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Securities / Derivatives
Australia Announces Reforms to Proxy Advice Regime
By Editors | 22/12/2021
The reforms extend AFS licensing requirements to a greater range of proxy adviser activities, as well as enhance transparency of super funds’ voting records.
Capital / Liquidity
APRA Outlines Considerations for CCyB Decisions
By Sanday Chongo Kabange | 22/12/2021
APRA confirmed that the CCyB would be set at the new default level of 1 percent of RWA from 1 January 2023, a feature of the new bank capital framework.
Capital / Liquidity
RBNZ Updates Disclosure Requirements for Banks
By Editors | 20/12/2021
The updates align disclosures with the new RBNZ’s capital adequacy requirements, which will be phased in over seven years starting from July 2022.
AML / KYC
New Zealand DIA, FMA Issue Directions on Outsourced CDD
By Editors | 19/12/2021
Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.
Securities / Derivatives
APRA Publishes Latest Data on Super Fund Underperformance
By Editors | 17/12/2021
About 60% of choice products and 45% of MySuper products delivered returns below benchmarks. APRA will further intensify its supervision on trustees delivering sub-standard member outcomes.
Securities / Derivatives
ASIC Consults on How it Communicates Audit Review Findings
By Mark Johnston | 15/12/2021
ASIC proposes to start communicating with company directors more routinely regarding findings from its audit inspections.
Enforcement
FMA Cancels Financial Advice Provider’s Transitional Licence
By Editors | 15/12/2021
This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.
Securities / Derivatives
ASX Introduces Electronic Delivery of CHESS Statements
By Sanday Chongo Kabange | 15/12/2021
The electronic delivery of CHESS statements provides a faster, more efficient service for investors, says ASX group executive Tim Hogben.
Crypto / Digital Assets
Australia Unveils Plans to Reform, Modernise Payments System
By Sanday Chongo Kabange | 14/12/2021
The government plans to establish a licensing regime for crypto exchanges, a custody regime for digital assets, and explore the feasibility of a CBDC.
AML / KYC
AUSTRAC Issues Financial Crime Guide on Disaster Payments Fraud
By Editors | 13/12/2021
The financial crime guide helps financial firms identify the misuse of emergency and disaster payments administered through Services Australia.
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