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ASIC Consults on Internal Dispute Resolution Reporting Requirements
By Editors | 20/12/2020
ASIC has adopted feedback on the data reporting requirements from an earlier consultation. Additional feedback is needed before it confirms the next steps for implementation.
APRA, ASIC Offer Guidance on Super Fund Obligations
By Editors | 17/12/2020
Super funds can capitalise on potential synergies when building systems and processes for their Member Outcomes obligations and Product design and distribution obligations.
Fintech / Regtech
Australia’s Domestic Payment Organisations Propose to Amalgamate
By Editors | 17/12/2020
Australia’s eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.
Securities / Derivatives
FMA Issues Disclosure Framework for Green Investment Products
By Editors | 17/12/2020
The guidance sets out the type of disclosure the FMA expects from issuers of green bonds and other ‘responsible’ investment products.
Fintech / Regtech
Digital-only Bank Announces Closure in Australia
By Editors | 16/12/2020
Xinja blamed Covid-19 and a difficult capital raising environment for its decision to exit banking. APRA will monitor the return of customer funds.
Securities / Derivatives
ASIC Defers Super Fund Requirement to Disclose Portfolio Holdings
By Editors | 15/12/2020
The one-year deferral is necessary as supporting regulations have not yet been made. ASIC encourages super funds to voluntarily disclose portfolio holdings.
Enforcement
ASIC Sues Three Firms For Illicitly Offering FX Margin Trading
By Sanday Chongo Kabange | 15/12/2020
ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.
Capital / Liquidity
APRA Removes Bank, Insurer Restrictions on Dividend Payouts
By Editors | 15/12/2020
Even in a ‘Severe Downside’ scenario, the CET1 capital ratio of the banking system would remain well above the 4.5 percent minimum capital requirement.
AML / KYC
AUSTRAC Releases Risk Assessment of Junket Tour Operators
By Sanday Chongo Kabange | 15/12/2020
AUSTRAC expects casinos to use the risk assessment to protect their businesses and communities from criminal threats such as money laundering.
ASIC Warns Against Noncompliance with Conflicted Remuneration Ban
By Editors | 14/12/2020
ASIC issued updates to RG 246 that would reflect the end grandfathering of conflicted remuneration for financial product advice from 1 January 2021.
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