Australia

Enforcement

ASIC Fines Instinet Over ‘Set and Forget’ Compliance Culture

By Sanday Chongo Kabange | 07/12/2023

ASIC said Nomura subsidiary Instinet failed to provide clients with all necessary information about the operation of its crossing system.

Enforcement

ASIC Warns Online Trading Providers Over Risky Offers

By Sanday Chongo Kabange | 06/12/2023

ASIC found that some online trading providers unfairly influenced consumer decisions and made misleading disclosures during the Covid-19 pandemic.

Capital / Liquidity

New Zealand Will Not Adopt LCR, NSFR, Says RBNZ

By Manesh Samtani | 06/12/2023

The RBNZ will release a third consultation on its liquidity policy in Q2 2024 proposing simplified liquidity requirements for smaller deposit takers.

Australia Consults on Improving Super Fund Retirement Outcomes

By Editors | 06/12/2023

Discussion paper examines how super funds can better support members and deliver better retirement income products and services.

Enforcement

Australian Court Orders OnePath Custodians to Pay A$5m Penalty

By Editors | 03/12/2023

OnePath Custodians made false or misleading representations and deducted fees from members for advice services they did not receive.

Securities / Derivatives

New Zealand FMA to Cooperate with FMSB on Market Standards

By Editors | 01/12/2023

Good industry standards can complement principle-based laws and drive robust operational practices among market intermediaries, the FMA said.

Enforcement

ASIC: Morningstar Pays Two ESG-related Infringement Notices

By Manesh Samtani | 01/12/2023

Morningstar fund investors were exposed to weapons companies for “short periods of time” despite an ESG Policy that prohibited such exposures.

Fintech / Regtech

Legislation Introduced to Expand Australia’s Digital ID System

By Sanday Chongo Kabange | 01/12/2023

The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.

APRA Publishes Additional Data on Super Fund Underperformance

By Sanday Chongo Kabange | 01/12/2023

APRA says there is “considerable scope” for fee reductions across the superannuation industry, particularly for trustee directed products.