Australia

Market Infrastructure

RBNZ, FMA Seeks Feedback on Draft FMI Standards

By Sanday Chongo Kabange | 25/09/2022

The FMI Standards are likely to be issued in early 2023 and take effect around 1 August 2023 – once FMI designations are complete.

Enforcement

Australian Court Fines AMP for ‘Fees for No Service’ Conduct

By Editors | 25/09/2022

The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.

Crypto / Digital Assets

Australian Senator Proposes Bill on Digital Asset Regulation

By Editors | 23/09/2022

The bill would establish rules for crypto exchanges, custody providers stablecoin issuers, and banks facilitating e-CNY transactions.

Capital / Liquidity

Australia: Bond Losses Wipe Out Central Bank’s Equity

By Editors | 22/09/2022

An accounting loss of A$36.7bn depleted the RBA’s reserve funds and left it with a negative net equity position of A$12.4bn.

Enforcement

Australia Court Orders Retrial of Banned Mayfair 101 Director

By Editors | 21/09/2022

ASIC put a “legally incorrect case” and the primary judge made orders “based on a legally correct case not put”, the court said.

ESG / Sustainability

ACCC to Commence Internet Sweep Targeting Greenwashing

By Editors | 21/09/2022

Businesses may be asked to substantiate their green claims. The ACCC may take enforcement action if consumers are being misled or deceived.

ESG / Sustainability

New Zealand to Issue First Sovereign Green Bonds This Year

By Editors | 18/09/2022

New Zealand’s Treasury has appointed BNZ and Deutsche Bank (Sydney) as joint structuring advisors to help establish the sovereign green bond programme.

Australia: FPA Adopts Simplified Professional Conduct Code

By Editors | 17/09/2022

A key element underpinning the new FPA Code is that members’ actions should promote a culture that “supports and requires integrity in others”.

Capital / Liquidity

APRA Proposes to Update Guidance on Contingent Liquidity

By Editors | 17/09/2022

APRA will reduce the level of self-securitised assets banks must hold as contingent liquidity, provided they can increase these levels quickly if stress conditions emerge.