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NAB Enters Agreement to Acquire Citigroup Consumer Business
By Sanday Chongo Kabange | 10/08/2021
Subject to regulatory approvals from the Treasury, APRA and the ACCC, the acquisition is expected to be complete by March 2022.
Market Infrastructure
ACCC Consults on Merger of BPAY, eftpos and NPP Australia
By Editors | 10/08/2021
A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.
Securities / Derivatives
Australia Tweaks Fee Component of Super Fund Performance Test
By Editors | 10/08/2021
The test will be based on the most recent financial year of administration fees, rather than the past eight years, to incentivise fee reductions.
AML / KYC
Australia to Introduce Magnitsky-style Sanctions Law
By Manesh Samtani | 08/08/2021
Australia will be able to impose targeted financial sanctions and travel bans against individuals and entities without the need for specific country-based regimes.
Enforcement
ASIC Sues Credit Firms for Failing to Cooperate with AFCA
By Sanday Chongo Kabange | 06/08/2021
Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.
Capital / Liquidity
APRA Releases Final Prudential Standard on Capital Adequacy
By Editors | 06/08/2021
CET1 capital may not have unusual features that could undermine its role as the highest quality loss-absorbing capital. The final APS 111 takes effect from 1 January 2022.
Enforcement
ASIC Issues Update on Compensation Paid for Non-compliant Advice
By Editors | 05/08/2021
Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
Securities / Derivatives
Australia Launches Inquiry into Stock Ownership by Large Funds
By Editors | 04/08/2021
The government is said to be concerned about the growing influence of super funds as large shareholders of ASX listed companies.
AML / KYC
Australian Mining Magnate Charged Over A$38.5m Tax Evasion
By Sanday Chongo Kabange | 03/08/2021
The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.
Fintech / Regtech
Australian Fintech Regulation Has to Change
By Dirk Steller | 03/08/2021
The government has dropped the ball when it comes to supporting the Australian fintech ecosystem, says Dirk Steller, founder of VC firm Seed Space.
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