Australia

Capital / Liquidity

APRA Revises Bank Capital Framework to Add Flexibility

By Editors | 09/12/2020

The reforms will deliver a “robust, competitive banking system” that can continue to fulfil its critical role when the community faces challenges, APRA’s Wayne Byres said.

Capital / Liquidity

RBNZ Consults on Reinstatement of LVR Restrictions on Risky Lending

By Editors | 09/12/2020

The RBNZ is concerned that increases in highly-leveraged borrowing, if continued, could lead to emerging risks to financial stability.

Market Infrastructure

NZX Enhances Infrastructure, Security Following Independent Reviews

By Editors | 08/12/2020

EY was commissioned to look into issues stemming from record trading volumes in March and April, while InPhySec looked into NZX’s DDoS attack response in August.

ASIC to Update Regulatory Guide on Consumer Remediation

By Sanday Chongo Kabange | 08/12/2020

There are opportunities for firms to identify issues that can lead to remediations earlier, and to ensure remediation payments are made more quickly and fairly.

Securities / Derivatives

APRA Orders Banks to Correct Deficient Securitisation Practices

By Editors | 07/12/2020

APRA has found a number of banks not in compliance with its prudential standard on securitisation. A review now underway will continue into 2021.

Capital / Liquidity

APRA Urges Smaller Banks to Identify Possible Merger Partners

By Editors | 06/12/2020

APRA’s John Lonsdale said the general quality of recovery plans amongst smaller banks was weaker than the regulator would like, and they may have fewer recovery options.

AML / KYC

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

Enforcement

RBNZ Reprimands Pacific International Insurance Over Reporting Failures

By Sanday Chongo Kabange | 03/12/2020

The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

Securities / Derivatives

ASX to Enhance Framework on Client Money Obligations

By Editors | 03/12/2020

ASX will require daily reconciliation of individual client trust account balances, prescribe a standard format for trust reconciliations, and enhance reporting requirements.