Australia

AML / KYC

Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

By Editors | 16/02/2024

The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.

Market Infrastructure

ASIC Proposes Further Changes to OTC Derivatives Reporting Rules

By Manesh Samtani | 16/02/2024

Among other things, the changes will simplify the exchange-traded derivatives exclusion and the scope of foreign entity reporting, as well as remove “alternative reporting”.

Enforcement

ASIC to Hold Directors Accountable for Unethical Lending

By Sanday Chongo Kabange | 10/02/2024

Deputy Chair Sarah Court said ASIC will not hesitate to step in to protect vulnerable Australians from unethical lending practices.

Sanctions

Australian Court Rejects Sanctions Challenge from Rusal Founder

By Editors | 09/02/2024

The Federal Court ruled that the sanctions imposed on Russian oligarch Oleg Deripaska were valid and proportionate.

Enforcement

Australian Court Rules Yield-earning Crypto Product Illegal

By Editors | 09/02/2024

The Federal Court ruled that Block Earner was offering unlicensed financial services through its “Earner” product.

Securities / Derivatives

ASIC Offers Limited Relief for Unfair Contract Terms Regime

By Sanday Chongo Kabange | 09/02/2024

ASIC granted no-action relief to address concerns that the regime could apply to sophisticated participants, who are not the intended targets of the regime.

Australia: Enforcement of New FAR Regime to Be Delayed

By Sanday Chongo Kabange | 05/02/2024

APRA and ASIC acknowledged that banks may need more time to comply with some FAR requirements due to delays finalising some rules.

Sanctions

Oil Price Cap Coalition Issues Alert on Evasion Methods

By Editors | 04/02/2024

The alert includes an overview of key oil price cap evasion methods as well as recommendations for identifying them.

AML / KYC

SkyCity Agrees to Pay More Than A$70m for AML Breaches

By Editors | 02/02/2024

AUSTRAC launched civil penalty proceedings against SkyCity Adelaide in December 2022. The casino operator just raised its provision for the potential penalty.