AUSTRALIA

Market Infrastructure

ASIC Increases Scrutiny on Audit Practices as Quality Drops

By Editors | 16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

By Editors | 13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.

Capital / Liquidity

APRA Updates Prudential Standard on Credit Risk Management

By Editors | 13/12/2019

The revised prudential standard on credit risk management will come into effect from 1 January 2021, six months later than was proposed in a March consultation.

Big Picture

RegTech Association Flags Under-Investment in Australian Regtech

By Manesh Samtani | 12/12/2019

Despite Australia having everything needed to be a global RegTech leader, mainstream adoption is being stymied by an equity gap, says new research from the RegTech Association.

Securities / Derivatives

ASIC Allows Non-transparent Active ETFs to Remain Non-Transparent

By Editors | 12/12/2019

Active ETF providers will have to implement new controls to manage risks associated with internal market making models, but they will be allowed to continue to hide their holdings.

ACCC Proposes to Re-authorise Mortgage Broking Disciplinary Body

By Editors | 12/12/2019

The ACCC typically re-authorises the MFAA for five years. A draft decision to reauthorise it for just two years is to allow it time to make Royal Commission-related changes to its disciplinary rules.

Securities / Derivatives

NZX, EEX to Jointly Pursue Carbon Market Opportunities

By Editors | 12/12/2019

NZX believes that the transparency and security of a regulated market like the European Energy Exchange will add value to the existing carbon market in New Zealand.

Securities / Derivatives

Fiji, PNG Stock Exchanges Sign MoU on Joint Market Development

By Editors | 12/12/2019

Fiji’s SPX has signed an MoU with Papua New Guinea’s national stock exchange to cooperate on capital markets development, following from a similar MoU with NZX earlier this year.

Capital / Liquidity

APRA Issues Final Operational Risk Requirements for ADIs

By Editors | 12/12/2019

The prudential standard comes into effect from 1 January 2021 for ADIs using advanced measurement approaches to calculate the required capital for operational risk.