AUSTRALIA

Securities / Derivatives

ASIC Directs Equity Market Participants to Limit Trading

By Editors | 16/03/2020

The move is a response to a particularly large increase in trades executed on Friday, largely attributable to algorithmic and high frequency trading.

Capital / Liquidity

RBNZ Defers Implementation of New Capital Framework

By Editors | 16/03/2020

The deferment will enable banks to supply up to around NZ$47bn in additional lending to households and businesses, the RBNZ estimates. The OCR has also been cut to 0.25%.

Australia Announces A$17.6b Economic Stimulus Package

By Editors | 13/03/2020

Treasurer Josh Frydenberg held talks with banks ahead of the announcement urging them to do their part to help businesses make the most of the new measures.

Market Infrastructure

APRA’s New Data Collection Solution to Go Live in Six Months

By Editors | 12/03/2020

The revised timeline follows APRA’s decision in October to explore alternative implementation approaches for the new solution, which will be known as ‘APRA Connect’.

AML / KYC

Australia: Senate Committee Backs Passage of AML Amendments

By Editors | 12/03/2020

The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.

Market Infrastructure

ASIC Finalises New Licensing Framework for Foreign Firms

By Editors | 11/03/2020

The framework introduces a new ‘foreign AFS’ licensing regime, and licensing relief for foreign fund managers seeking to induce investment from certain professional investors such as super funds.

Australia: ‘Perfect Storm’ of Regulatory Change Squeezing Smaller Banks

By Editors | 09/03/2020

The Customer Owned Banking Association is calling for the government to reassess the approaching wave of banking regulation, as record low interest rates squeeze margins.

RBNZ, NZBA Say Banks ‘Ready to Respond’ to Covid-19 Impacts

By Editors | 09/03/2020

The RBNZ has inquired into the risk management approaches and preparedness for COVID-19 at banks, and the responses show they are prepared, according to governor Adrian Orr.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

By Editors | 05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.