Australia’s new chief banking regulator has urged the G20 nations to continue to work on reducing risks of large banks’ failures, citing the need to strengthen current risk-based regime and boost banks’ capacity to absorb losses.
Australian Securities and Investments Commission has granted an Australian derivative trade repository licence to DTCC Derivatives Repository (Singapore) Pte Ltd (DDRS), the first licence of its kind in the country.
Australia’s businesses have cautioned the financial system inquiry that forcing “too-big-to-fail” banks to hold more capital could drive up borrowing costs for business.
Imposing losses on bank creditors in a crisis could see the banking sector downgraded by ratings agencies, increase funding costs across the economy and potentially exacerbate a downturn, Australia’s largest banks have warned.
The Australian Securities and Investment Commission is asking for the power to ban investment products and intervene more heavily in the market.
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.