Benchmark Rate Conventions

The amended Bank Bill Swap (BBSW) Benchmark Rate Conventions as communicated in Market Notice 1-2014 have now been implemented.

Other
27-Jun-2014

ATO Administrative Solution - LIBOR Cap for AUD Borrowings

An issue has arisen as to the appropriate operation of the LIBOR Cap, as contained in Section 160ZZA of the ITAA 1936 to AUD notional borrowings by a foreign bank following the cessation of AUD LIBOR on 31 May 2013. AFMA and the ATO have agreed an Administrative Solution whereby that provides a safe harbour for taxpayers that apply the proxy rate (determined with reference to BBSW plus an appropriate margin).

Taxation
24-Jun-2014

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

The AFMA Electricity Committee has made a determination with respect to the calculation of the Carbon Reference Price (CRP) for the financial year 2014/2015.

Regulation
20-Jun-2014

Government announcement about FOFA clarifications

The Australian Financial Markets Association has welcomed the Government's announcement today about clarifications to the FOFA regime as the next step in finalising what has been an extensive consultation and revision process.

Regulation
02-Jun-2014

BBSW Convention Amendment

The BBSW Conventions have been amended and are pending implementation. The amendments have been designed to improve a number of operational procedures whilst not altering the fundamental characteristics of the BBSW rate. All stakeholders, including subscribers, have an opportunity to provide feedback to AFMA during a 2 week consultation period commencing Monday 2 June 2014 and closing 5:00pm Friday 13 June 2014.

Other
14-May-2014

AUSTRAC Levy Change will Increase Regulatory Burden for Business

The Australian Financial Markets Association (AFMA) believes that the priority the Government is giving to returning the Federal Budget to surplus over time is appropriate. The budgetary strategy complements the Government’s deregulation initiatives to promote economic growth. However, AFMA is concerned about the announcement in the Budget last night of a significant rise in the AUSTRAC levy, which will increase the cost of regulation for business. This comes on top of large compliance costs associated with major financial regulatory reforms in recent years.

Regulation
30-Mar-2014

AFMA's Financial System Inquiry Submission

The Australian Financial Markets Association (AFMA) has today made a submission to the Financial System Inquiry being chaired by Mr David Murray AO. The forward looking nature of the Inquiry gives it an important role in helping to shape the financial system so it most effectively supports the future development of the Australian economy.

Regulation
24-Feb-2014

ASX Consultation on the Introduction of T+2 Settlement for Cash Equities

The Australian Financial Markets Association (AFMA) welcomes the release today by the Australian Securities Exchange (ASX) of its Consultation Paper on the Introduction of T+2 Settlement for cash equities.

Other
19-Dec-2013

AFMA surveys benchmark rate users

The Australian Financial Markets Association (AFMA) conducted a survey to better understand the needs of reference rate users. The survey sought to understand the demand for interest rate benchmarks in general and the current usage of the Bank Bill Swap (BBSW) benchmark rate more specifically.

Other
19-Dec-2013

AFMA welcomes measured approach to FOFA changes

The Australian Financial Markets Association (AFMA) has welcomed the Government's announcement today of a number of amendments to the Future of Financial Advice (FOFA) provisions in the Corporations Act, which are aimed at reducing compliance cost for business, advisers and consumers who access financial advice.

Regulation
13-Dec-2013

Government Announcement on Backlog of Tax Measures

The Australian Financial Markets Association (AFMA) today welcomed the confirmation by the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, that the Government will proceed with tax law amendments to confirm the existing practice in relation to instalment warrants and, thus, remove a potential tax uncertainty for investors.

Taxation
20-Nov-2013

Financial System Inquiry

The Australian Financial Markets Association (AFMA) believes the Financial System Inquiry is well-timed, as we need to check the capacity of the financial system to meet the needs of businesses and households in a time of significant change.

Regulation
13-Nov-2013

Initiatives for Attracting Women into Banking and Finance

The Australian Financial Markets Association (AFMA) and Women in Banking and Finance (WiBF) have today jointly released a set of initiatives that aim to attract more women into graduate positions in the banking and finance industry. More information about the initiatives can be accessed here

Other
05-Nov-2013

Support for the Government Tackling the Tax Backlog

The Australian Financial Markets Association (AFMA) is encouraged by the Government's commitment today to reduce uncertainty for business by tackling the backlog of announced but unlegislated tax measures.

