Australia

New Zealand Sets Out Disclosure Rules for Financial Advisers

By Editors | 30/06/2020

Financial advisers will have to disclose to clients details about fees, the range of products they advise on, conflicts of interest and commissions they may earn.

Enforcement

ABA Temporarily Amends Banking Code in Light of Covid-19

By Editors | 29/06/2020

The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.

Enforcement

RBNZ Secures Funding to Boost Supervisory, Enforcement Capability

By Editors | 28/06/2020

The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

Securities / Derivatives

APRA Seeks Additional Data from Superannuation Licensees

By Editors | 25/06/2020

Superannuation licensees will have to report monthly and quarterly data covering areas such as complaints, insurance claims, operational resilience, FX exposure, and liquidity.

AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Enforcement

ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers

By Editors | 24/06/2020

Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.

Enforcement

ASIC Seeks Penalties from CBA, Colonial First State

By Editors | 24/06/2020

Colonial First State is said to have used CBA’s branches and digital channels to sell superannuation products to more than 390,000 bank customers under a revenue-sharing arrangement.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

Securities / Derivatives

ASX Calls for Reforms Around Class Actions, Litigation Funding

By Editors | 22/06/2020

The benefit of securities class actions may disproportionately benefit litigation funders rather than plaintiffs in those proceedings, with the costs falling on the shareholders, ASX says.