ADVERTISEMENT
Australia
Enforcement
Australia Court Fines NAB $1.3m for Overcharging Customers
By Sanday Chongo Kabange | 23/09/2023
The penalty was the maximum allowed by legislation that existed at the time of the contravening conduct. The court said a penalty “several times” higher would have been more appropriate.
ASIC Postpones Financial Adviser Registration to 2024
By Sanday Chongo Kabange | 22/09/2023
The financial adviser registration requirement was initially due to commence in January 2023. This is now the third extension.
APRA to Enhance Standards on Superannuation Member Outcomes
By Editors | 22/09/2023
Deputy chair Margaret Cole said updating SPS 515 was one of APRA’s most important policy priorities in superannuation.
Enforcement
ASIC Fines Interactive Brokers Over Client’s Suspicious Trading
By Sanday Chongo Kabange | 21/09/2023
ASIC said the firm was ‘negligent’ in its failure to identify suspicious trading by a client and ‘reckless’ in continuing to allow further suspicious trading after ASIC raised concerns.
Capital / Liquidity
APRA Considers Options for Making AT1 Bonds More Useful
By Manesh Samtani | 21/09/2023
APRA notes that most AT1 bonds in Australia are held by retail investors, which could make it more challenging to write them down in a bank resolution.
New Zealand Issues Guidance on Helping Vulnerable Customers
By Editors | 21/09/2023
Financial service providers should be “proactive” about identifying and helping customers who are experiencing, or likely to experience, financial difficulty.
Enforcement
ASIC Sues Crypto Exchange for Margin Trading Product
By Sanday Chongo Kabange | 21/09/2023
ASIC says Bit Trade did not comply with its design and distribution obligations when offering a margin trading product to Australian customers.
Enforcement
Australia Proposes Reforms After PwC Tax Leak Scandal
By Sanday Chongo Kabange | 21/09/2023
Australia has commenced consultations on draft legislation to strengthening the integrity of the tax system and increasing the power of regulators.
AML / KYC
Australia Consults on Bill to Expand Digital ID System
By Mark Johnston | 19/09/2023
The bill would allow myGovID to be used in the private sector, and allow accredited private sector IDs to be used for some government services.
Michele Bullock Begins Term as New RBA Governor
By Editors | 19/09/2023
Bullock will have to work on shoring up the RBA’s credibility and implementing the central bank’s biggest overhaul since the 1990s.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.