AUSTRALIA

ASIC Warning Prompts FX Brokers to Halt Overseas Services

By Editors | 21/05/2019

Two Australian FX brokers announced they will stop servicing overseas customers, after ASIC warned they may be breaking the law in other jurisdictions.

Capital / Liquidity

ANZ New Zealand Censured Over Internal Models

By Editors | 21/05/2019

The Reserve Bank of New Zealand has revoked ANZ’s right to model its operational risk capital requirements due to persistent failures in controls.

Enforcement

ASIC Raises Bar for Complaints Handling at Financial Firms

By Editors | 16/05/2019

The proposals raise internal dispute resolution standards at financial firms, and introduce mandatory data reporting to help make complaints handling performance more transparent.

AML / KYC

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

By Editors | 14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

Market Infrastructure

FMA, NZX Seek Public Views on Capital Markets Development Plan

By Editors | 10/05/2019

New Zealand’s Financial Markets Authority and the NZX are seeking public input on a 10 year plan to develop the nation’s capital markets.

Market Infrastructure

Australia Seeks Mandatory Carbon Risk Reporting by 2021

By Editors | 10/05/2019

A green political party in Australia has announced a new policy that will make carbon risk reporting mandatory for banks, insurers, super funds and the largest listed companies in 2021.

Market Infrastructure

Australian Regulators Urge Action on LIBOR Transition

By Editors | 10/05/2019

Firms should be aware of the size and nature of their LIBOR exposures, put in place robust fall-back provisions in LIBOR contracts, and be taking action to transition to alternative rates.

ESG / Sustainability

Climate Change a Major Financial Risk, say APRA, ASIC

By Editors | 09/05/2019

“Ultimately there will only be one form of finance, and that will be green finance,” said APRA head of insurance Geoff Summerhayes at the ACSI annual conference.

Crypto / Digital Assets

ASX Opens Testing Environment for CHESS Replacement

By Editors | 08/05/2019

ASX has made available the first of seven ‘drops’ of software code, with additional functionality set to be released at eight-week intervals.