Australian banks have rejected suggestions by Financial Services Inquiry chief David Murray that the industry needs to increase its holdings of capital.
Australian banks are facing open class actions filed by legal firm Maurice Blackburn over late credit card fees worth hundreds of millions of dollars, in what could be one of the country’s biggest class suits ever.
The Australian Securities and Investments Commission has ordered Macquarie Group to contact 160,000 clients who may have lost money due to flawed financial advice.
Commerce Minister Craig Foss announced further steps to simplify and encourage participation in New Zealand’s capital markets, including easing compliance rules for debt issuers.
The financial planning arms of the Commonwealth Bank of Australia will be subject to new financial services license conditions, the Australian Securities and Investments Commission said.
The Financial Markets Authority has issued its first equity crowd funding licences under the Financial Markets Conduct Act 2013. PledgeMe and Snowball Effect are New Zealand’s first licensed providers of this new financial service.
The Australian Securities and Investments Commission will conduct reviews of broker dark pools over the next 12 months, as regulators globally investigate alleged abuses in the operation of alternative trading venues.
The Australian Securities Exchange Ltd will explore enhanced procedures around the operation of its futures market and consider listing applications from emerging market issuers as part of improvements the bourse intends to work on together with the country’s securities regulator.
The Australian Securities Exchange Ltd said it will cut fees on interest rate futures and over-the-counter (OTC) clearing businesses for the first time in more than 10 years to increase trading volumes and boost its competitiveness.
Australia’s securities regulator has censured the Royal Bank of Scotland for its role in manipulating Australia’s bank bill swap rate.