AUSTRALIA

Enforcement

Stronger Whistleblower Protections Take Effect in Australia

By Editors | 02/07/2019

The stronger protections for whistleblowers apply to misconduct or an improper state of affairs or circumstances, not just breaches of the law.

Market Infrastructure

ASIC to Hold Public Hearings on Responsible Lending

By Editors | 02/07/2019

The public hearings will provide a “robust and transparent way” to air issues and views raised in written submissions responding to ASIC’s February consultation on responsible lending.

Market Infrastructure

ASIC Approves Updated Banking Code of Practice

By Editors | 01/07/2019

ASIC is assessing changes to the Code proposed by the ABA in two stages, the first of which has been approved and is reflected in the latest version which took effect on 1 July.

Market Infrastructure

APRA Consults on Approach to Product Responsibility under BEAR

By Editors | 01/07/2019

APRA proposes to require ADIs to identify and register an accountable person to hold end-to-end product responsibility for each product offered to customers.

Fintech / Regtech

ASIC Proposes New Rules for Market Operators, Participants

By Editors | 30/06/2019

The proposals seek to ensure resilience of critical systems, reliability of outsourced services, and appropriate management of cyber and data security risks, among other requirements.

Securities / Derivatives

NZX Has Enhanced its Surveillance Function, says FMA

By Editors | 30/06/2019

The NZX improved its market surveillance function in response to last year’s FMA review. It is also planning to complete a trading system upgrade next year, using NASDAQ technology.

Enforcement

ASIC Imposes Lifetime Ban on Former Westpac Adviser

By Editors | 27/06/2019

The former adviser is said to have prioritised his own interests over those of his clients by providing inappropriate advice that maximised fees and commissions.

Enforcement

RBNZ to Intensify Supervision of Financial Institutions

By Editors | 27/06/2019

The RBNZ is reviewing its regulatory requirements and intensifying its supervision of financial institutions to boost the resilience of New Zealand’s financial system.

Enforcement

ASIC Consults on Use of New Product Intervention Power

By Editors | 27/06/2019

The draft regulatory guide sets out the scope of ASIC’s new powers, when and how it expects to use the power, and how a product intervention order is made.