Australia

Market Infrastructure

NZ FMA Issues Cyber Resilience Guidance for Financial Advisers

By Sanday Chongo Kabange | 30/07/2021

Under New Zealand’s new financial advice regime, many individuals and entities have not previously been subject to compliance obligations for cybersecurity.

Enforcement

ASIC Files Suit Against AMP Over Superannuation Fees

By Editors | 30/07/2021

AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.

Crypto / Digital Assets

Australia: Industry Body Seeks Greater Clarity on Crypto Regulation

By Sanday Chongo Kabange | 30/07/2021

Blockchain Australia has asked for safe harbour to be provided to ensure regulatory action will not be taken against crypto businesses where the law is unclear.

Market Infrastructure

ASX to Replace Standard Definitions for Interest Rate Swaps

By Editors | 29/07/2021

From 4 October, all OTC interest rate derivatives contracts will be treated as if they incorporated the new 2021 ISDA Definitions.

Market Infrastructure

ASIC Faces Pushback for Higher Financial Advice Levies

By Ranamita Chakraborty | 29/07/2021

The FPA says the formula ASIC uses to estimate the industry funding levy for financial planners is not equitable or sustainable and must be reviewed immediately.

Enforcement

NZ FMA Censures FoxPlan Over Unpermitted Financial Advice

By Sanday Chongo Kabange | 28/07/2021

FoxPlan representatives misrepresented to clients that they were an authorised financial advisers or financial planners when they were not.

Big Picture

Australia: Mutual Banks Face “Avalanche” of Regulatory Change

By Manesh Samtani | 28/07/2021

A new benchmarking report from GRC Solutions highlights the challenges incoming regulatory requirements are presenting to the mutual banking sector.

AML / KYC

Australia Jails Sydney Man for Breaching North Korea Sanctions

By Manesh Samtani | 28/07/2021

The AFP uncovered evidence that the man was generating income for North Korea’s government by facilitating the transfer of various commodities to and from the country.

Enforcement

ASIC Appeals Dismissal of Cigno, BHF Solutions Case

By Sanday Chongo Kabange | 28/07/2021

ASIC’s appeal seeks judicial clarification on the operation of key obligations under the National Credit Act and National Credit Code.