AUSTRALIA

Market Infrastructure

NAB Notifies 13,000 Customers of Data Breach

By Editors | 29/07/2019

Australia’s fourth largest bank says the personal data uploaded to servers without authorisation was not copied or further disclosed, and has since been deleted.

Market Infrastructure

New Zealand Implements Asia Region Funds Passport

By Editors | 28/07/2019

New Zealand joins Australia, Japan and Thailand in having implemented the legal and regulatory requirements to enable the Asia Region Funds Passport.

Securities / Derivatives

UPDATED – ASIC to Review Active ETF Rules on Market Making

By Editors | 26/07/2019

ASIC has asked market operators not to admit any managed funds that do not disclose their portfolio holdings daily and have internal market makers, while it undertakes a review of its regulatory settings.

Enforcement

FMA to Open Applications for New Adviser Licences in November

By Editors | 26/07/2019

Announced last month, the new licensing regime will require financial advisers to operate under a new transitional licence from June 2020.

Enforcement

ASIC Takes ANZ Bank to Court for Unlawful Fees

By Editors | 26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.

Capital / Liquidity

APRA Orders Three Banks to Tighten Group Funding Arrangements

By Editors | 25/07/2019

Macquarie, Rabobank and HSBC had provisions in group funding agreements that could allow funding to be withdrawn in a stress scenario, potentially undermining their stability.

Big Picture

New Zealand FMA Sets Out Key Focus Areas, Strategic Objectives

By Editors | 24/07/2019

The FMA is prioritising governance, culture, systems and controls, as well as mechanisms to deter misconduct and facilitate informed decision-making by investors and customers.

Market Infrastructure

APRA Proposes New Prudential Standard on Executive Pay

By Editors | 24/07/2019

Key proposals include limits on the financial performance component of variable compensation, a 7-year deferral period for executive bonuses, and claw back for up to 4 years.

Market Infrastructure

Australia to Re-Introduce Open Banking Legislation This Week

By Editors | 23/07/2019

The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.