Australia

Operational Risk

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.

Reporting & Disclosures

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The Australian Competition and Consumer Commission is currently seeking feedback on its newly issued draft guidance which clarifies obligations under Australian consumer law for businesses making environmental claims.

Clearing & Post-Trade

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.

Emerging Prudential Risks

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Fraud, Scams & Cybercrime

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.

Operational Risk

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.

Data Privacy

ACCC Launches Inquiry into Data Broker Services

By Editors | 12/07/2023

The inquiry will concentrate on third-party data brokers that gather information from external sources and share or sell it to other organisations.