Australia

Enforcement

ASIC to Adopt ‘Reasonable Approach’ to Financial Sector Reforms

By Ranamita Chakraborty | 13/08/2021

ASIC will take a ‘reasonable approach’ to technical or inadvertent breaches, in recognition that six new reforms taking effect in October will present challenges to firms.

Market Infrastructure

ACCC Sees Price Transparency Improvements Among FX Remitters

By Sanday Chongo Kabange | 13/08/2021

The ACCC says 12 of 15 prominent remitters are either adhering to best practice for price disclosure or need to make only minor improvements.

Securities / Derivatives

Australia Passes Amendments to Continuous Disclosure Laws

By Sanday Chongo Kabange | 12/08/2021

Companies can provide forward-looking guidance to the market without the fear of class actions if forecasts are found to be inaccurate.

FMA Proposes Financial Reporting Exemptions for Insolvent Firms

By Sanday Chongo Kabange | 11/08/2021

New Zealand’s FMA is considering introducing a class exemption for insolvent FMC reporting entities from certain financial reporting obligations.

Market Infrastructure

New Zealand Parliament Passes Reserve Bank Bill

By Sanday Chongo Kabange | 11/08/2021

The bill will strengthen the RBNZ’s decision-making, governance, independence and accountability, and change its funding model.

Capital / Liquidity

APRA Finalises Revised Approach to Licensing New Banks

By Sanday Chongo Kabange | 11/08/2021

The new approach increases clarity around capital requirements at different stages for new entrants to the banking sector.

Securities / Derivatives

ASIC Finds ‘Robust’ Valuation Practices in Fund Industry

By Ranamita Chakraborty | 11/08/2021

Valuation practices for illiquid assets were robust, timely and consistent with regulatory guidance and industry standards, ASIC found in a review.

Market Infrastructure

Australia Consults on Disciplinary Body for Financial Advisers

By Editors | 11/08/2021

The government is consulting on regulations to support the establishment of the single disciplinary body that will form part of the new regime for financial advisers.

AML / KYC

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.