Australia

NZ FMA to Publish Revised Conduct Guide for Consultation Soon

By Ranamita Chakraborty | 18/03/2022

The conduct guide sets out principles that financial services providers should apply when they are designing products or delivering services to the public.

Capital / Liquidity

RBNZ Proposes to Allow Mutual Banks to Issue Capital Instruments

By Editors | 18/03/2022

Mutual banks are currently unable to issue CET1 capital instruments, making it difficult for them to raise loss-absorbing capital, restricting their lending growth, and impairing their ability to compete.

Securities / Derivatives

Australian Super Funds Shy Away from Chinese Equities – Report

By Sanday Chongo Kabange | 18/03/2022

China’s crackdown on certain sectors has left super fund executives fearing that direct equity exposures to China may not be worth the added risk.

AML / KYC

NZ FIU Calls for Help to Combat Transnational Organised Crime

By Sanday Chongo Kabange | 16/03/2022

Reporting entities are “uniquely positioned” to detect TNOC activity through the implementation of preventive measures and reporting to the FIU.

AML / KYC

AUSTRAC Proposes Amendments to AML/CTF Rules

By Sanday Chongo Kabange | 16/03/2022

A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.

AFCA Proposes New User-Pays Funding Model

By Mark Johnston | 15/03/2022

Under the new model, about 20% of AFCA members would experience a decrease in fees, while 70% would see no impact.

Capital / Liquidity

New Zealand to Revise Responsible Lending Rules

By Mark Johnston | 15/03/2022

The new rules, introduced in December, were designed to protect the vulnerable but are making it more difficult for borrowers to obtain loans.

Crypto / Digital Assets

Australia: Senator Calls on Govt to Accelerate Work on Crypto Regulation

By Darien Choong | 15/03/2022

Senator Andrew Bragg said the government should hire experts to permanently work on crypto regulation within a dedicated unit of Treasury.

APRA, ASIC Outline Expectations on Retirement Income Covenant

By Ranamita Chakraborty | 14/03/2022

While RSE licensees are not specifically required to offer retirement income products, they are expected to consider making changes to existing products or offering external products.