Richard Batten is an acknowledged expert on financial services regulation (FSR), Future of Financial Advice (FOFA) and anti-money laundering (AML), with particular expertise in the regulation and distribution of wealth management and insurance services and products.

As a leading FSR, FOFA and AML expert, Richard has developed a good understanding of regulatory and commercial issues across the financial sector. His depth of understanding and practical experience has proved invaluable when developing innovative commercial solutions for major financial institutions and specialist providers. He has particular experience in strategic planning for and implementation of new regulatory requirements and in specialised and complex areas of regulation such as non-cash payment facilities, securitisation, derivatives and foreign exchange.

Richard is responsible for leading publications such as Integrated FSR, Integrated AML, the LexisNexis Financial Services Commentary and for MinterEllison's FSR Licensing and Disclosure Toolkits.

Richard chaired the Financial Services Council Regulatory Issues Working Group for over 8 years and meets regularly with key financial services regulators. He has actively contributed to submissions on the FS Inquiry, FSR FOFA and, AML and credit regulation by industry bodies and is a member of a number of industry working groups.

Richard was invited to take part in the 2014 judging panel for the Financial Services Council Deloitte Future Leaders Award. The program encourages future leaders of the industry to develop innovative presentations on certain topics and enhance their reputation and personal brand within their organisation and industry.

Richard is a regular presenter on industry issues at industry conferences and has appeared before Senate Committees in relation to FOFA, AML and the Australian Consumer Law.

Education
LLB, LLM

• Unwinding the 'byzantine complexity' of corporations and financial services laws:  Submission on ALRC Interim Report B
  

  MinterEllison has made a submission to the Australian Law Reform Commission Financial Services Legislation Inquiry

• Digital asset regulation on the agenda
  

  Treasury, ASIC, the RBA and the Board of Taxation all made announcements during August relating to the regulatory treatment of digital assets, which aim to better understand and enforce their operation within Australia. We explore the announcements and their implications.

• What to expect from AUSTRAC if you're in their sights
  

  Recent reports of the ongoing case between AUSTRAC and CBA highlight importance of good governance.

• Targeting predatory lending: Two new product intervention orders now in force
  

  Two new product intervention orders now in force impose conditions on the issuing of short term credit and continuing credit contracts to retail clients.

• Foreign financial services regime reworked
  

  ASIC is undertaking a further consultation process in its attempts to get the new regime for foreign financial services providers right. The proposed changes are contained in Consultation Paper 315 (CP 315) and a draft updated Regulatory Guide 176.

• Submission in relation to the Quality of Advice Review
  

  MinterEllison's submission on Exposure Draft Bill to implement Quality of Advice Tranche 1 reforms

• Consultation on crypto regulation kicks off
  

  The Australian Government has released a Consultation Paper on new licensing and custody requirements for the crypto assets industry. We explore the implications.

• Proposed reforms to the regulation of Australian payment systems
  

  Consultation has opened on draft legislation that if enacted, would 'modernise' the regulation of payment systems in Australia by laying the groundwork to enable regulation of new (and future) payment methods.  Here are the key points.

• Foreign financial service providers must hold Australian licence
  

  ASIC has released its proposals in relation to current exemptions for foreign financial service providers.

• ASIC clarifies its stance on EUs
  

  ASIC has released updated guidance on its approach to enforcement and its use of court enforceable undertakings (EUs)

• FAR preparation for the insurance and super sectors
  

  The Financial Accountability Regime (FAR) Bill and its associated rules have been passed, setting new accountability standards for the banking, insurance, and superannuation sectors starting from March 2024, with regulators releasing detailed guidelines and transitional rules.

• Reframing financial services regulation | ALRC Final Report released
  

  The Australian Law Commission has completed its three stage review of the legislative framework for corporations and financial services regulation. Here's our overview of the Final Report.  

• Life happens to insurance claims
  ASIC released its report on life insurance claims yesterday but its findings are unlikely to be limited to life insurance.
• A journey to the future: Australia's (draft) token map is here
  

  The Australian Government has commenced consultation on the much anticipated process of 'token mapping'.

