Australia

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.

Securities / Derivatives

FMA Files Suit Against Company Director Over Online Posts

By Editors | 15/08/2021

The CEO of NZX-listed New Talisman Gold Mines made false and misleading representations in an online investor forum without disclosing his involvement with the company.

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.