Australia

New Zealand FSC Publishes Disclosure Guide for Financial Advice Regime

By Sanday Chongo Kabange | 10/11/2020

The ‘Disclosure Guide’ will help advisors comply with the changes to disclosure requirements under the new financial advice regime which comes into force on 15 March 2021.

AML / KYC

AUSTRAC to Ramp Up Industry Guidance on AML Obligations

By Manesh Samtani | 09/11/2020

An unprecedented amount of AML/CTF information will be provided to industry in the next 6-12 months, says AUSTRAC’s David Hawkins.

FMA Finalises Standard Conditions for Full Financial Advice Licence

By Editors | 08/11/2020

All financial advice providers will have to meet the standard conditions to obtain a full licence when the new advice regime takes effect on 15 March 2021.

Securities / Derivatives

New Zealand FMA Appoints KPMG as Temporary Manager

By Shruti Khairnar | 07/11/2020

This is the first time the FMA has used its power to appoint a temporary manager, after the previous manager was removed over governance issues.

Capital / Liquidity

APRA Announces A$35b Reduction in Committed Liquidity Facility

By Editors | 06/11/2020

Five banks applied for a reduction, reducing the aggregate CLF allocated to banks from A$223bn at 1 January 2020 to A$188 billion.

Securities / Derivatives

CFTC Exempts BSE, NSE IFSC, NZX from FCM Registration

By Editors | 05/11/2020

BSE, NSE IFSC, and NZX will be allowed to accept US customer funds directly for trading in futures and options contracts without having to register as futures commission merchants.

Market Infrastructure

Australian FIs to Use NPP for International Payments by End-2022

By Editors | 05/11/2020

Participating FIs are required to join the international payments business service and receive inbound international payments via the NPP by December 2022.

ESG / Sustainability

New Zealand FMA to Deepen Fintech, ESG Expertise

By Sanday Chongo Kabange | 05/11/2020

The appointments reflect the FMA’s support for innovation in financial services and a commitment to supporting New Zealand’s transition to a greener financial system.

Enforcement

New Zealand FMA Proposes New Guidance on KiwiSaver Fees

By Editors | 04/11/2020

The proposed guidance sets out ongoing obligations for KiwiSaver schemes to regularly review their fees to ensure members not being charged unreasonable fees.