Australia

Enforcement

ASIC Fines Macquarie Securities A$126,000 Over Algorithm Failure

By Editors | 19/05/2021

Macquarie Securities was meant to conduct a share buyback for a client via ordinary trading, but the trade went through ASX Centre Point, a dark market.

Capital / Liquidity

APRA Asks Banks to Improve RNIV Reporting & Capitalisation

By Editors | 19/05/2021

APRA says it has observed weaknesses in banks’ Risks-not-in-VaR frameworks and inconsistencies in the calculation of the capital add-ons applied.

Market Infrastructure

APRA Sets Launch Dates for New Data Collection Tool

By Editors | 18/05/2021

The test environment will be available from 17 June and production environment from 13 September. ADIs have to maintain BEAR information in APRA Connect from September.

New Zealand Enhances Voluntary Retirement Savings Scheme

By Ranamita Chakraborty | 17/05/2021

The government has announced changes to the KiwiSaver default providers, among other changes to enhance the financial wellbeing of locals in retirement.

Australia to Allow SMEs to ‘Pause’ Recovery of Tax Debt in Dispute

By Editors | 13/05/2021

Applying to the Administrative Appeals Tribunal to pause the ATO’s debt recovery actions will save small businesses on court and legal fees.

Securities / Derivatives

ASX Finalises Enhancements to Client Money Framework

By Ranamita Chakraborty | 12/05/2021

Subject to the regulatory clearance, the enhanced client money framework will come into effect on 2 August 2021, with a 12-month transition period.

Market Infrastructure

Australia’s Financial Sector Welcomes 2021‑22 Budget Initiatives

By Manesh Samtani | 12/05/2021

The measures include an FMI reform package, relief for foreign financial service firms, changes to the superannuation system, and a new commencement date for the CCIV regime.

APRA to Adopt Standard Quarterly Reporting Due Dates for ADIs

By Editors | 12/05/2021

APRA will implement the due date of 35 calendar days after the reporting period for all quarterly reporting forms, except for the modernised EFS reporting forms.

Capital / Liquidity

APRA Asked to Ensure Fairness in Capital Framework

By Ranamita Chakraborty | 11/05/2021

The calibration of overall capital requirements should not increase capital requirements for standardised banks, COBA said in a submission to APRA.