Australia

Securities / Derivatives

ASX Announces Decision to Wind Down mFund Platform

By Editors | 28/11/2023

ASX said it received feedback that self-directed and advised investors were unlikely to adopt mFund to the same extent that they adopt exchange traded products.

Market Infrastructure

Australia to Introduce RBA Reform Bill to Parliament

By Sanday Chongo Kabange | 27/11/2023

The bill will “reinforce the RBA’s independence, clarify its role and modernise its structure”, Treasurer Jim Chalmers said.

Fintech / Regtech

RBA to Lower Regulatory Burden for Small Securities Settlement Facilities

By Mark Johnston | 26/11/2023

The proposal aims to accommodate the “probable emergence of new, technologically innovative securities settlement facilities”.

AML / KYC

Australia Unveils First Quarterly Report from New Anti-Scam Centre

By Editors | 26/11/2023

The quarter ended with reported scam losses of A$29.8mn in September 2023, the lowest reported in a single month since October 2021.

AML / KYC

Australian Banks Launch “New Offensive” Against Scams

By Manesh Samtani | 24/11/2023

Priority initiatives to make banking safer include a new confirmation of payee system and expanded intelligence sharing.

Enforcement

Australian Court Orders Mercer Advice Unit to Pay A$12m Penalty

By Mark Johnston | 23/11/2023

Mercer Financial Advice was fined for failing to provide compliant fee disclosure statements and charging fees for services never rendered.

ESG / Sustainability

Climate Disclosures and Financial Statements Should be Coherent: XRB

By Sanday Chongo Kabange | 23/11/2023

New Zealand’s XRB issued new guidance highlighting the need for coherence between financial statements and climate-related disclosures.

Enforcement

ASIC Announces Enforcement Priorities for 2024

By Editors | 23/11/2023

ASIC added new priorities targeting super funds and market integrity, and emphases a continued focus on greenwashing.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Perth Mint

By Sanday Chongo Kabange | 23/11/2023

The enforceable undertaking binds Gold Corporation to completing its AML/CTF remediation programme by 30 April 2025.