Australia

Enforcement

Australian Court Orders Mercer Advice Unit to Pay A$12m Penalty

By Mark Johnston | 23/11/2023

Mercer Financial Advice was fined for failing to provide compliant fee disclosure statements and charging fees for services never rendered.

ESG / Sustainability

Climate Disclosures and Financial Statements Should be Coherent: XRB

By Sanday Chongo Kabange | 23/11/2023

New Zealand’s XRB issued new guidance highlighting the need for coherence between financial statements and climate-related disclosures.

Enforcement

ASIC Announces Enforcement Priorities for 2024

By Editors | 23/11/2023

ASIC added new priorities targeting super funds and market integrity, and emphases a continued focus on greenwashing.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Perth Mint

By Sanday Chongo Kabange | 23/11/2023

The enforceable undertaking binds Gold Corporation to completing its AML/CTF remediation programme by 30 April 2025.

Market Infrastructure

Australia Issues Seven-Year National Cyber Security Strategy

By Manesh Samtani | 23/11/2023

Small businesses will be given cyber health checks, cyber law enforcement funding will increase, and mandatory reporting of ransomware attacks will be introduced.

Fintech / Regtech

Regulators Must Keep Pace with Technology to Manage Systemic Risks

By Nithya Subramanian | 23/11/2023

With frauds and crimes getting sophisticated, institutions and regulators need to assume an increased level of responsibility, said Deborah Young.

Crypto / Digital Assets

New Zealand Crypto Firm Launches NZD Stablecoin

By Editors | 23/11/2023

Easy Crypto and Labrys said the NZDD will be backed 1:1 with cash in trust and regulated by the FMA.

ESG / Sustainability

Australia to Restructure Regulatory Bodies for Financial Reporting

By Sanday Chongo Kabange | 21/11/2023

The three regulatory bodies that oversee financial reporting and set reporting standards will be combined into a single entity.

Market Infrastructure

Australia Consults on Options for Reforming Merger Rules

By Sanday Chongo Kabange | 20/11/2023

Treasurer Jim Chalmers said any changes to merger rules would be about “delivering greater benefits to the economy and to consumers, and providing certainty to business”.