Australia

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    Structural Regulation

    Australia Proposals to Regulate BNPL Gains Widespread Support

    By Editors | 17/02/2023

    AFCA has received more than 3,300 complaints against BNPL providers since 2018. ASIC supports regulating BNPL under the National Credit Act.

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    Conduct, Culture & Accountability

    Court Issues Australia’s Largest Ever Fine for Disclosure Failures

    By Editors | 17/02/2023

    Former ASX-listed GetSwift was ordered to pay A$15mn. Three former directors were also penalised.

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    Supervision & Enforcement

    Enforcement ‘At the Heart’ of ASIC’s Work: Joe Longo

    By Sanday Chongo Kabange | 16/02/2023

    ASIC warns that it will target greenwashing, predatory lending and misleading insurance pricing promises.

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    Structural Regulation

    ACCC Launches Inquiry into Bank Rate-Setting Practices

    By Editors | 16/02/2023

    The ACCC said banks have in most cases “fully passed” through interest rate hikes to their home loan rates, but less so to interest rates on deposit products.

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    Structural Regulation

    NZ FMA Finalises New Reporting Requirements for Advisers

    By Editors | 16/02/2023

    The FMA said the first regulatory returns will be due by 30 September 2024, for the 12-month period ending 30 June.

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    Clearing & Post-Trade

    ASIC to Modify Scope of Clearing Derivatives Obligation

    By Editors | 15/02/2023

    ASIC proposes to replace products referencing USD LIBOR with OIS contracts referencing SOFR, and to remove AUD forward rate agreements.

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    Anti-Money Laundering

    The Corruption Perception Index & Australia’s Tranche 2 AML Legislation

    By Julian Fenwick | 15/02/2023

    Australia’s delays in passing Tranche 2 legislation compared with swift implementation in New Zealand highlights different approaches between the two countries, says Julian Fenwick.

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    Structural Regulation

    CFIUS Confirms ‘Excepted Foreign State’ Status for UK, New Zealand

    By Editors | 13/02/2023

    UK and New Zealand investors do not have to undergo national security reviews for noncontrolling investments in the US.

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    Liquidity Risk

    RBNZ Liquidity Policy Review Advances to Second Stage

    By Sanday Chongo Kabange | 12/02/2023

    The RBNZ is seeking feedback on whether the LCR and NSFR standards should be adopted in New Zealand.

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    Cloud & Infrastructure

    Australia to Review Modernising Business Registers Programme

    By Editors | 11/02/2023

    The programme involves consolidating dozens of registers into a single platform run by a one-stop shop service.

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