Australia

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    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”.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    Securities / Derivatives

    ASIC Issues New Guidance on Pre-Hedging Practices

    By Editors | 02/02/2024

    If not carried out in an appropriate manner, pre-hedging can be unfair, unconscionable and result in poor client outcomes, ASIC said.

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    Sanctions

    Australia, UK Join US in Imposing New Myanmar Sanctions

    By Editors | 02/02/2024

    The sanctions come three years after the military coup in Myanmar. Australia and the UK targeted a combined nine entities.

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