ADVERTISEMENT
Enforcement
Citigroup Australia to Refund Customers for Complex Product Losses
By Editors | 16/04/2019
The A$3mn compensation programme follows an ASIC investigation which found that 114 retail investors lost money from investing in complex products based on improper advice.
Enforcement
CBA has Complied with 2014 Financial Advice Licence Conditions
By Editors | 12/04/2019
CBA has offered A$9.3mn to compensate customers whose advice was reviewed under the 2014 licence conditions imposed on its financial planning entities.
Enforcement
Australian Authorities Bust Vietnamese Money Transfer Cartel
By Editors | 12/04/2019
The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam’s Sacombank.
Enforcement
ASIC Warns OTC Derivatives Platforms on Overseas Services
By Editors | 12/04/2019
OTC derivatives platforms offering services to foreign retail investors may be breaking overseas laws, which may be inconsistent with local obligations to provide services ‘efficiently, honestly and fairly’.
Market Infrastructure
US SEC Recognises NZX as Designated Offshore Market
By Editors | 11/04/2019
NZX participants will no longer be required to maintain a reasonable belief that clients are non-US domiciled persons in order to trade on their behalf.
New Zealand Financial Services Bill Puts Client Interests First
By Editors | 10/04/2019
New Zealand has passed new legislation enabling a new framework for regulating financial advice. The new regime will come into effect in the first half of 2020.
Enforcement
Australia Passes Law Forcing Financial Firms to Cooperate with AFCA
By Editors | 10/04/2019
A new law has made it mandatory for all financial firms to fully cooperate with AFCA to resolve consumer and small business disputes.
Market Infrastructure
Australia Consults on Payments System Migration to ISO 20022
By Editors | 10/04/2019
The RBA and Australian Payments Council have issued a consultation to help the industry agree on key strategic decisions for migrating the payment system to ISO 20022 by end-2024.
Market Infrastructure
FCA, ASIC Ensure Post-Brexit Continuity, Cooperation
By Editors | 08/04/2019
The FCA and ASIC have signed MoUs on trade repositories and alternative investment funds, and adopted existing equivalence decisions on their supervisory and regulatory regimes.
Fintech / Regtech
ACCC Publishes Draft Rules for Open Banking Data Sharing
By Editors | 08/04/2019
The draft rules provide detail and guidance as to how the Consumer Data Right will work in the banking sector starting in July this year.
JOIN OUR NEWSLETTER
A daily selection of top stories from the Regulation Asia editorial team