Australia

Market Abuse

Deloitte Appointed to Review RBNZ Processes After Accidental Disclosure

By Editors | 18/11/2020

A letter confirming RBNZ’s decision to introduce a Funding for Lending Programme was sent to financial services firms 45 early last week.

Conduct, Culture & Accountability

ASIC Consults on Barriers to Good Quality Affordable Personal Advice

By Sanday Chongo Kabange | 18/11/2020

ASIC is looking to better understand the barriers to providing good quality and affordable advice and help the industry provide such advice more broadly.

Conduct, Culture & Accountability

FMA Proposes New Guidance on Financial Product Advertising

By Sanday Chongo Kabange | 18/11/2020

The guidance sets out the FMA’s expectations of what good conduct in the advertising of offers of financial products looks like.

Anti-Money Laundering

The Need for Tranche 2 AML Reform in Australia

By Jeremy Moller | 18/11/2020

Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.

Market Data & Technology

ASIC Flags Concerns Over Further Infrastructure Issues at ASX

By Editors | 17/11/2020

Following a near-full day market closure, data issues prevented ASX from displaying Chi-X bids and offers on its Centre Point matching system.

Capital Adequacy

RBNZ Consults on Implementation of Bank Capital Changes

By Manesh Samtani | 17/11/2020

The RBNZ is consulting on new rules for the instruments that make up a bank’s capital, and proposed actions it will take if banks breach prudential capital buffer requirements.

Conduct, Culture & Accountability

‘Buy Now Pay Later’ Consumers Suffering Harm: ASIC

By Editors | 16/11/2020

About 20% of consumers cut back on or went without essentials such as meals in the last 12 months in order to make their buy now pay later payments.

Trading & Investment

ASX Suffers Near Full Day Outage Due to ‘Software Issue’

By Editors | 16/11/2020

ASIC said it was focused on ensuring that market integrity is not compromised and that it would monitor for any impacts resulting from Monday’s failure.

Operational Risk

Underinvestment in Data, Tech a Root Cause of Breaches: ASIC

By Editors | 16/11/2020

Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.