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NZBA Issues Guidelines for Banks on Serving Customer Needs
By Sanday Chongo Kabange | 02/10/2020
The guidelines were developed in consultation with the FMA and build on the banking industry’s work following the 2018 conduct and culture review.
AML / KYC
Australia to Allocate A$800m to Digital Initiatives in Budget
By Editors | 02/10/2020
The plan includes the development of a digital identity system, modernisation of business registers, rollout support for the CDR, and regtech/fintech initiatives.
Fintech / Regtech
ACCC Concludes Refinitiv-LSEG Merger Review
By Editors | 02/10/2020
The ACCC examined horizontal overlaps and vertical relationships between LSEG and Refinitiv, as well as potential competition issues, and is not opposed to the transaction.
Market Infrastructure
CHESS Replacement ‘Critical’ to Manage Systemic Risk: RBA
By Editors | 01/10/2020
Replacing CHESS with more modern technology is critical to ASX’s ongoing management of systemic risk, said RBA assistant governor Michele Bullock.
Enforcement
ASIC Commences Proceedings Against Cigno, BHF Solutions
By Editors | 01/10/2020
Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.
Market Infrastructure
APRA Resumes Consultation on Confidentiality of ADI Data
By Editors | 29/09/2020
APRA proposes that ADI data related to capital adequacy, liquidity, asset quality, financial statements, and financial performance be determined non-confidential.
Market Infrastructure
Australia Prepares to Abolish Responsible Lending Obligations
By Manesh Samtani | 27/09/2020
Lenders will no longer have to assess borrowers’ earnings and expenses to determine whether they can afford to repay their debt without hardship.
Market Infrastructure
ASX Responds on Tranche 2 Rule Changes for CHESS Replacement
By Editors | 26/09/2020
The consultation on the 2nd tranche of rule changes covered operating rules relating to corporate actions, mFund and RTGS payment aspects for the new system.
AML / KYC
Stockbrokers’ Association Pushes Back Against AUSTRAC Proposal
By Manesh Samtani | 25/09/2020
AUSTRAC proposed in July to allow brokers to open accounts for new clients with flexibility to complete the customer identification procedure within five days.
Enforcement
New Zealand FMA Warns of Action Against Poor Conduct
By Editors | 25/09/2020
There are no excuses for conduct that presents the risk of harm to investors, customers and the integrity of the markets, says FMA chief Rob Everett.
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