Australia

Market Infrastructure

Australia: New Report Proposes Changes to Financial Advice Rules

By Sanday Chongo Kabange | 27/10/2020

The FASEA regime has created a barrier to many people who seek to provide advice services and to consumers who seek to access them, says a new Rice Warner report.

ASIC Deputy Chair Crennan Resigns Amid Expense Probe

By Editors | 27/10/2020

The probe relates to almost A$200,000 in payments that were made on behalf of Chairman James Shipton and to Deputy Chair Daniel Crennan that may have exceeded official limits.

AML / KYC

Australian Police Arrest NAB Employee on Fraud Charges

By Editors | 25/10/2020

The former employee faces charges for conspiring to cheat and defraud and attempting to launder A$21.6mn in illicit proceeds through NAB.

Crypto / Digital Assets

ASIC Intervenes to Restrict CFD Leverage, Curb Retail Losses

By Editors | 25/10/2020

In a new product intervention order targetting contracts for difference, ASIC has imposed leverage limits and standardised margin close-out arrangements.

FMA to Recognise Australian Financial Advice Qualifications

By Editors | 25/10/2020

In addition to holding Australian qualifications, the FMA proposes that Australian advisers will need to have at least 12 months’ experience working in Australia.

Super Licensees Must Observe Controlling Stake Requirements: APRA

By Editors | 23/10/2020

Regulatory approval is required before a change in a superannuation licensee’s ownership occurs. Noncompliance may attract “severe penalties”.

AML / KYC

AUSTRAC Wants Lawyers, Accountants Under its AML Remit

By Editors | 23/10/2020

AUSTRAC chief Nicole Rose expressed concerns that professional facilitators are being used to evade money laundering detection.

Securities / Derivatives

NZX, EEX to Jointly Develop Auction Service for Emissions Trading

By Editors | 23/10/2020

NZX and EEX will develop and operate the managed auction service for New Zealand’s Emissions Trading Scheme, helping to bring carbon costs into the mainstream.

AML / KYC

Australia Launches Bribery Prevention Network

By Editors | 23/10/2020

The Bribery Prevention Network aims to support Australian businesses in addressing bribery and corruption risks in domestic and international markets.