Taxation
29-Oct-2013

Markets Central to the Financial System Inquiry

The Financial System Inquiry is well-timed as we need to check the capacity of the financial system to meet the needs of businesses and households in a time of significant change. The inquiry needs to be forward looking by anticipating the financial services required to support our economy and by identifying the features of a financial system that will meet these needs in the most effective and lowest cost way. A broad-based inquiry that encompasses all facets of the financial system including institutions, markets and infrastructure is the only way to achieve this.

Regulation
09-Oct-2013

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

On 15 February 2012 the AFMA Electricity Committee passed an AFMA Resolution (as defined in the Addendum) determining that the 'carbon reference price' for the purposes of the Addendum was $23/tonne of CO2-e (exclusive of GST) for the 2012/2013 financial year. On 4 July 2013 the AFMA Electricity Committee passed an AFMA Resolution (as defined in the Addendum) determining that the 'carbon reference price' for the purposes of the Addendum was $24.15/tonne of CO2-e (exclusive of GST) for the 2013/2014 financial year.

Other
08-Oct-2013

Steady Growth in Financial Markets in 2012-13

The 2013 Australian Financial Markets Report released today shows Australia's financial markets continued to grow steadily during 2012-13, contributing to Australia's economy through increased funding for Australian companies and infrastructure and supporting future growth.

Other
04-Oct-2013

Yieldbroker to participate in BBSW rate set process

Commencing 18 October 2013, and subject to successful testing, Yieldbroker Pty Ltd will participate in the BBSW benchmark rate set process as an Approved Venue, having met all relevant criteria and approved by the Market Governance Committee.

Rates
30-Sep-2013

Deferral Places OBU Regime on a Better Competitive Footing

The Australian Financial Markets Association (AFMA) welcomes the announcement by the Assistant Treasurer, Senator Arthur Sinodinos, yesterday that the Government will not proceed with the start date of 1 October 2013 for the changes to the Offshore Banking Unit (OBU) regime originally announced in the 2013-14 Budget.

Taxation
30-Sep-2013

AFMA Prime Banks Re-confirmed

The Australian Financial Markets Association today announced the conclusion of its 2013 Prime Bank Survey and the re-election of the existing AFMA Prime Banks, effective immediately.

Other
27-Sep-2013

AFMA Adopts NBBO Calculation Methodology for BBSW Benchmark Rates

The Australian Financial Markets Association (AFMA) today migrated to NBBO calculation methodology for BBSW benchmark rates.

Rates
28-Jun-2013

Dividend Washing Amendment Ticks the Box

The Australian Financial Markets Association (AFMA) today welcomed the announcement by the Assistant Treasurer that the Government would amend the "qualified person" rules to address integrity concerns associated with dividend washing.

Taxation
28-Jun-2013

AFMA Supports Consultation on OBU Changes

The Australian Financial Markets Association (AFMA) has welcomed the announcement by the Assistant Treasurer today that the Government will defer the implementation of proposed changes to the Offshore Banking Unit (OBU) regime until1 October 2013, together with the release of Treasury's Discussion Paper entitled "Improving the Offshore Banking Unit Regime."

Regulation
15-May-2013

Federal Budget - Careful Implementation and Engagement Required

The Australian Financial Markets Association (AFMA) expressed caution about a number of measures announced in the 2013-14 Federal Budget.

Taxation
26-Mar-2013

BBSW Update - Proposed operational changes to BBSW

Rates
17-Mar-2013

ASIC HFT and Dark Liquidity Taskforces' Report

AFMA welcomes ASIC's evidence-driven approach to its review of these areas of market activity. The report highlights that the benefits from market innovation are real and illustrates the importance of regulation that promotes development, while preserving a market that is orderly and fair to its users.

Regulation
10-Feb-2013

Council of Financial Regulators Report on Competition and Clearing

AFMA welcomes the release of the report of the Council of Financial Regulators on competition in clearing Australian cash equities.

Regulation
10-Jan-2013

Encouragement for Retail Corporate Bonds

Treasurer Wayne Swan has today released proposed amendments to the prospectus disclosure and director liability regimes under the Corporations Act that are designed to encourage greater issuance of corporate bonds to the retail sector by Australian companies.

Regulation
20-Dec-2012

AFMA Says Board of Taxation Should Call Time on LIBOR Cap

AFMA's submission to the Board of Taxation's review of tax arrangements applying to permanent establishments has called for the Board to recommend the immediate abolition of the 'LIBOR cap'.