• Creating a separate financial services law
  

  MinterEllison has submitted a response to the Australian Law Reform Commission’s third interim report - Interim Report C.

• ASIC's flexible approach to the product intervention power
  

  Overview of RG 272 Product Intervention Power

• Government response to the Quality of Advice Review
  

  The government has released its long-awaited response to the Quality of Advice Review. Here's what you need to know. 

• The unexpected impact of DDO stop orders on general insurance
  

  Questions and challenges that would arise from a stop order applying to a renewing insurance product.

    

• 12 more months of FFSP relief
  

  ASIC has extended the current licensing exemptions for foreign financial service providers (FFSPs) by a further 12 months, until 31 March 2024.

• Life insurance remuneration regulations
  The Government has released revised draft regulations for the Government’s life insurance remuneration bill reintroduced into Parliament last week.
• Government consults on draft legislation proposing to regulate BNPL as credit
  

  A draft Bill and accompanying draft Regulations proposing to bring buy now, pay later (BNPL) products and other low cost credit contracts (LCCCs) within the scope of the Credit Act and Credit Code have been released for consultation.

• MinterEllison's submission on proposed reforms to the AML/CTF regime
  

  MinterEllison has made a submission to the Attorney-General’s Department on its proposals to reform the AML/CTF regime.

• Reforging financial services law
  

  The Australian Law Reform Commission has released its first interim report, with proposals that could significantly reshape financial services law. We explore the details of the report.

• Quality of Advice Review | Consultation opens on draft Bill to implement the 'first tranche' of planned reforms
  

  The draft Bill proposes to implement the government's response to 11 QAR recommendations with the aim of 'cut[ting] onerous red tape that adds to the cost of advice with no benefit to consumers'.  We've summarised the key points.

• Early cracks in the 'Crypto Winter': Will regulation beat the chill?
  

  2022 saw many regulatory developments in Australia's crypto ecosystem, and 2023 is bound to see more. We go through the timeline of significant crypto events in Australia and globally, and their implications.

• BNPL reform: Tighter regulation of the BNPL sector on the way?
  

  Treasury is consulting on three potential options for the future regulation of the buy now pay later (BNPL) sector.  We summarise the key points

• Improving complaints handling
  

  ASIC proposes mandatory data reporting standards to improve internal dispute resolution processes.

   

• ASIC updates breach reporting guidance for AFS and credit licensees
  

  ASIC has released an updated version of its guidance on breach reporting (RG 78) following their own insights and industry feedback.

   

• Ministerial muscle - Australian government to strong arm payment systems regulation
  

  The Australian government has released exposure draft legislation to extend the reach of payment systems regulation in Australia. 

• A welcome development (but room for refinement): Submission on the draft FFSP Bill
  

  Our views on the proposed reforms

• Roadblocks and roundabouts: A review of car insurance claim investigations
  ASIC released Report 621: Roadblocks and roundabouts: A review of car insurance claim investigations (REP 621) yesterday.
• 2024: Licence to crypto
  

  The Australian government has released proposals to regulate digital asset platforms in Australia

• The New World for FFSPs
  

  Our detailed overview of the measures in the draft FFSP Bill, now open for consultation, is below

• AFCA to commence "Look Back" program from 1 July 2019
  From 1 July 2019, Australian consumers and small businesses will be able to seek redress for eligible financial disputes dating back to 1 January 2008 by lodging a complaint with AFCA.
  
• Targeting predatory lending | ASIC consults on extending two product intervention orders
  

  ASIC is proposing to extend two product intervention orders imposing conditions on the issuing of short term credit and continuing credit contracts to retail clients.  

• Government consults on 'tranche 2' reforms to AML/CTF regime
  

  Following years of reviews, recommendations and debate, Government has released a consultation paper to implement 'tranche 2' of Australia's anti-money laundering and counter-terrorism financing regime.

