Australia

Crypto / Digital Assets

Australian Police Charge Ex-Promoter of Failed Crypto Platform

By Sanday Chongo Kabange | 19/11/2020

The former BitConnect promoter is said to have operated an unregistered managed investment scheme and provided unlicensed financial advice.

ASIC Drafts Reference Checking Protocol for Advisers, Mortgage Brokers

By Sanday Chongo Kabange | 19/11/2020

The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.

Deloitte Appointed to Review RBNZ Processes After Accidental Disclosure

By Editors | 18/11/2020

A letter confirming RBNZ’s decision to introduce a Funding for Lending Programme was sent to financial services firms 45 early last week.

ASIC Consults on Barriers to Good Quality Affordable Personal Advice

By Sanday Chongo Kabange | 18/11/2020

ASIC is looking to better understand the barriers to providing good quality and affordable advice and help the industry provide such advice more broadly.

Securities / Derivatives

FMA Proposes New Guidance on Financial Product Advertising

By Sanday Chongo Kabange | 18/11/2020

The guidance sets out the FMA’s expectations of what good conduct in the advertising of offers of financial products looks like.

AML / KYC

The Need for Tranche 2 AML Reform in Australia

By Jeremy Moller | 18/11/2020

Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.

Market Infrastructure

ASIC Flags Concerns Over Further Infrastructure Issues at ASX

By Editors | 17/11/2020

Following a near-full day market closure, data issues prevented ASX from displaying Chi-X bids and offers on its Centre Point matching system.

Capital / Liquidity

RBNZ Consults on Implementation of Bank Capital Changes

By Manesh Samtani | 17/11/2020

The RBNZ is consulting on new rules for the instruments that make up a bank’s capital, and proposed actions it will take if banks breach prudential capital buffer requirements.

‘Buy Now Pay Later’ Consumers Suffering Harm: ASIC

By Editors | 16/11/2020

About 20% of consumers cut back on or went without essentials such as meals in the last 12 months in order to make their buy now pay later payments.