Australia

Market Infrastructure

APRA Finalises Revisions to EFS Reporting Standards

By Editors | 24/11/2020

Based on market feedback, the implementation date of the changes for most of the standards has been moved forward three months to the reporting period ending 30 September 2021.

Enforcement

Australian Court Fines Responsible Entity Over Product Disclosures

By Sanday Chongo Kabange | 23/11/2020

Theta Asset Management and its ex-managing director were fined a combined A$2.1mn for authorising the issue of five defective product disclosure statements.

Crypto / Digital Assets

Australian Treasury Seeks Feedback on Payments System Regulation

By Manesh Samtani | 23/11/2020

The paper seeks views on the adequacy of the current regulatory architecture for developments such as stablecoins, cryptocurrency, digital wallets, stored value facilities and open banking.

Securities / Derivatives

ASIC Launches Probe into ASX Over Equity Market Outage

By Manesh Samtani | 23/11/2020

ASIC had earlier said it would determine whether ASX followed the relevant regulatory requirements and met its licence obligations.

Industry Body Urges ASIC to Reconsider Reference Checking Model

By Sanday Chongo Kabange | 23/11/2020

The Stockbrokers and Financial Advisers Association urges ASIC to look at the central register model used in the US, which treats advisers more fairly.

AML / KYC

South Pacific Nations Complete First Phase of KYC Facility Project

By Editors | 22/11/2020

The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.

Enforcement

ASIC Orders Fund Manager to Stop Misleading Radio Advertising

By Editors | 22/11/2020

The stop order prohibits Skyring Funds Management from comparing its fixed income fund to bank-issued deposit products in advertising.

Fintech / Regtech

ASIC Seeks Greater Powers to Collect Data from Managed Funds

By Shruti Khairnar | 21/11/2020

ASIC’s Karen Chester says insolvencies and macro forces could present greater liquidity challenges to fund managers and affect investors’ ability to withdraw from funds.

Capital / Liquidity

APRA Halves CBA Operational Risk Capital Add-on

By Editors | 20/11/2020

CBA has made “significant progress” in areas such as risk management and compliance, remuneration and risk culture, APRA says.