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Australia
Market Infrastructure
ASIC, RBA Set Expectations for ASX Industry Engagement
By Editors | 01/09/2023
ASIC and the RBA directed ASX to use its new advisory group to seek advice on Australia’s possible implementation of T+1 settlement.
Securities / Derivatives
Almost 100 Superannuation Products Fail APRA Performance Test
By Editors | 31/08/2023
AMG MySuper failed the test for the third consecutive year; 96 trustee-directed products also failed the test.
Fintech / Regtech
India, New Zealand Start Talks on UPI-based Payments Link
By Editors | 30/08/2023
NPCI and Payments NZ are in early discussions regarding the use of the UPI system to establish a cross-border payment link.
Fintech / Regtech
Australia Consults on CDR Expansion to Non-bank Lenders
By Editors | 30/08/2023
The Consumer Data Right regime will apply to the non-bank lending sector in stages, starting from 1 November 2024.
ASIC Calls on Lenders to Support Customers Experiencing Hardship
By Sanday Chongo Kabange | 30/08/2023
Financial hardship will be a key area of focus over the next year. ASIC will conduct a review of large home lenders to understand their approaches in this area.
Market Infrastructure
APRA to Develop Cross-Industry Stress-Testing Framework
By Sanday Chongo Kabange | 30/08/2023
APRA will explore how shocks may be mitigated or propagated by interactions between banking, insurance, and superannuation.
AML / KYC
Australia Abruptly Halts Business Registers Upgrade Project
By Sanday Chongo Kabange | 29/08/2023
Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.
Enforcement
ASIC’s New 4-Year Plan Highlights Heavy Enforcement Focus
By Editors | 29/08/2023
ASIC will target scams, digitally-enabled misconduct, predatory lending, and greenwashing, while also “closely monitoring” the use of AI.
ANZ, Suncorp Challenge ACCC’s Decision to Block Merger Deal
By Mark Johnston | 28/08/2023
ANZ and Suncorp filed separate applications to the Australian Competition Tribunal seeking a review of the ACCC’s decision.
Sanctions
New Zealand Joins US, UK in Sanctions over Treatment of Ukrainian Children
By Editors | 27/08/2023
The New Zealand and US sanctions coincided with Ukrainian Independence Day on 24 August.
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