Australia

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    Securities / Derivatives

    New Zealand FMA Proposes New Rules for Derivatives Issuers

    By Sanday Chongo Kabange | 12/06/2024

    The FMA proposes to limit the amount of leverage that derivative issuers can offer, and to require them to conduct suitability checks.

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    Australia Consults on Draft Regulations for Financial Advice Reforms

    By Sanday Chongo Kabange | 12/06/2024

    The consultation proposes regulations to support the delivery of the first tranche of reforms to increase access to affordable financial advice.

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    AML / KYC

    GCFFC APAC Chapter Publishes First Financial Scams Report

    By Manesh Samtani | 10/06/2024

    The GCFFC calls for the establishment of an international task force or body with a clear anti-fraud and scams mandate.

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    AML / KYC

    Australia Court Orders SkyCity to Pay A$67m AML Penalty

    By Sanday Chongo Kabange | 07/06/2024

    SkyCity’s failures “over many years allowed high-risk customers to move millions of dollars through the casino”.

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    Enforcement

    ASIC Investigating Financial Hardship Practices at Lenders

    By Manesh Samtani | 07/06/2024

    ASIC commenced court action against one major bank last year. Three other lenders are under formal investigation.

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    Australia Introduces Legislation to Regulate BNPL Sector

    By Sanday Chongo Kabange | 06/06/2024

    BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

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    ESG / Sustainability

    Active Super Engaged in Greenwashing, Australia Court Rules

    By Sanday Chongo Kabange | 06/06/2024

    Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

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    Crypto / Digital Assets

    No Penalty for Block Earner, Australian Court Rules

    By Sanday Chongo Kabange | 05/06/2024

    The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

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    ESG / Sustainability

    Australia Launches Inaugural Sovereign Green Bond

    By Editors | 05/06/2024

    The 10-year bonds, oversubscribed by more than 300 percent, will “deliver significant environmental benefits”.

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    Enforcement

    APRA Fines Superannuation Trustee for Late Reporting

    By Sanday Chongo Kabange | 05/06/2024

    APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.

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