Australia

APRA Finalises New Standards on Insurance in Superannuation

By Ranamita Chakraborty | 16/11/2021

In preparation for the 1 July 2022 effective date, APRA “encourages trustees to reassess their insurance arrangements and strategy, risk and compliance frameworks”.

New Zealand to Issue First Sovereign Green Bonds in 2022

By Sanday Chongo Kabange | 16/11/2021

New Zealand plans to issue sovereign green bonds next year to help raise finance for the country’s low carbon transition.

Securities / Derivatives

Australia Finalises Rules on Super Fund Portfolio Disclosures

By Editors | 15/11/2021

Morningstar has expressed concern that the rules do not require super funds to disclose specific stocks or bonds held in portfolios run by external asset managers.

Westpac Advances Progress on Risk Governance Improvements

By Ranamita Chakraborty | 13/11/2021

Westpac CEO Peter King says the bank is already seeing culture improvements and benefits through reduced complexity and improved accountability.

Capital / Liquidity

APRA Sets Out Macroprudential Policy Framework

By Editors | 12/11/2021

APRA has defined certain credit measures it can take to address systemic risks if needed, such as temporary lending limits and minimum lending standards.

Australia to Strengthen Privacy Regime Through New Legislation

By Sanday Chongo Kabange | 11/11/2021

The draft bill will introduce tougher penalties and enforcement powers to enable the OAIC to resolve matters more effectively and efficiently.

Enforcement

NZ FMA Expects Proactive Self-reporting of Misconduct Issues

By Editors | 08/11/2021

The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.

AML / KYC

Australia Launches New Director ID Regime

By Editors | 07/11/2021

Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.

Enforcement

Prosecutors Abandon Criminal Cartel Case Against ANZ

By Editors | 07/11/2021

Prosecutors have decided to abandon the case against ANZ after being asked to refile their indictment a third time. The cases against Deutsche Bank and Citi will proceed.