Australia

Enforcement

ASIC Bans Former ANZ Representative For Eight Years

By Editors | 10/05/2021

The representative falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature.

Capital / Liquidity

APRA Consults on Additional Revisions to Capital Rules

By Manesh Samtani | 10/05/2021

In an October 2019 consultation, APRA proposed that banks would have to hold more capital against equity investments in large subsidiaries.

ESG / Sustainability

Australian Proxy Voting Reforms Under Fire

By ESG Investor | 10/05/2021

ISS says Australian Treasury consultation “premised on a misguided notion”, argues against five-day comment period for companies.

Fintech / Regtech

Australia Set to Announce A$1.2bn Digital Economy Strategy

By Editors | 10/05/2021

The full strategy will be released on 11 May, and include investments in artificial intelligence, cyber security, the CDR rollout, and Australia’s digital identity system.

Australia to Require Debt Management Firms to Be Licensed

By Editors | 09/05/2021

Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.

Market Infrastructure

New Zealand Passes Financial Market Infrastructures Bill

By Editors | 06/05/2021

The Bill provides the RBNZ and FMA with comprehensive regulatory, supervisory, enforcement, and crisis management powers in respect of important FMIs.

Australian Banks Face Backlash for Refusal to Finance Coal, Mining

By Ranamita Chakraborty | 06/05/2021

Small business ombudsman Bruce Billson is seeking powers to compel banks to “show cause” for decisions to refuse services to companies.

Fintech / Regtech

Australia Considers Making CDR Data More Portable

By Editors | 06/05/2021

Under draft rules, accredited businesses would be able to share CDR data with their agents, or sponsor other parties to become accredited.

Enforcement

ASIC Files Suit Against Westpac for Alleged Insider Trading

By Editors | 05/05/2021

ASIC says Westpac traded interest rate derivatives to pre-position itself while knowing it would be selected to execute a A$12bn interest rate swap hours later.