Australia

Trading & Investment

ASIC Intervenes to Restrict CFD Leverage, Curb Retail Losses

By Editors | 25/10/2020

In a new product intervention order targetting contracts for difference, ASIC has imposed leverage limits and standardised margin close-out arrangements.

Structural Regulation

FMA to Recognise Australian Financial Advice Qualifications

By Editors | 25/10/2020

In addition to holding Australian qualifications, the FMA proposes that Australian advisers will need to have at least 12 months’ experience working in Australia.

Supervision & Enforcement

Super Licensees Must Observe Controlling Stake Requirements: APRA

By Editors | 23/10/2020

Regulatory approval is required before a change in a superannuation licensee’s ownership occurs. Noncompliance may attract “severe penalties”.

Anti-Money Laundering

AUSTRAC Wants Lawyers, Accountants Under its AML Remit

By Editors | 23/10/2020

AUSTRAC chief Nicole Rose expressed concerns that professional facilitators are being used to evade money laundering detection.

Climate Risk

NZX, EEX to Jointly Develop Auction Service for Emissions Trading

By Editors | 23/10/2020

NZX and EEX will develop and operate the managed auction service for New Zealand’s Emissions Trading Scheme, helping to bring carbon costs into the mainstream.

Anti-Bribery & Corruption

Australia Launches Bribery Prevention Network

By Editors | 23/10/2020

The Bribery Prevention Network aims to support Australian businesses in addressing bribery and corruption risks in domestic and international markets.

Conduct, Culture & Accountability

Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty

By Sanday Chongo Kabange | 22/10/2020

SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.

Conduct, Culture & Accountability

Australian Federal Court Fines OTC Derivative Issuers A$75m

By Editors | 22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.

Liquidity Risk

APRA Penalises Breach of Prudential Standard on Liquidity

By Editors | 21/10/2020

Bendigo and Adelaide Bank will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.