Banks have agreed with credit reporting agencies that customers who defer mortgage repayments due to Covid-19 will not have their credit ratings downgraded.
ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.
Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.
The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to "fund a lavish lifestyle".
Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.
ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.
Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.
A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.
Banks have also agreed to not redeem non-CET1 capital instruments, while the RBNZ works to launch a new 3-year funding scheme by May.
The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.