• Foreign licensing exemption regime released
  

  Discussion and overview of the proposed new regime for Foreign Financial Service Providers

• Australia to catch the tail of the crypto and payments tiger in 2022
  

  The Australian Government is to consult on significant changes to future-proof the payment systems regulatory framework.

• The proposed new Financial Accountability Regime: new minimum standards for entities, boards and senior management across the economy?
  Overview | Treasury proposal paper on the new Financial Accountability Regime (FAR)
• Uncertainty renewed for foreign licensing relief
  

  The election of a new government has reignited significant uncertainty in the regulatory landscape for foreign financial service providers (FFSPs).

• Government consults on its plan to transform payments system
  

  Following various reviews over the past few years into the payment sector, Treasury is consulting on its strategic plan to reform Australia's payment system.

• Extending unfair contract terms to insurance: Government consultation
  The government is seeking feedback on draft legislation to extend the unfair contract terms regime (UCT regime) to insurance contracts, following recommendation 4.7 from the Financial Services Royal Commission final report. This extension was announced on 4 February as part of the government's response to the commission's recommendations.
• ASIC sends a message to 'Licensees-for-hire'
  

  This case is important for 'licensees for hire', which allow other businesses to use their licence. It is also a reminder for all AFS licensees to ensure they have sufficient resources to operate their business and in particular to oversight their authorised representatives.

• The FFSP logjam breaks
  

  ASIC extends current FFSP relief and separately, Treasury has re-released draft legislation for the future regime for FFSPs.  Here’s what you need to know.

• 'Reasonable’ rehashed: Judicial clarity on a licensee’s obligation to take 'reasonable steps'
  

  The Federal Court has provided clarity on what it means for a licensee to take 'reasonable steps'

• Submission on reforms to digital asset platforms regulation
  

  MinterEllison's submission to Government’s proposal to regulate digital asset platforms.

• Final foreign financial services regime released
  

  ASIC has released the final details of the new regime for foreign financial service providers providing financial services to Australian wholesale clients.

• Submission to Treasury Consultation Paper on Crypto asset secondary service providers
  

  On 21 March 2022, Treasury began consultation on a licensing and custody regime for crypto asset secondary service providers. MinterEllison made a submission to the consultation paper on 27 May 2022 supporting the outlining of minimum standards of conduct by crypto asset secondary service providers and safeguards for consumers.

• FAR implementation | Financial Accountability Regime (Minister Rules) 2024 published
  

  Who is an 'accountable person' under the FAR and when will accountable entities meet the 'enhanced notification' threshold? Here's what's in the long-awaited Financial Accountability Regime (Minister Rules) 2024

• ASIC is 'ready and willing' to use its new product intervention powers
  ASIC has deployed its new product intervention power for the first time to target a specific short term lending model that it considers causes 'significant consumer detriment' to vulnerable customers.
• Wholesale and overseas exemptions under review
  
• Foreign financial services regime – your questions answered
  ASIC has released a new regulatory framework for foreign financial services providers.
• Australia set to regulate cryptocurrency and digital assets
  

  The Senate Select Committee on Australia as a Technology and Financial Centre's recommendations plant the seed for future regulation around cryptocurrencies, digital assets and fintech in Australia.

• FAR transition | Regulators issue final Rules
  

  ASIC and APRA have finalised new Rules setting out what information they need from ADIs about their Accountable Persons (APs) at the 'transition point' from the BEAR to the FAR - Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024 (Transitional Rules) - and confirming the information to be included in the FAR register of accountable persons -Financial Accountability Regime Act (Information for register) Regulator Rules 2024 (Regulator rules).  Here's what you need to know.

• Submission to Treasury's Token Mapping Consultation paper
  

  MinterEllison has made a submission to Treasury on its Token Mapping Consultation Paper, which includes a number of important recommendations.

• CPS 230 | Consultation on strengthening operational risk management begins
  

  APRA has proposed a new prudential standard CPS 230, which aims to strengthen operational risk controls and monitoring, business continuity planning and the management of third-party service providers. We explore the new framework and what it means for service providers.

