Australia

APRA, RBA Propose to Update Reporting Standard for Loans, Leases

By Sanday Chongo Kabange | 18/08/2021

The changes are expected to be effective from 1 January 2022. Implementation of the November 2020 updates to ARS 720.1 will be delayed until then.

Securities / Derivatives

APRA Offers Guidance on Super Fund Performance Tests

By Sanday Chongo Kabange | 18/08/2021

APRA may combine investment performance when administering performance tests to ensure performance history does not reset as a result of certain product changes.

AML / KYC

AUSTRAC to Address SMR Pain Points in Reporting System

By Manesh Samtani | 18/08/2021

AUSTRAC will review the SMR report structure, improve the user interface of its reporting platform, provide more guidance and feedback to reporting entities, and improve reporting automation.

Securities / Derivatives

Australia Consults on New Financial Reporting Rules For Super Funds

By Sanday Chongo Kabange | 18/08/2021

Super funds will be required to prepare and lodge financial reports for each financial year and half-year with ASIC, and make their reports publicly available.

Enforcement

ASIC Prosecutes 124 Individuals for Failing to Cooperate with Liquidators

By Editors | 17/08/2021

Company officers failed to provide registered liquidators access to the company’s books and submit reports on company activities and property.

Enforcement

Court Orders CBA to Publicise Overcharging Misconduct

By Sanday Chongo Kabange | 17/08/2021

The Federal Court has ordered CBA to publish notices on its website and its newsroom platform under the heading “Notification of Misconduct by CBA”.

Australia: Industry Bodies Oppose CSLR Draft Legislation

By Sanday Chongo Kabange | 17/08/2021

Eight associations say the design of the Compensation Scheme of Last Resort adds unnecessary red tape and significantly increases costs to the financial advice sector.

Australia to Further Amend Design & Distribution Obligations Law

By Sanday Chongo Kabange | 15/08/2021

The planned changes will make the DDOs law more appropriate for the mortgage broking sector, and clarify that margin lending to corporates is exempt, among other changes.

Enforcement

Australian Court Orders BOQ to Replace Unfair Contract Terms

By Sanday Chongo Kabange | 15/08/2021

Bank of Queensland has been ordered to replace unfair contract terms in all standard form contracts with small business customers entered into from November 2016.