Agreement aims to clamp down on financial crime via securities markets; SFC has identified ‘multiple weaknesses’ in broker AML/CTF.
APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.
Measures are expected to sharply increase incidences of excessive short selling; new categories of offence come with heavier maximum penalty.
Resolution regime includes four stage assessment criteria for financial institutions, emphasises private sector role; to be operationalised ‘in due course’.
Australian regulator says market integrity will be a top priority over the next six months amid a surge in related misconduct issues.
FSC to come up with deregulation plan by end-of year; wants more challengers to financial sector incumbents after approval of internet-only banks.
Regtech to include API for FIs' reporting; BSP to push financial services firms to improve cyberdefences; two bitcoin exchanges get regulatory approval.
Cryptocurrency to be brought under AUSTRAC; proposal to follow Japan in giving bitcoin legal tender status being considered by central bank.
IMF praises measures such as inclusion of WMPs in bank assessments but cites concerns about growth in debt and banking sector assets.
Restricted ADI licensees would need only $2.35mn in capital to take deposits; APRA paper does not address budget proposal to remove ‘bank’ capital requirements.