The Australian Securities Exchange (ASX) appears to be making good progress in replacing its CHESS system with distributed ledger technology (DLT).
It says no significant concerns about using DLT were raised by respondents to a consultation paper released in September 2016.
‘Respondents were generally supportive of ASX investigating DLT as a potential replacement technology for CHESS,’ ASX says in its recently published summary of feedback it received.
In a recent blog, Tyro Payments executive director Jost Stollman predicts that disruption is the new frontier for governance and risk professionals and warns that for many the very real risk is tardiness in coming to grips with strategic governance in a new era of digital disruption. He points to the media and advertising industries which have already been turned upside down and now the transformation is moving through the commerce, banking, health and manufacturing sectors making sound governance more challenging than ever. As Mr Stollman says, no one and no organisation is immune from the fourth industrial revolution of disruption.
A new issues paper asks some big questions aimed at firing up the debate on how financial reporting and accountability in the not-for-profit (NFP) and charitable sector can be improved. The paper was launched at the end of March by Anglicare Australia, the Australian Charities and Not-for-profit Commission (ACNC) and the Australian Accounting Standards Board (AASB).
Governance Institute has welcomed proposed reforms to Australia’s insolvency laws. The draft legislation released at the end of March by the Minister for Revenue and Financial Services, Kelly O’Dwyer.
While its vision remained the same, the way in which the Australian Securities and Investments Commission (ASIC) was approaching regulation was transforming, thanks to advancements in regulatory technology or ‘regtech’, according to ASIC’s chairman Greg Medcraft.