Australia

Market Infrastructure

CHESS Replacement ‘Critical’ to Manage Systemic Risk: RBA

By Editors | 01/10/2020

Replacing CHESS with more modern technology is critical to ASX’s ongoing management of systemic risk, said RBA assistant governor Michele Bullock.

Enforcement

ASIC Commences Proceedings Against Cigno, BHF Solutions

By Editors | 01/10/2020

Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.

Market Infrastructure

APRA Resumes Consultation on Confidentiality of ADI Data

By Editors | 29/09/2020

APRA proposes that ADI data related to capital adequacy, liquidity, asset quality, financial statements, and financial performance be determined non-confidential.

Market Infrastructure

Australia Prepares to Abolish Responsible Lending Obligations

By Manesh Samtani | 27/09/2020

Lenders will no longer have to assess borrowers’ earnings and expenses to determine whether they can afford to repay their debt without hardship.

Market Infrastructure

ASX Responds on Tranche 2 Rule Changes for CHESS Replacement

By Editors | 26/09/2020

The consultation on the 2nd tranche of rule changes covered operating rules relating to corporate actions, mFund and RTGS payment aspects for the new system.

AML / KYC

Stockbrokers’ Association Pushes Back Against AUSTRAC Proposal

By Manesh Samtani | 25/09/2020

AUSTRAC proposed in July to allow brokers to open accounts for new clients with flexibility to complete the customer identification procedure within five days.

Enforcement

New Zealand FMA Warns of Action Against Poor Conduct

By Editors | 25/09/2020

There are no excuses for conduct that presents the risk of harm to investors, customers and the integrity of the markets, says FMA chief Rob Everett.

AML / KYC

Westpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches

By Manesh Samtani | 24/09/2020

If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

Securities / Derivatives

FMA Blocks CLSA Premium NZ From Offering Derivatives

By Editors | 24/09/2020

The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.