IN THIS ISSUE

• Celebrating and defining our focus
• ACSA Strategic focus and 2022 priorities
• ACSA Awards
• ACSA Thought Leadership Series
• Digital Assets Consultation
• In Focus – Josephine Maiorana

Celebrating and defining our focus

March was action-packed for ACSA, ACSA announced its 2022 ACSA Award winners, launched the ACSA Thought Leadership Series, and announced ACSA’s strategic focus and priorities for 2022.

This month’s Industry Wrap provides more detail.

Treasury also announced consultation commenced on Digital Asset Custody, the ACSA Digital Asset Taskforce is actively looking at how ASCA responds to this important consultation paper. Australia’s Blockchain Week was held in March and ACSA was represented by Northern Trust’s Danielle Gerace, the Chair of the ACSA Digital Asset Taskforce.

In addition, our working groups have remained active throughout March with regulator dialogue around regulatory data requirements, payment processing, tax data governance and market changes such as CHESS replacement updates. We have also increased discussion around the continued engagement of members and their teams on the ongoing evolution of our industry.

ACSA Strategic focus and priorities for 2022

ACSA’s executive board announced the association's strategic focus and priorities for 2022. Whilst not a significant change from prior years, the executive board recognised the impacts of changing markets, regulations, and business and employee needs as we emerge from the COVID19 pandemic.

The executive board considered critical enablers for the industry: technology and innovation; and people and considered this against the key landscape factors that members face including: client dynamics; fee pressures; and, a war on talent.**

All this is captured in ACSA’s strategy on a page:

This drives ACSA strategic priorities for 2022 which are:

• Regulation and tax – Be responsive to regulation and tax changes that affect the industry and our clients, building relationships with government agencies to create a successful engagement model. (Regulatory and Tax Working Group)

• Data – Maintain focus on the regulatory data needs for the industry and our clients, continue regulatory and industry engagement to define data standards and realistic timelines. (Regulatory Working Group and Data Taskforce)

• Digital Assets – Define industry position on Digital Assets and Currencies, engage early in government consultation, industry engagement and deliver thought leadership to and on behalf of the industry. (Digital Asset Taskforce)

• CHESS replacement – Support members as they implement the ASX CHESS Replacement, engage with ASX early and frequently to minimise adverse impacts on the industry. (Operations Working Group)

• Industry Development – Broaden membership base, promote ACSA brand and engage the industry through thought leadership and as a destination for career development. (Members & Services Working Group)

* *(Note: ACSA Competition policy precludes discussion on these key landscape factors, however, they are important considerations in identifying the thematic focus for ACSA and its working group and taskforce priorities)

ACSA Awards

The ACSA Awards recognise outstanding individual contribution to the Association, wider industry, and key stakeholders. For over 10 years these coveted Awards have showcased outstanding individuals and the value they bring to industry collaboration and focus on positive change.

At an industry event in March, ACSA announced the 2022 awards winners recognising outstanding industry leadership.

The 2022 award winners are:

ACSA Award

Nicole Carnovale, Northern Trust

Duncan Lyon, J.P. Morgan

ACSA Service to the Industry Award

Marian Azer, Milestone Group

The awards were presented by ACSA Chair, Sally Surgeon, and CEO, David Travers.

Ms Surgeon said: “It is always a great pleasure to recognise individuals who go above and beyond in their work on behalf of the asset servicing industry, especially during the recent challenging and volatile period.

“As an industry body with a unique voluntary working group structure ACSA relies on industry professionals who give their time, knowledge and experience to advancing ACSA’s work. We greatly value the contribution of our working groups. Nominated by industry peers, these awards are ACSA’s way of acknowledge the outstanding contribution that a number of individuals have made to promoting positive change in the industry over the past year,” she said.

The award winners have been recognised for the following outstanding achievements:

Nicole Carnovale, APAC Senior Product Manager for Data with Northern Trust

Nicole played a key industry role overseeing the revamp of the ACSA website in late 2020 and worked with great enthusiasm to bring the project to a successful conclusion in November 2021. She applied skills and focus to all dimensions of the website refresh including updated content, navigation, industry personas and a contemporary look and feel. Nicole’s perseverance in keeping the review process on target and helping frame the right feedback to the website developer was key to achieving the quality revamp.

Duncan Lyon, Tax Product Manager, Securities Services, Australian and New Zealand at J.P. Morgan; Chair of the ACSA Tax Working Group.

As Chair of ACSA’s Tax Working Group Duncan has gone over and beyond driving key initiatives, including the navigation of complex tax issues, that have benefited ACSA and the industry. Duncan has worked through technical and policy change in a collaborative style, encouraging input from the broader team. He has provided a key leadership role in drawing together considered industry views from fellow practitioners, driving consensus and formalising quality submissions. He consistently encourages a focus on issues affecting ACSA members and their clients through effective liaison with third-party bodies including ASFA, the FSC, Commonwealth Treasury and the ATO. 

Marian Azer, Managing Director APAC & Global Head of Product, Milestone Group

Marian is this years’ Service to Industry Award Winner and is recognised for her significant contribution to the industry. This includes working within the custody and asset servicing industry in Australia across a variety of custodial banking entities, as consultant to the industry and in FinTech. Marian has been an active member of ACSA in various capacities including as Deputy Chair, Working Group participant, Executive sponsor and now, as an Associate member. She acts as a mentor to many young women associated directly and indirectly with ACSA across Superannuation, Asset Management and Wealth as part of recognising the need to attract and develop the next generation of talent. Marian’s contributions have helped ACSA promote the Custody and Asset Servicing industry in Financial Services to be focused on enabling and powering the future of investment operations. 

