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Australia
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.
Operational Risk
Super Funds Have More Work to Do on Valuation Governance: APRA
By Editors | 21/06/2024
APRA wrote to super fund trustees asking them to improve their valuation governance practices for unlisted assets, as required by SPS 530.
Trading & Investment
New Zealand Working to Improve KiwiSaver Scheme
By Editors | 20/06/2024
Recommendations for improving KiwiSaver include the introduction of a “default” contribution rate that is higher than the minimum.
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