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ASIC Amends Proposed Intervention Order for Continuing Credit Contracts
By Editors | 12/11/2020
The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.
Market Infrastructure
APRA Updates Draft Prudential Standard on Remuneration
By Editors | 12/11/2020
The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.
Market Infrastructure
NZX Confirms 10 December Go-Live Date for NZ RegCo Model
By Editors | 11/11/2020
The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.
Capital / Liquidity
RBNZ Defers Start Date for Higher Bank Capital to June 2022
By Sanday Chongo Kabange | 11/11/2020
The RBNZ will also consult on re-instating LVR restrictions, maintain dividend restrictions for banks, and launch a new facility to provide cheap funding for banks.
Capital / Liquidity
Loan Loss Expectations Prompt Need for Collateral Visibility
By Editors | 11/11/2020
Collateral is one of the more underutilised credit risk mitigation tools available to banks, and likely to become more important as loan losses mount in the year ahead.
Fintech / Regtech
Australian Regulators Propose New Regulatory Regime for SVFs
By Editors | 10/11/2020
The proposed framework includes flexibility to ensure that regulation is able to adapt to innovations such as digital wallet facilities and global stablecoins.
ESG / Sustainability
New Zealand Unveils Roadmap for Sustainable Financial System
By Shruti Khairnar | 10/11/2020
Among the 11 key recommendations to help facilitate change, New Zealand’s roadmap involves the introduction of a new stewardship code for financial institutions.
Capital / Liquidity
APRA Adjusts Capital Treatment of Equity Investment in Subsidiaries
By Editors | 10/11/2020
The move is aimed at ensuring that any new or additional equity investments by banks in subsidiaries is backed by appropriate capital to reduce the risk to Australian depositors.
New Zealand FSC Publishes Disclosure Guide for Financial Advice Regime
By Sanday Chongo Kabange | 10/11/2020
The ‘Disclosure Guide’ will help advisors comply with the changes to disclosure requirements under the new financial advice regime which comes into force on 15 March 2021.
AML / KYC
AUSTRAC to Ramp Up Industry Guidance on AML Obligations
By Manesh Samtani | 09/11/2020
An unprecedented amount of AML/CTF information will be provided to industry in the next 6-12 months, says AUSTRAC’s David Hawkins.
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