Australia

APRA Seeks Increased Transparency on Super Fund Spending

By Editors | 11/10/2023

APRA wants to disclose super fund expenses for marketing, sponsorships, related parties, industry bodies, director and executive remuneration, and political donations.

Australia Consults on Aligning Timing of Super Payments With Wages

By Editors | 10/10/2023

Employers tend to make super payments quarterly, even though employees are typically paid in fortnightly or monthly pay cycles.

Capital / Liquidity

NZ FMA Has Recommendations on Protecting Client Assets

By Manesh Samtani | 09/10/2023

The FMA has proposed a review of the regulatory settings for custodians in New Zealand, including a possible licensing regime.

Fintech / Regtech

ASX Pledges to Remediate Issues Identified in RBA Assessment

By Manesh Samtani | 09/10/2023

The RBA said ASX has been operating at a “heightened level of overall risk level for an extended period” and this needs to be addressed “promptly”.

Australia to Amend Superannuation Tax Concession Policy

By Sanday Chongo Kabange | 06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.

Fintech / Regtech

APAC Central Banks Explore Common Protocol for Regulatory Policy

By Manesh Samtani | 05/10/2023

Project Mandala will be run by BIS Innovation Hub Singapore Centre, along with the RBA, BOK, BNM and MAS, with collaboration from FIs.

Enforcement

ASIC Sues Cigno, BSF Solutions Over Unlicensed Credit Offerings

By Sanday Chongo Kabange | 04/10/2023

Cigno Australia and BSF Solutions used a credit model that subjected some consumers to fees of more than 600% of their total loan amount.

ESG / Sustainability

NZ FMA Issues Record Keeping Guidance for Climate Disclosures Regime

By Sanday Chongo Kabange | 04/10/2023

The guidance sets out principles for firms to ensure their records evidence that climate statements comply with the CRD requirements.

Capital / Liquidity

RBNZ Finalises Decision to Implement Dual Reporting for IRB Banks

By Sanday Chongo Kabange | 04/10/2023

Dual reporting is intended to show how the use of internal models affects a bank’s RWA outcomes compared to using the standardised approach.