Australia

Market Infrastructure

Australia: More Guidance Issued to Support FAR Implementation

By Editors | 15/03/2024

On top of guidance for banks, APRA and ASIC issued a consultation on FAR implementation for insurance and superannuation entities.

Market Infrastructure

ASX Consults on Two-Stage Approach for CHESS Delivery

By Sanday Chongo Kabange | 15/03/2024

ASX is targeting Q1 2026 for implementation of the first stage of the new CHESS system, and 2028 or 2029 for the second stage.

Enforcement

Australian Court Rules Against ASIC in ‘Finder Earn’ Crypto Case

By Editors | 15/03/2024

The court ruled against ASIC’s contention that the crypto investment product known as ‘Finder Earn’ was a debenture and therefore required authorisation.

AML / KYC

Use of AI for AML Could Lower Effectiveness: Report

By Bradley Maclean | 14/03/2024

A new report from NICE Actimize and Regulation Asia sheds light on APAC’s use of technology to fight financial crime.

Enforcement

APRA Removes NAB’s Capital Add-On for Operational Risk

By Sanday Chongo Kabange | 14/03/2024

APRA has removed the A$500mn capital add-on it imposed on NAB in 2019 to reflect higher operational risk identified in its risk governance self-assessment.

Market Infrastructure

ASIC Revises Derivative Reporting Rules to Adopt November Proposals

By Editors | 13/03/2024

Other changes proposed in February 2024 have not yet been adopted. The new reporting requirements for OTC derivatives are due to come into effect on 21 October.

ESG / Sustainability

Australia Publishes First National Climate Risk Assessment

By Manesh Samtani | 12/03/2024

The priority risks identified are now undergoing a second, more detailed technical assessment, scheduled for completion by end 2024.

Australia Drafts Legislation to Bring BNPL Under Credit Act

By Sanday Chongo Kabange | 12/03/2024

BNPL providers will be required to obtain a credit licence, comply with requirements under the Credit Act, and make sure they are lending responsibly.

Capital / Liquidity

RBNZ Issues Further Consultation on Deposit Protection Scheme

By Editors | 12/03/2024

The new Depositor Compensation Scheme will become operational in mid-2025, more than one year later than the initial plans.