ACSA CEO, David Travers, said: “As CEO I am engaged actively with the ACSA Board, our working groups and taskforces. There are so many individuals who not only perform demanding day jobs, but who also step up to make a difference for our industry. Not only is this an amazing feature of our industry it is in fact now part of the industry’s DNA. On behalf of the industry, I congratulate Nicole, Duncan and Marian on their well-deserved awards, and extend thanks to all other contributors to the industry.” 

The Awards recipients are usually presented at the annual Conexus Investment Operations Conference (IOC) held in Sydney. This year the timing of the conference has been delayed to August 2022 to provide attendees with an in-person event. The ACSA board decided to announce the recipients of the 2022 ACSA Awards now with broader recognition to follow at the IOC conference in August.

ACSA Thought Leadership Series

ACSA’s Thought Leadership Series is an opportunity for you to engage with prominent minds on local and global issues, participate in thought-provoking discussions and network with leaders of industry.

The ACSA Thought Leadership Series launched in early March with Milestone Group discussing Resilience in Unit Pricing. Marian Azer, Managing Director APAC & Global Head of Product, Milestone Group and David Goodacre, Senior Relationship Manager, APAC lead the discussion which provided great insight into:

• The importance of oversight and operational resilience in unit pricing
• Global and local trends and future outlooks
• Asset owner and asset manager needs
• The primary threats and global best practice
• Improvements in the industries operational resilience
  

Future ACSA Thought Leadership topics will range from focused custody topics such as CHESS replacement and market changes, such as the recent REPO changes to dialogue on digital assets and data transformation for our clients, plus global insights such as disruption, industry change and funds flows.

Keep an eye out on you emails and on LinkedIn to find out more about the ACSA Thought Leadership Series. The events will appear here on the ACSA website.

Digital Assets Consultation

The Federal Government recently released 'Crypto asset secondary service providers: Licensing and custody requirements', seeking feedback on a set of proposals for regulating crypto asset service providers (CASSPrs) and custody of crypto assets.

The Government is also consulting on how CASSPrs and crypto assets should be defined, as well as seeking early views on its 'crypto mapping' exercise.

The consultation is important for any entity currently providing services or dealing in crypto assets (or considering doing so). The proposals in the consultation paper have been positioned at a high level, and there are many important points of detail to work through before any new regime is implemented.

The consultation period runs until 27 May 2022. More information on the consultation can be found here on Treasury’s website.

ISSA has also released a glossary of DLT and Crypto Asset terms which can be found here.

In Focus

Josephine Maiorana

Josephine is the Head of Regulatory Watch & Market Advocacy Product for BNP Paribas Securities Services and Chair of the ACSA Regulatory Working Group.  At BNP Paribas Securities Services, Josephine is responsible for regulatory watch and the product development, and strategic implementation.

Josephine joined BNP Paribas Securities Services in August 2005. Prior to BNP Paribas, Josephine worked at IXIS Asset Management Australia as an Institutional Business Development Manager focusing on alternative and alpha products, BT Funds Management and Ernst & Young Chartered Accountants.

Josephine has a Bachelor of Business Degree (Accounting and Business Law) from the University of Technology and is a member of the Institute of Chartered Accountants.

Can you tell us about the work you currently do with ACSA as the Chair of the Regulatory working group? 

Over the past few years, across the industry, we have seen the release of regulations at a record pace. These new regulations impact both asset owners and asset managers. In addition, we have also seen how increased global regulations are impacting our local market.

As Chair of the Regulatory Group, it is key that I stay abreast of all the regulations and consultations that are currently in progress. Critical in this role is developing strong relationships with the working group and with the Regulators as we work towards shaping upcoming regulations.

Key focus areas across the group include:

• APRA Superannuation Data Transformation
• ASIC - Portfolio Holdings Disclosure
• Security of Critical Infrastructure Act
• AUSTRAC and IFTI reporting

Tell us about your career in asset servicing/financial services? Career highlights? 

I started my career at Ernst & Young in the audit division within the financial services team. Upon qualifying as a Chartered Accountant, I moved into the financial services industry and accepted a role with BT Funds Management (BTFM). During my time at BTFM, I was fortunate to have many different opportunities across the organisation. 

I started off as a Fund Accountant, then worked on implementing a transitions management service before becoming a Business Development Manager for Australian equities and small caps. 

In 2005, I moved to BNP Paribas Securities Services. I am currently Head of Regulatory Watch and Market Advocacy APAC, within the Investment and Fund Services product team. In this role my main focus is on regulation, as well as the taxation impacting asset owners and asset managers across APAC.

One of my career highlights occurred in 2018. I hosted and moderated an exclusive round table event in Hong Kong, on the then emerging Asian Regions Funds Passport, with the Honourable Kelly O’Dwyer MP (Minister for Revenue and Financial Services) and a select group of Funds within Asia. The roundtable gave the Minister an opportunity to openly discuss opportunities and areas that required further attention with this key regional initiative.

Why should people get involved in ACSA?

The ACSA regulatory group provides members with the opportunity to have a voice across the changes unfolding in the industry. Members work as a team and form strong relationships.

It is an exciting time to be part of the group as we work towards improved outcomes and see firsthand the results of our activity