Australia

Enforcement

ASIC Quadrupled Criminal Charges Laid in H2 2019

By Editors | 30/04/2020

In the six months to December 2019, ASIC did not have any new enforceable undertakings, reflecting its post-Royal Commission ‘why not litigate’ approach to enforcement.

Market Infrastructure

ACCC Finds Transparency, Competition Issues in Mortgage Market

By Editors | 27/04/2020

The time taken to pass on announced interest rate reductions to customers varied across the big four banks, with revenue being a key motivator. CBA consistently had the longest lag period.

Fintech / Regtech

Open Banking: ACCC Allows Flexibility to Delay Product Data Sharing

By Editors | 26/04/2020

Non-major banks, building societies and credit unions can delay sharing product reference data until 1 November, but are encouraged to begin sharing this data “if they are in a position to do so”.

Enforcement

FMA to Grant ‘No-Action’ Relief for Regulatory Breaches

By Editors | 24/04/2020

The ‘no action’ relief can be provided case-by-case to market participants who breach, or expect to breach, a regulatory obligation as a result of Covid-19 circumstances.

Aussie Majors to Provide Bridging Loans to Businesses Awaiting Subsidies

By Editors | 24/04/2020

ANZ, NAB, Westpac and CBA have agreed to set up new dedicated hotlines and expedite the processing of bridge financing applications as businesses wait to be paid wage subsidies.

Securities / Derivatives

FMA Preempts Insider Misconduct With Plea for Vigilance

By Editors | 23/04/2020

New Zealand’s FMA recognises that the current situation may give rise to a broader range of individuals having access to inside information.

Market Infrastructure

NZX Working to Fix Technical Issues Caused by Heavy Trading

By Editors | 23/04/2020

NZX has said it is taking steps to address technical issues it has faced amid a four-fold surge in trading volumes since early in the year.

Capital / Liquidity

Banks Sufficiently Capitalised to Pay Dividend, says RBA Governor

By Manesh Samtani | 22/04/2020

Australian banks are well-capitalised and have the ability to pay dividends, says RBA governor Philip Lowe. ANZ, Westpac and NAB are reportedly engaging with APRA on the issue.

Capital / Liquidity

RBNZ Proposes Removal of Mortgage Lending Restrictions

By Editors | 22/04/2020

The RBNZ intends to remove existing LVR restrictions for a period of one year, to help banks to keep lending to support customers, including with mortgage deferrals.