Australia & NZ

ASX recorded a “strike” against the adoption of its remuneration report, which included a A$1.2mn bonus for former CEO Dominic Stevens despite the CHESS replacement delay.

The proposed changes are designed to clarify risk weighting requirements under the RBNZ's bank capital adequacy rules.

Two consultations have been issued, including an exposure draft on regulations defining prohibited volume-based sales incentives.

The Investor Group on Climate Change has outlined “high priority policies“ needed to “unlock capital” for Australia’s net zero transition.

Consumers would be able to instruct businesses to make payments, open and close accounts, switch providers, and update personal details on their behalf.

The FMSB will consult with ASIC on its annual strategy refresh and provide details about forthcoming drafts of proposed standards, statements of good practice and other publications.

The legislation will introduce a deposit protection scheme, new supervisory powers for the RBNZ, and a new accountability framework for deposit takers' directors.

Super funds are exposed to cyber crime, as well as AML risks resulting from the growth in merger activity across the sector.

ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.

The FMA is proposing to update its 2014 guidance to align with regulatory updates and incorporate additional guidance for custodians.