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Australian Industry Bodies to Standardise Advice Fee Disclosures
By Sanday Chongo Kabange | 01/09/2021
The Financial Services Council and Financial Planning Association are developing an industry standard form to be used for advice fee disclosures.
Securities / Derivatives
Australia Issues Consultation to Finalise CCIV Regime
By Sanday Chongo Kabange | 31/08/2021
The CCIV regime will offer a more flexible and tax-efficient corporate structure for fund managers. The regime is targeted to commence from 1 July 2022.
AML / KYC
New Zealand Court Penalises TBS Bank for AML Breaches
By Editors | 31/08/2021
The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.
APRA Confirms Approach to New Credit Risk Reporting Standard
By Sanday Chongo Kabange | 31/08/2021
APRA will proceed with implementation of the interim ARS 220.0 commencing 1 January 2022, despite feedback indicating its approach presented a burden for ADIs.
Fintech / Regtech
Australia Payments System Review Exposes Regulatory Gaps
By Sanday Chongo Kabange | 31/08/2021
The review recommends enhancing the government’s powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.
13 Super Funds Fail APRA’s First Performance Test
By Sanday Chongo Kabange | 31/08/2021
If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.
Australian Govt Freezes ASIC Levy for Financial Advisers
By Editors | 31/08/2021
Treasury will review the ASIC Industry Funding Model to ensure it remains fit for purpose amid structural changes taking place in the advice industry.
Market Infrastructure
ACCC Opens Competition Inquiry Into NAB-Citigroup Deal
By Sanday Chongo Kabange | 30/08/2021
The ACCC has asked interested parties to submit their views regarding NAB’s proposed acquisition of Citigroup’s Australian consumer banking business by 13 September.
Market Infrastructure
APRA Focuses on Resilience in Updated Corporate Plan
By Sanday Chongo Kabange | 30/08/2021
APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.
Market Infrastructure
APRA Finalises Prudential Standard on Remuneration
By Manesh Samtani | 29/08/2021
The prudential standard on remuneration will come into effect from 1 January 2023 initially for the largest and most complex ADIs.
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