Australia

Data Privacy

Australia Commences Wide-ranging Review of Privacy Law

By Editors | 03/11/2020

An issues paper released as part of the review seeks feedback on whether EU adequacy under GDPR is necessary or desirable, among other issues relevant to reform.

CBDCs

RBA Launches New Project to Explore Wholesale CBDC

By Editors | 03/11/2020

The RBA has partnered with CBA, NAB, Perpetual and ConsenSys to explore if there is a future role for a wholesale CBDC in the Australian payments system.

Conduct, Culture & Accountability

CBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit

By Editors | 01/11/2020

ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.

Climate Risk

RBNZ Governor Calls for Collective Response to Climate Risks

By Shruti Khairnar | 30/10/2020

RBNZ has started reporting its own verified carbon footprint in its annual report, and is working on integrating climate risks into its supervision frameworks.

Clearing & Post-Trade

ASX Extends Go-live of CHESS Replacement to April 2023

By Manesh Samtani | 29/10/2020

The one-year extension over what was proposed in June reflects a need for more post-trade processing capacity, highlighted by March’s extreme increases in trading volumes.

Credit Risk

APRA Updates Standard for Reporting Credit Exposures, Provisions

By Editors | 28/10/2020

The draft ARS 220.0 is intended to align with the updated Prudential Standard APS 220 Credit Risk Management, which will come into effect from 1 January 2022.

Payments & Settlements

Australian Treasury Orders Review of Domestic Payments Regulation

By Shruti Khairnar | 27/10/2020

The review comes after two decades of the regulatory architecture of the domestic payments system being largely unchanged.

Conduct, Culture & Accountability

Australia: New Report Proposes Changes to Financial Advice Rules

By Sanday Chongo Kabange | 27/10/2020

The FASEA regime has created a barrier to many people who seek to provide advice services and to consumers who seek to access them, says a new Rice Warner report.

Conduct, Culture & Accountability

ASIC Deputy Chair Crennan Resigns Amid Expense Probe

By Editors | 27/10/2020

The probe relates to almost A$200,000 in payments that were made on behalf of Chairman James Shipton and to Deputy Chair Daniel Crennan that may have exceeded official limits.