New 'CCIV' structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.
ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.
Reform process completed with the passage of a licensing regime for financial benchmarks as well as new calculation methodology for key interbank rate.
Banks required to report customers' foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.
Criminal charges brought by Australian regulators against bankers in the ANZ cartel case represent a challenge against practices traditionally considered the norm in global underwriting syndicate culture.
New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.
AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.
Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.
New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.
RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.