Taxation
26-Nov-2012

AFMA Welcomes Release of Brokerage and Stamping Fees Regulations

Regulations have been released as part of the Future of Financial Advice (FOFA) reforms that exempt brokerage paid to representatives, and stamping fees connected to capital raisings, from the conflicted remuneration ban under FOFA.

Regulation
19-Nov-2012

New Market Integrity Rules on High Frequency Trading and Dark Pools

The market integrity rules announced today by the Minister for Financial Services and Superannuation, Bill Shorten, are a significant set of measures in response to the technological evolution of the markets.

Regulation
04-Oct-2012

Australia's Financial Markets Stable Despite Global Turbulence

The 2012 Australian Financial Markets Report released today shows Australia's financial markets largely held their ground and continued to serve the needs of the domestic economy well, despite ongoing periods of turbulence in major international markets.

Other
28-Sep-2012

AFMA Prime Banks Re-confirmed

The Australian Financial Markets Association today announced the conclusion of its 2012 Prime Bank Survey and the re-election of the existing AFMA Prime Banks, effective immediately.

Other
29-Aug-2012

Financial Markets Welcome Carbon Price Floor Removal

The Australian Financial Markets Association (AFMA) welcomes the changes to the design of the Australian emissions trading scheme announced yesterday by the Australian Minister for Climate Change and Energy Efficiency, the Hon Greg Combet MP.

Other
20-Aug-2012

AFMA and RVS Achieve Key Milestone with End of Day Price Validation Service

AFMA and RVS enter into license agreement to establish AFMA RAVA. Rate Validation Services (RVS) today announced plans to launch a new rate validation service to the Australian banking industry with assistance from the Australian Financial Markets Association (AFMA). The agreement marks an important milestone for Rate Validation Services in their two-year development of an innovative price validation service covering every financial markets instrument in the Australian market place.

Other
13-Aug-2012

ASIC Automated Trading Consultation

ASIC has today released Consultation paper 184 which deals with automated trading.

Regulation
28-Jun-2012

ASIC Market Structure Reforms

With today's release of its draft Market Integrity Rules ASIC has confirmed that it has been responsive to industry concerns raised in relation to its wide ranging consultation on equity market reform.

Regulation
15-Jun-2012

Government Releases Draft FOFA Regulations for Stockbroking

The Government has released draft regulations that aim to minimise the impact of the Future of Financial Advice (FOFA) ban on conflicted remuneration in relation to stockbroking activities.

Regulation
25-May-2012

Financial Markets Welcome Significant Investor Visa

The Australian Financial Markets Association today welcomed the announcement by Minister Shorten and Minister Bowen of a significant investor visa. The visa is a step in the right direction for encouraging capital investment and will increase the attractiveness of Australia as destination for business people and investors.

Other
25-May-2012

Abolition of the LIBOR Cap and Better Branch Tax Rules a Step Nearer

AFMA Welcomes the decision by the Assistant Treasurer to ask the Board of Taxation to examine the continued appropriateness of the LIBOR cap and the suitability of any other such tax benchmark for internal funding by foreign bank branches operating in the Australian market.

Other
09-May-2012

Budget Increases Challenges Facing the Australian Financial Markets

The Australian financial markets industry is concerned about the significant increase in the cost of industry supervision announced in last night's Federal Budget. While the industry supports effective market supervision, this growth in regulatory costs paid for by the industry is excessive and contrasts with the discipline the Government has exhibited in general expenditures that are met by the government directly.

Other
03-May-2012

David Lynch to take the helm at AFMA

The Chairman of the Australian Financial Markets Association, Rick Sawers, today announced the appointment of David Lynch as Executive Director of AFMA.

Other
19-Apr-2012

Government Consultation Paper on OTC Derivatives Framework

AFMA welcomes the Government consultation paper on 'Implementation of a framework for Australia's G20 over-the-counter derivatives commitments'.

Other
03-Apr-2012

ASIC Market Structure Reforms

AFMA agrees with and supports ASIC's stated determination to maintain the Australian market's international competitiveness, as outlined in today's direction statement on market reform.

Regulation
29-Mar-2012

Council of Financial Regulators Proposals on Financial Market Infrastructure

The Council's recommendations to the Treasurer, released today, would strengthen the hand of regulators in dealing with a rapidly changing environment for financial market infrastructure (FMI).

Other
22-Mar-2012

Dark Pools: Industry proposes a targeted response

Leading AFMA member broking firms are growing increasingly concerned as ASIC moves towards finalising its approach to the regulation of dark liquidity. Dark liquidity is the term commonly used to describe 'crossings' where brokers match buy and sell orders before reporting trades to the exchange.