• Quality of Advice Review | Proposed roadmap for implementing the 'second tranche' of reforms released
  

  The government has outlined its proposed approach to implementing Tranche 2 of its response to the Quality of Advice Review Recommendations. 

• ASIC release on foreign financial service providers
  ASIC has released its next round of consultations and guidance for foreign financial service providers (FFSP) 
• Hayne commission legislation introduced
  

  On 28 November, two Bills were introduced into Parliament proposing to implement the government's response to several Hayne Commission recommendations, in line with the government's implementation roadmap.

• MinterEllison's submission on the foreign financial services regime
  

  Views on the possible options for reform

• Building a sustainable system to manage regulatory change
  

  Financial institutions continue to face unrelenting regulatory pressures. How can they manage the regulatory burdens, while still finding opportunities for innovation and growth? Our team explores the issues.

• Foreign licensing exemption Bill in Parliament
  

  This article provides insights into the changes surrounding the current Bill and the effects that it will have on the regulatory regime for Foreign Financial Service Providers (FFSPs).

• FFSP redesign begins
  

  Overview and discussion of the reform options under consideration

• FFSP transitional relief extended
  

  The details and implications of ASIC's announcement explained 

• FFSP Restoration: A welcome development
  

  2021-22 Federal Budget measure: Relief for Foreign Financial Service Providers

• How cryptocurrencies and increased competition are driving innovation
  

  With cryptocurrencies and new market entrants expected to impact the entire financial services sector, businesses need focus on the opportunities that will have the most impact on their customers.

• Decrypting crypto regulation: Part 1
  

  What is token mapping – and how is it being applied in Australia and overseas? We explore the current state of crypto regulation in Australia, and how it may evolve going forward.

• Government delivers FFSP to Parliament
  

  Bill introduced to implement changes to Australia's FFSP licensing exemptions – with some key modifications to the earlier exposure draft.

• Order up! ASIC expands its menu of product intervention orders
  

  ASIC made a product intervention order on 22 October that imposes conditions on the issue and distribution of contracts for difference (CFDs) to retail clients. We've summarised the key aspects of the order and provide our take on the implications.

• Response to Treasury Quality of Advice Review consultation paper
  

  MinterEllison has made a submission on the proposals in the Quality of Advice Review consultation paper released on 29 August 2022. We welcome the far reaching reforms proposed by the Review which have the potential to make personal financial product advice more accessible and affordable while reducing regulatory burden on advice licensees.

• ASIC guidance on risk management systems
  

  ASIC has released a new Consultation Paper CP 263 on Risk management systems of responsible managers which provides guidance which is potentially relevant to other non-APRA regulated licensees as well. 

  
  
• APRA supervisory and policy priorities for H1 2024 released
  

  GRCA, operational resilience, climate and cyber included among APRA's top supervision and policy priorities for the next six months.   

• What do changes to unfair contract terms mean for financial service providers
  

  The federal government has passed amendments to strengthen and clarify the existing unfair contract terms provisions, and reduce the prevalence of unfair contract terms in consumer and small business standard form contracts. This has specific implications for financial services providers.

• A guide on breach reporting requirements for AFS and credit licensees
  

  ASIC's new breach reporting requirements will commence on 1 October 2021. Our new guide will help you comply with the new rules.

• Proposed framework for regulating digital asset platforms released
  

  Consultation has opened on a proposed framework for regulating digital asset platforms.  Here are the key points.

• ASIC's first insights from the Reportable Situations Regime
  

  ASIC has published its first insights into the reportable situations regime which came into effect on 1 October 2021.

• Tightening BNPL regulation: BNPL products to be regulated as credit products
  

  Following consultation on potential options to strengthen BNPL consumer protections, the government has announced next steps.  Our key takeaways are below

  .  
• ASIC calls on general insurers to sharpen their focus on nonfinancial risk in light of ongoing 'systemic pricing failures'
  

  ASIC REP 765 reiterates calls on all general insurers to be proactive in their approach to nonfinancial risk and in particular, to sharpen their focus on 'good product governance' in light of ongoing failures by industry to deliver on pricing promises to customers.