Australia & NZ

ASX is consulting on amendments to the listing rules to facilitate the introduction of its next batch of online forms in March 2021, among other proposals.

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.

Access to Australia's real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.

The new guidance is aimed at assisting entities in establishing necessary arrangements to mitigate conduct risk associated with the discontinuation of LIBOR.

The working group will develop a roadmap to solve for New Zealand's lack of scale and geographic isolation through the use of technology.

The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.

The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.