Australia

NZ FMA Directs Banks to Ensure Incentives Create Fair Outcomes

By Sanday Chongo Kabange | 04/05/2023

Banks must confirm by 31 May that they have removed incentives linked to sales measures for salespeople and managers.

Enforcement

ASIC Penalises Stockbroker for Mishandling Stock Buyback

By Editors | 04/05/2023

During an on-market buyback, Ord Minnett executed a pre-arranged transaction to buy shares at above-market prices, giving “preferential treatment” to the selling client.

ESG / Sustainability

Australia: Taxonomy Needed to Effectively Combat Greenwashing

By Editors | 03/05/2023

Minister Stephen Jones said ASIC will only be able to catch the most egregious examples of greenwashing unless Australia gets its taxonomy right.

Fintech / Regtech

Singapore Fintechs to Get Support for Australia Expansion

By Editors | 02/05/2023

The SFA and Austrade signed an MoU that will help fintechs expand across borders. Support will be provided by Enterprise Singapore, HSBC and AWS.

ESG / Sustainability

ASIC Fines Future Super for Alleged Greenwashing

By Sanday Chongo Kabange | 02/05/2023

ASIC fined Future Super Investment Services for “overstating the positive environmental impact” of its fund in a Facebook post.

Australia to Ban Use of Credit Cards for Online Gambling

By Editors | 02/05/2023

Bank Identification Numbers (BINs) will be used to identify and block credit card payments. The ACMA will enforce the ban.

Capital / Liquidity

NZ Banks Have ‘Relatively Little’ Interest Rate Risk: RBNZ

By Sanday Chongo Kabange | 02/05/2023

RBNZ says New Zealand banks are required to hold fewer bond assets than banks in other developed economies and account for them at fair market value.

APRA, AFCA Sign MoU on Information Sharing and Cooperation

By Editors | 02/05/2023

The MoU sets out the basis for engagement between APRA and AFCA, including information sharing and other forms of cooperation and coordination.

AML / KYC

Combatting TBML Through Beneficial Ownership and Enhanced Transparency

By Jeremy Moller | 02/05/2023

Jeremy Moller discusses TBML trends, indicators, and how Australia’s proposed beneficial ownership registry could help mitigate this threat.