Australia

Market Infrastructure

ASX Confirms Plans to Ramp Up Industry Testing Exercises

By Ranamita Chakraborty | 24/05/2023

ASX will increase the number of BCP events to two per year. All participants are expected to attend. The next BCP event is on 3 June.

Fintech / Regtech

RBA Considers Banning ‘Default’ Route on Dual Network Cards

By Editors | 23/05/2023

The RBA had set an expectation that merchants would be offered least-cost routing by end-2022, but the industry did not meet this timeline.

Fintech / Regtech

Australia Confirms Plans to Regulate BNPL as Credit Products

By Editors | 23/05/2023

BNPL providers will be required to hold Australian Credit Licences and comply with Responsible Lending Obligations, among other requirements.

Enforcement

ASIC Bans Former Gleneagle Fund Manager for Naked Short Selling

By Ranamita Chakraborty | 23/05/2023

The former fund manager of Gleneagle Securities engaged in the naked short selling of shares on 150 occasions, ASIC said.

APRA Postpones Next Consultation on Super Fund Reporting Requirements

By Ranamita Chakraborty | 22/05/2023

APRA now intends to start the consultation on proposed reporting standards for investments and RSE and RSE licensee profile in November 2023.

Crypto / Digital Assets

Westpac Blocks Payments to Crypto Firms, Including Binance

By Sanday Chongo Kabange | 22/05/2023

Westpac said the move could save millions after it found that a third of all scam payments were transferred directly to crypto exchanges.

Fintech / Regtech

ASX Will No Longer Use Blockchain for CHESS Replacement System

By Mark Johnston | 22/05/2023

ASX said the rebuild will need to use “a more conventional technology” and no longer involve blockchain or DLT.

ESG / Sustainability

ACSI Updates Voting Policy to Promote Gender Balance on Boards

By Editors | 22/05/2023

The policy means ASX300 companies could face recommendations ‘against’ male director re-elections if women do not occupy a minimum of 30% of board seats.

Capital / Liquidity

APRA Updates Capital Requirements for PPF Providers

By Editors | 21/05/2023

The changes will align APRA’s capital requirements for purchased payment facility providers more closely with its capital framework for other regulated firms.