Australia

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.

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.