Australia

Market Infrastructure

Australia to Drop LIBOR in Cross Currency Swaps Trading

By Manesh Samtani | 29/11/2021

BBSW/LIBOR will shift to BBSW/SOFR in cross currency basis swaps trading, though the move presents challenges inherent to an IBOR/RFR pairing.

ESG / Sustainability

APRA Finalises Guidance on Climate Change Financial Risks

By Sanday Chongo Kabange | 29/11/2021

The new climate change prudential practice guide covers governance, risk management, scenario analysis and disclosure.

AML / KYC

Australia Introduces Sanctions Reform Bill to Parliament

By Manesh Samtani | 28/11/2021

The bill allows targeted sanctions to be imposed to address themes such as gross human rights violations, malicious cyber activity and serious corruption.

Enforcement

ASIC Sues ANZ Over Home Loan Introducer Programme

By Editors | 27/11/2021

ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.

Capital / Liquidity

RBNZ Calls for Risk Governance Improvements at Westpac NZ

By Ranamita Chakraborty | 26/11/2021

An independent report found issues were acknowledged by the board for several years but they were not given due attention or effective remediation.

ACCC Approves NAB Acquisition of Citi Consumer Business

By Editors | 26/11/2021

In its review, which focused on competition in the supply of credit cards, the ACCC found that the transaction “would not substantially lessen competition”.

Market Infrastructure

ASIC Imposes Licence Conditions on ASX Over 2020 Outage

By Sanday Chongo Kabange | 26/11/2021

ASIC wants market participants to be able to re-route trades to alternative venues such as Chi-X in the event of a future market outage.

Market Infrastructure

APRA Calls For Greater Board Engagement on Cyber Risk

By Manesh Samtani | 25/11/2021

APRA found in a data collection exercise that 60 percent of regulated entities had not assessed IT service providers’ information security control testing.

Fintech / Regtech

Cryptocurrencies No Longer On The Fringes, says ASIC Chair

By Mark Johnston | 24/11/2021

ASIC chair Joe Longo sees crypto as no longer on the fringes of the financial services industry, but cautions investors against involvement.