Australia

Conduct, Culture & Accountability

ASIC Drafts Reference Checking Protocol for Advisers, Mortgage Brokers

By Sanday Chongo Kabange | 19/11/2020

The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.

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.