ASIC has expanded its consumer remediation guidance to cover all financial services licensees, credit licensees and retirement service providers.
In-scope climate reporting entities with a 31 March balance date will have to file their first climate statements by 31 July 2024, says the FMA's Sarah Vrede.
In preparation for the 1 July 2022 effective date, APRA "encourages trustees to reassess their insurance arrangements and strategy, risk and compliance frameworks”.
New Zealand plans to issue sovereign green bonds next year to help raise finance for the country’s low carbon transition.
Morningstar has expressed concern that the rules do not require super funds to disclose specific stocks or bonds held in portfolios run by external asset managers.
Westpac CEO Peter King says the bank is already seeing culture improvements and benefits through reduced complexity and improved accountability.
APRA has defined certain credit measures it can take to address systemic risks if needed, such as temporary lending limits and minimum lending standards.
The draft bill will introduce tougher penalties and enforcement powers to enable the OAIC to resolve matters more effectively and efficiently.
The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.
Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.
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