Capital / Liquidity

Cabinet Approves Amendments to Bring Co-op Banks Under RBI Oversight

07/02/2020

Under the amendments, the RBI gain powers to supersede the board of a cooperative bank under stress, with government approval.

Market Infrastructure

RBA Considers Mandating ‘Least Cost Routing’ – Reports

07/02/2020

Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.

Enforcement

Banks Against Penalties Proposed in New Accountability Regime

07/02/2020

Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.

Securities / Derivatives

NAFMII Enables ‘Green Channel’ Bond Issuance Amid Virus Outbreak

07/02/2020

NAFMII will support companies affected by the coronavirus outbreak and those helping to contain it by enabling a ‘green channel’ for fundraising and debt issuance.

MAS Proposes New Requirements for Insurers Managing Par Funds

07/02/2020

Among the new requirements introduced for insurers is an obligation to ensure that any charge or expense allocated to the Par Fund is “fair and reasonable”.

AML / KYC

BOT Launches Digital Account Opening Tests at Six Banks

07/02/2020

Six banks will open online deposit accounts digitally, using facial recognition to verify customer identities against information held in the new National Digital ID platform.

Securities / Derivatives

SEBI Tightens Disclosure Standards for Alternative Investment Funds

07/02/2020

SEBI has set out minimum disclosure standards and introduced mandatory performance benchmarking for alternative investment funds.

Enforcement

AMP Ordered to Pay A$5m Penalty for Insurance Churn

06/02/2020

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

Enforcement

SFC Imposes One-Year Ban on RHB Securities Analyst

06/02/2020

The analyst traded stocks covered in research reports he prepared through his father’s securities trading account held at another brokerage.