Australia

Market Infrastructure

Underinvestment in Data, Tech a Root Cause of Breaches: ASIC

By Editors | 16/11/2020

Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.

Market Infrastructure

Australia Introduces New Package of Royal Commission Reforms

By Editors | 15/11/2020

The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs’ breach reporting requirements.

ASIC Amends Proposed Intervention Order for Continuing Credit Contracts

By Editors | 12/11/2020

The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.

Market Infrastructure

APRA Updates Draft Prudential Standard on Remuneration

By Editors | 12/11/2020

The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.

Market Infrastructure

NZX Confirms 10 December Go-Live Date for NZ RegCo Model

By Editors | 11/11/2020

The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.

Capital / Liquidity

RBNZ Defers Start Date for Higher Bank Capital to June 2022

By Sanday Chongo Kabange | 11/11/2020

The RBNZ will also consult on re-instating LVR restrictions, maintain dividend restrictions for banks, and launch a new facility to provide cheap funding for banks.

Capital / Liquidity

Loan Loss Expectations Prompt Need for Collateral Visibility

By Editors | 11/11/2020

Collateral is one of the more underutilised credit risk mitigation tools available to banks, and likely to become more important as loan losses mount in the year ahead.

Fintech / Regtech

Australian Regulators Propose New Regulatory Regime for SVFs

By Editors | 10/11/2020

The proposed framework includes flexibility to ensure that regulation is able to adapt to innovations such as digital wallet facilities and global stablecoins.

ESG / Sustainability

New Zealand Unveils Roadmap for Sustainable Financial System

By Shruti Khairnar | 10/11/2020

Among the 11 key recommendations to help facilitate change, New Zealand’s roadmap involves the introduction of a new stewardship code for financial institutions.