Australian Industry Bodies to Standardise Advice Fee Disclosures

01/09/2021

The Financial Services Council and Financial Planning Association are developing an industry standard form to be used for advice fee disclosures.

Securities / Derivatives

Australia Issues Consultation to Finalise CCIV Regime

31/08/2021

The CCIV regime will offer a more flexible and tax-efficient corporate structure for fund managers. The regime is targeted to commence from 1 July 2022.

APRA Confirms Approach to New Credit Risk Reporting Standard

31/08/2021

APRA will proceed with implementation of the interim ARS 220.0 commencing 1 January 2022, despite feedback indicating its approach presented a burden for ADIs.

Fintech / Regtech

Australia Payments System Review Exposes Regulatory Gaps

31/08/2021

The review recommends enhancing the government’s powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.

13 Super Funds Fail APRA’s First Performance Test

31/08/2021

If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.

Fintech / Regtech

India Targets December for CBDC Pilot Testing

31/08/2021

RBI governor Shaktikanta Das said the central bank is studying various aspects of a digital rupee with a view to conducting trials in December.

Enforcement

Korea: Ex-Presidential Aide Sentenced to Jail for Crypto Fraud

31/08/2021

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.

Securities / Derivatives

CSRC Considers Barring Data-Heavy Firms from Listing Overseas

30/08/2021

The CSRC is drafting rules that would prohibit Internet firms holding large amounts of user-related data from listing overseas, targeting firms with VIE structures.

Market Infrastructure

ACCC Opens Competition Inquiry Into NAB-Citigroup Deal

30/08/2021

The ACCC has asked interested parties to submit their views regarding NAB’s proposed acquisition of Citigroup’s Australian consumer banking business by 13 September.