Australia

Enforcement

ASIC Directs Retail OTC Issuers to Improve DDO Compliance

By Sanday Chongo Kabange | 07/09/2023

ASIC said it will punish issuers of CFDs and other high-risk products for failure to comply with their design and distribution obligations.

Market Infrastructure

Australian Parliament Passes Financial Accountability Regime Bill

By Editors | 07/09/2023

The FAR replaces and extends the BEAR by imposing new accountability obligations on insurers, banks, super funds, and their senior executives.

APRA Releases Findings from Review of Remuneration Frameworks

By Manesh Samtani | 06/09/2023

The review assessed how banks, insurers and superannuation entities are approaching implementation of the new remuneration standards under CPS 511.

ESG / Sustainability

RBNZ, FMA Call on Regulated Entities to Improve Governance Practices

By Sanday Chongo Kabange | 06/09/2023

A joint cross-sector thematic review identified some good governance practices, but also areas where improvement is needed.

Fintech / Regtech

Australia Consults on Feasibility of ‘Screen Scraping’ Ban

By Editors | 06/09/2023

New discussion paper seeks views on a recommendation to ban screen scraping in situations where the CDR is a viable alternative.

Securities / Derivatives

APRA Review Finds Gaps in Super Fund Valuation Practices

By Sanday Chongo Kabange | 05/09/2023

The review was conducted in late 2022, ahead of new investment governance standards taking effect in January.

Crypto / Digital Assets

Australia: Senate Committee Rejects Andrew Bragg Crypto Bill

By Manesh Samtani | 05/09/2023

The committee said consultations planned by the government are the most appropriate way to develop a regulatory framework for digital assets.

Enforcement

ASIC Sues Westpac for Financial Hardship Misconduct

By Editors | 04/09/2023

ASIC said Westpac’s deficient process resulted in 229 customers not receiving a response to their hardship notice within the required 21 days.

Market Infrastructure

NZX Adds Financial Recovery Tools to Operational Rules

By Sanday Chongo Kabange | 04/09/2023

The amendments will take effect on 1 December, introducing five recovery tools to help manage a potential default by a market participant.