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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.
Fintech / Regtech
Eftpos Explores Better Access to Electronic Payments by Fintechs
By Sanday Chongo Kabange | 28/07/2021
A new committee has been formed with FinTech Australia to facilitate discussion on enhancing fintech firms’ access to the eftpos network.
Market Infrastructure
Australia Consults on Expansion of CDR to Telecom Sector
By Editors | 27/07/2021
Telecommunications will be the third sector to be considered for designation after banking and energy, which were designated in 2019 and 2020.
Market Infrastructure
RBNZ, FMA Consult on Implementation of FMI Act
By Sanday Chongo Kabange | 27/07/2021
The consultation seeks views on how financial market infrastructures will be identified as systemically important and the proposed approach to developing standards.
Capital / Liquidity
RBNZ Drafts Interim Solvency Standard to Account for IFRS 17
By Ranamita Chakraborty | 27/07/2021
The inclusion of risk adjustments in insurance liabilities is expected to increase capital requirements for life insurers.
Market Infrastructure
ASIC to Update Guidance on Anti-hawking Regime
By Ranamita Chakraborty | 23/07/2021
The updated guidance reflects the reforms which consolidate three existing hawking prohibitions into a ban covering all financial products.
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