Australia

Supervision & Enforcement

Federal Court Orders Ferratum Australia to Pay A$16m

By Editors | 28/06/2024

The Court found that Ferratum’s non-compliance arose from its Finland-based parent company’s lack of attention to Australian regulatory requirements

Structural Regulation

ANZ-Suncorp Merger Approved with ‘Strict’ Conditions

By Sanday Chongo Kabange | 28/06/2024

Treasurer Jim Chalmers has allowed ANZ to acquire Suncorp Bank but has prohibited branch closures and job cuts for the next three years.

Fraud, Scams & Cybercrime

Australia Introduces Legislation for SMS Sender ID Register

By Sanday Chongo Kabange | 27/06/2024

The new legislation allows for the establishment of an SMS Sender ID Register to help fight scams.

Conduct, Culture & Accountability

ASIC Approves Updated Banking Code of Practice

By Sanday Chongo Kabange | 27/06/2024

The revised Banking Code of Practice improves protections for consumers and small businesses and will commence on 28 February 2025.

Credit Risk

RBNZ Implements ‘Dual Reporting’ Requirement for IRB Banks

By Manesh Samtani | 27/06/2024

Dual reporting requires banks that use internal models to calculate credit risk capital to also disclose calculations using the ‘standardised approach’.

Clearing & Post-Trade

RBA Eases Regulatory Burden for Small Securities Settlement Facilities

By Sanday Chongo Kabange | 27/06/2024

The RBA has expanded exemptions to accommodate the potential emergence of new, technologically innovative securities settlement facilities.

Conduct, Culture & Accountability

ASIC Issues Guidance on Communications Surveillance

By Editors | 26/06/2024

A new information sheet calls for market intermediaries to ensure effective monitoring and supervision of business communications.

Market Abuse

ASIC Fines Ascot Securities for Failure to Detect Suspicious Trades 

By Editors | 21/06/2024

Ascot Securities should have suspected a client’s orders were manipulative, ASIC’s Markets Disciplinary Panel said.

Structural Regulation

NZ FMA Issues New Auditor Regulation and Oversight Plan

By Sanday Chongo Kabange | 21/06/2024

By ensuring a high standard of auditing we aim to increase investor confidence in the quality of the audited financial statements of reporting entities, the FMA said.