Australia & NZ

ASIC will take no action if AGMs of listed companies are postponed for two months, and supports the use of technology to hold virtual or hybrid meetings.

The agencies explain that they wish to ensure a consistent data source for March and June 2020, in order to capture the impact of the coronavirus.

Australia's big four banks have each announced reductions in their lending rates, as well as the availability of deferrals of small business and home loan repayments.

Temporary currency swap lines will be established with 9 central banks - including BOK, RBA, MAS and RBNZ - to lessen the strain on US dollar funding markets.

New measures include an interest rate cut, a bond-buying programme, a term lending facility for banks, and relaxed expectations on bank capital ratios.

The measures include higher capital raising capacity for issuers, a two month extension for financial reporting, and delays for some regulatory work.

Societe Generale Securities Australia self-reported three matters over 2017 and 2018, and has completed all remediation actions in relation to its operational set-up.

The AMP entities failed to report information about over 1,000 derivatives transactions and to correctly report collateral information about over 19,000 transactions over several years.

The move is aimed at reducing the regulatory burden on FIs, freeing up RBNZ and industry resources, and supporting the economy amid the coronavirus outbreak.

New Zealand has announced a NZ$12.1bn economic rescue package in response to the novel coronavirus outbreak.