Other
14-Mar-2012

Letter to Editor: AFMA Carbon Benchmark Addendum

The views expressed in the article in The Age, "Double' carbon tax fear on power bills" (14 March 2012), reflect a misunderstanding of the purpose and effect of the AFMA Carbon Benchmark Addendum and could give rise to unnecessary concern for consumers.

Other
23-Feb-2012

Amendment to AFMA Prime Bank List

The Australian Financial Markets Association (AFMA) has been advised by BNP Paribas Australia that it requests to be removed from the AFMA list of Prime Banks.

Other
19-Jan-2012

Protecting your online trading account

Online securities trading offers great flexibility for share investing from home for competitive prices and is increasingly popular.

Other
12-Dec-2011

A Positive Step to Develop the Retail Bond Market

Other
01-Dec-2011

AFMA Prime Bank List Affirmed

Other
01-Dec-2011

Government Right to Reject Transactions Tax

Taxation
29-Nov-2011

AFMA Prime Bank List Amended

Other
27-Nov-2011

New best practice guidelines for handling confidential and price-sensitive information and market soundings

Other
10-Nov-2011

AFMA Carbon Benchmark Addendum

Other
05-Oct-2011

AFMA Supports Tax System Improvements

Taxation
04-Oct-2011

Australia's Financial Markets Prove Effective in Challenging Times

Other
26-Sep-2011

AFMA Prime Banks Re-confirmed

Other
26-Aug-2011

The Government Consults on Financial Market Cost Recovery Model

Other
12-Aug-2011

CFD Industry Welcomes Guidance on Enhanced Disclosure Framework

Other
10-Jul-2011

Increased Certainty in Carbon Scheme Welcomed by Markets

Other
16-Jun-2011

Industry to Consider Discussion Paper on Central Clearing for OTC Derivatives

Other
06-May-2011

Promoting Competition in the Australian Banking Sector

Other
04-May-2011

AFMA Welcomes Licence Grant

Other
29-Apr-2011

AFMA Welcomes Competition Milestone

Other
08-Apr-2011

Treasurer's Decision on SGX Acquisition of SGX

Other
05-Apr-2011

ASX-SGX Proposed Merger

Other
02-Mar-2011

AFMA welcomes ASIC's approach to market reform

Regulation
30-Jan-2011

Competitive Market should be First Priority for ASIC

Regulation
17-Jan-2011

Greater Tax Certainty for the Instalment Warrants Market

Taxation
17-Jan-2011

Korea and Australia Financial Investment Forum to increase investment

Other
03-Nov-2010

ASIC Proposals for Regulating a Changing Equity Market

Regulation
24-Oct-2010

ASX-SGX Merger

Regulation
29-Sep-2010

AFMA Prime Banks Re-confirmed

Association
27-Sep-2010

Australia's financial markets continue to perform well

Association
12-Jul-2010

AFMA to work with ASIC to strengthen CFD sector

Regulation
08-Jul-2010

Market supervision transfer go ahead

Regulation
29-Jun-2010

TOFA announcement improves tax system efficiency

Taxation
11-May-2010

Budget break on IWT - eventually

Taxation
02-May-2010

Henry Review: Another tick for reform of interest withholding tax

Taxation
30-Mar-2010

Equities market competition

Other
17-Mar-2010

AFMA spreads the word on reducing offshore tax risks

Taxation
18-Jan-2010

Government decision restores certainty to capital markets

Other
14-Jan-2010

Australia as a financial centre - how to achieve our potential

Other
26-Nov-2009

AFMA appoints new chairman and deputy

Association
10-Sep-2009

Carbon trading documentation launched

Other
24-Aug-2009

Reforms to the supervision of Australia's financial markets

Regulation
21-Aug-2009

Cmlth Govt Securities - interest withholding tax exemption

Taxation
25-Jun-2009

Govt addresses industry concern about margin lending transition

Regulation
18-Jun-2009

Capital protected product taxation - time for action

Taxation
22-May-2009

Survey of the OTC derivatives market in Australia

Regulation
07-May-2009

Industry to assess draft law on margin lending

Regulation
04-May-2009

Delay in carbon trading causes investment uncertainty

Other
03-Mar-2009

MOU between Korean and Australian securities associations

Association
29-Jan-2009

Response to CAMAC Sons of Gwalia report

Regulation