AUSTRALIA

Enforcement

Australia to Form New Disciplinary Body for Financial Advisers

By Editors | 15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.

Capital / Liquidity

ACCC to Probe Banks on Mortgage Pricing Decision-making

By Editors | 15/10/2019

The ACCC is commencing an inquiry to find out why banks are not fully passing on interest rate cuts to borrowers, and what prevents customers from switching to cheaper lenders.

Securities / Derivatives

ASX Announces Final Changes to Listing Rules

By Editors | 10/10/2019

The main changes relate to increased reporting, better and more timely disclosure by listed investment companies, and new measures to address listing rule breaches.

AML / KYC

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

ABA Backs Proposal for Bank-Funded Financial Counselling

By Editors | 07/10/2019

A review of Australia’s financial counselling sector has recommended that the big four banks fund half of the initial contributions immediately needed to expand delivery of such services.

Securities / Derivatives

ASX Consults on Changes to Treasury Bond Futures Roll

By Editors | 07/10/2019

A new consultation paper outlines four options for changes to the roll structure and order management functionality for the 3 and 10 Year Treasury Bond Futures contracts.

Market Infrastructure

RBNZ Proposes Enhanced Oversight Role in Cash System

By Editors | 04/10/2019

In a new consultation paper, the RBNZ proposes legislative changes that would allow it to take on a more active monitoring and coordination role in the cash system.

Capital / Liquidity

RBNZ to Issue Final Decisions on Bank Capital in December

By Editors | 04/10/2019

RBNZ deputy governor Geoff Bascand says the central bank will review the amount of capital, what form it takes, and the allowed transition period before final decisions are made.

Market Infrastructure

Australia Commissions Review of Retirement Income System

By Editors | 02/10/2019

The review has sparked concerns about whether superannuation could be made voluntary, amid guarantee increases until 2025 that may end up squeezing workers’ wages.