Australia

Crypto / Digital Assets

ASX Receives Application to List Retail Spot Bitcoin ETF

By Jill Wong | 18/07/2023

ASX has received its first application to list a spot Bitcoin ETF to retail investors under the cryptocurrency regulations issued in October 2021.

Market Infrastructure

APRA Finalises New Cross-industry Standard on Operational Risk

By Sanday Chongo Kabange | 17/07/2023

Boards should pay particular attention to ventures that may give rise to material or novel operational risks, including activities associated with crypto assets.

ESG / Sustainability

Australia to Tighten Greenwashing Rules on Consumer Businesses

By Ranamita Chakraborty | 17/07/2023

The Australian Competition and Consumer Commission is currently seeking feedback on its newly issued draft guidance which clarifies obligations under Australian consumer law for businesses making environmental claims.

Fintech / Regtech

ASIC to Host Industry Roundtable on CHESS Replacement Project

By Editors | 17/07/2023

ASIC chair Joe Longo will chair an industry roundtable on 2 August to discuss a proposed CHESS replacement solution.

APRA Needs to Strengthen Superannuation Regulation: FRAA Review

By Ranamita Chakraborty | 17/07/2023

The Australian Prudential Regulation Authority (APRA) has welcomed the release of the Financial Regulator Assessment Authority (FRAA)’s review report on its effectiveness and capability in supervising and resolving issues in the superannuation sector.

Enforcement

Cigno, BHF Solutions Breached National Credit Act, Court Rules

By Sanday Chongo Kabange | 15/07/2023

Australia’s Federal Court said the lending model the firms operated was specifically intended to avoid provisions of the National Credit Act.

Market Infrastructure

RBA Commences Overhaul Process after Comprehensive Review

By Sanday Chongo Kabange | 14/07/2023

Starting 2024, the RBA will introduce new changes to the way the central bank is managed and how its board handles monetary policy.

AML / KYC

Australian Banks Push Back on Mandatory Scam Reimbursements

By Editors | 13/07/2023

CBA deputy CEO David Cohen warned of a “moral hazard trap”. ANZ CEO Shayne Elliott said the UK voluntary code model wouldn’t stop scams.

Fintech / Regtech

NZ’s FMA Issues Proposal to Enhance Industry Operational, Cyber Resilience

By Editors | 12/07/2023

If a licensee experiences a significant disruption, they must promptly notify the FMA no later than 72 hours after the incident.