Australia & NZ

The FMA will begin accepting licence applications on 25 July 2023. The new CoFi regime will come into force in early 2025.

The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.

Vanguard's exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.

APRA says it is committed to "early and frequent" engagement with the industry on its new data collections, what it calls a "co-design approach".

The CVA results suggest that climate risk impacts and bank loan losses are likely to be concentrated in specific regions and industries.

Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of "an innumerable number" of other breaches.

CBA’s terms and conditions acknowledged that sometimes the bank ‘can get things wrong, and when this happens’ it is ‘determined to make them right again'.

The guide brings together all of the standards and PPGs needed to help directors navigate requirements that are specific to them, APRA said.

The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.

APRA to intensify supervision of all entities not meeting CPS 234. Medibank executive pay could be impacted.