AUSTRALIA

Market Infrastructure

ASX Finalises Changes to 3-year, 10-year Treasury Bond Futures Roll

By Editors | 27/02/2020

A consultation on the changes received 36 submissions, largely supportive of ASX’s proposals, citing reduced costs, operational efficiencies and improved order management capabilities.

Enforcement

IOOF Faces Shareholder Class Action for Misconduct Non-disclosure

By Editors | 27/02/2020

Reports of potential misconduct first appeared in June 2015, followed by senate hearings and questioning from the Royal Commission, resulting in shareholder losses.

Enforcement

ASIC Reveals Sharp Increase in Investigations Involving Major FIs

By Editors | 27/02/2020

As of 1 January, ASIC had 316 investigations on foot related to misconduct. Cases involving CBA, NAB, Westpac, ANZ and AMP increased 52% from 12 months earlier.

Market Infrastructure

RBNZ Launches New Payment Settlement System

By Editors | 27/02/2020

Replacing a 20-year old system, the new payment settlement platform comprises an RTGS system known as ESAS 2.0 and a central securities depository called NZClear 2.0.

Market Infrastructure

Australia Finalises ISO 20022 Migration Approach for Payment System

By Editors | 27/02/2020

From November 2021, all intermediaries for incoming cross-border payments must be able to receive ISO 20022 enhanced message content, and to pass on those messages in full.

Enforcement

ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report

By Editors | 26/02/2020

Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.

Securities / Derivatives

ASIC Proposes to Reduce Red Tape for Companies Planning IPOs

By Editors | 26/02/2020

ASIC proposes to grant conditional relief for voluntary escrow arrangements and pre-prospectus communications to existing shareholders and employees.

Market Infrastructure

RBNZ Estimates Cyber-attacks Cost Financial Sector NZ$144m Annually

By Editors | 26/02/2020

More extreme events have a low probability but are still plausible, illustrating the importance of managing cyber resilience effectively, the RBNZ says.

ESG / Sustainability

APRA to Develop Climate Risk Guidance, Assess ADI Vulnerability

By Editors | 25/02/2020

APRA will develop guidance on climate change financial risk, conduct a vulnerability assessment of ADIs, and include ESG in superannuation investment governance guidance.