AUSTRALIA

Securities / Derivatives

ASIC to Audit Broker Sales of Listed Investment Funds

By Editors | 14/01/2020

ASIC is reviewing whether sales commissions paid by fund managers to brokers or financial advisers to sell funds compromise the best interests of investors.

AML / KYC

AUSTRAC, UK Gambling Commission Sign Anti-Financial Crime MOU

By Editors | 13/01/2020

The signing of the MOU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five, on top of 93 MOUs it has with financial intelligence units.

Market Infrastructure

Demand for Stablecoin, CBDC Not Yet Established: RBA

By Editors | 13/01/2020

A retail CBDC could ultimately hurt commercial banks, as it would translate to a fall in deposits and a reduction in the availability of funds for lending to households and businesses, the RBA says.

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Securities / Derivatives

ASX Consults on Changes to Trade Cancellation Policy

By Editors | 09/01/2020

ASX proposes to amend its trade cancellation policy for ASX 24 options and for the 20 Year Bond Futures contract to provide participants greater flexibility.

Australian Banks Offer Emergency Relief to Bushfire Victims

By Editors | 05/01/2020

The services being offered by ABA member banks to help customers include fee waivers, loan repayment deferrals, and additional financing to help cover cash flow shortages.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.

AML / KYC

DFAT to Establish New Australian Sanctions Office from 1 Jan

By Editors | 26/12/2019

As part of the establishment, Australia’s Department of Foreign Affairs and Trade will be rolling out changes to its online sanctions permit platform in early 2020.

Capital / Liquidity

Australia Proposes Industry-Funded Compensation Scheme of Last Resort

By Editors | 25/12/2019

The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.