Australia

Market Infrastructure

Australia Passes Bill to Establish Compensation Scheme of Last Resort

By Sanday Chongo Kabange | 25/06/2023

The CSLR will facilitate the payment of up to A$150,000 in compensation for financial services consumers who have unpaid determinations from AFCA.

Enforcement

ASIC Penalises Morrison Securities for Mishandled Client Orders

By Sanday Chongo Kabange | 24/06/2023

Inadequate controls led to orders being erroneously directed to Chi-X rather than ASX, resulting in market integrity rule breaches.

Market Infrastructure

RBA Consults on Options for Enhancing Debit Card Market

By Sanday Chongo Kabange | 23/06/2023

The RBA seeks to prevent any one debit network from being given routing priority at issuance for domestic transactions.

New Zealand to Probe Excessive Profits in Retail Banking

By Karen Ng | 23/06/2023

New Zealand’s Commerce Commission will conduct its first-ever study to assess competition in personal banking services.

AML / KYC

Senate Committee to Investigate Perth Mint’s AML Compliance

By Editors | 22/06/2023

The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.

Fintech / Regtech

ASIC Chair Cautions Against Hasty Implementation of AI Tools

By Editors | 22/06/2023

ASIC plans to extend its automated order processing rules to futures markets and update its electronic trading guidance to reflect developments with AI.

Securities / Derivatives

ASIC Proposes to Remake Derivative Trade Repository Rules

By Editors | 22/06/2023

ASIC proposes to remake the 2013 rules in substantially the same form with two minor updates ahead of sunset.

Crypto / Digital Assets

Cuscal Introduces New Requirements for Crypto Firms in Australia

By Ranamita Chakraborty | 22/06/2023

Digital currency exchanges have to meet additional requirements to continue using services on Cuscal’s platform.

ESG / Sustainability

New Zealand FSC Publishes New Guidance on Climate Disclosures

By Sanday Chongo Kabange | 21/06/2023

The new FSC guidance is designed to help fund managers and insurers to better understand and assess climate-related risks and prepare for mandatory climate reporting.