Australia

RBA Cuts Cash Rate to Record Low, Confirms More Bond-buying

By Editors | 03/11/2020

The official cash rate is expected to remain at 0.1 for three years. The RBA will also buy A$100bn of government bonds over the next six months.

Market Infrastructure

Australia Commences Wide-ranging Review of Privacy Law

By Editors | 03/11/2020

An issues paper released as part of the review seeks feedback on whether EU adequacy under GDPR is necessary or desirable, among other issues relevant to reform.

Fintech / Regtech

RBA Launches New Project to Explore Wholesale CBDC

By Editors | 03/11/2020

The RBA has partnered with CBA, NAB, Perpetual and ConsenSys to explore if there is a future role for a wholesale CBDC in the Australian payments system.

Enforcement

CBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit

By Editors | 01/11/2020

ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.

ESG / Sustainability

RBNZ Governor Calls for Collective Response to Climate Risks

By Shruti Khairnar | 30/10/2020

RBNZ has started reporting its own verified carbon footprint in its annual report, and is working on integrating climate risks into its supervision frameworks.

Market Infrastructure

ASX Extends Go-live of CHESS Replacement to April 2023

By Manesh Samtani | 29/10/2020

The one-year extension over what was proposed in June reflects a need for more post-trade processing capacity, highlighted by March’s extreme increases in trading volumes.

APRA Updates Standard for Reporting Credit Exposures, Provisions

By Editors | 28/10/2020

The draft ARS 220.0 is intended to align with the updated Prudential Standard APS 220 Credit Risk Management, which will come into effect from 1 January 2022.

Fintech / Regtech

Australian Treasury Orders Review of Domestic Payments Regulation

By Shruti Khairnar | 27/10/2020

The review comes after two decades of the regulatory architecture of the domestic payments system being largely unchanged.

Market Infrastructure

Australia: New Report Proposes Changes to Financial Advice Rules

By Sanday Chongo Kabange | 27/10/2020

The FASEA regime has created a barrier to many people who seek to provide advice services and to consumers who seek to access them, says a new Rice Warner report.