Australia

Market Data & Technology

ASX Benchmarks Proposes Enhancements to BBSW Methodology

By Editors | 27/07/2020

Enhancements to the transaction layer of the BBSW calculation waterfall will increase the frequency with which BBSW rates are calculated using transaction data.

Credit Risk

APRA Allows Banks to Defer Property Collateral Revaluations

By Editors | 26/07/2020

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

Fraud, Scams & Cybercrime

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

By Editors | 24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Liquidity Risk

Australia Extends Early Super Access Deadline to Year-end

By Editors | 24/07/2020

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

Operational Risk

APRA Urges Super Licencees to Simplify, Consolidate Products

By Editors | 23/07/2020

This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.

Capital Adequacy

APRA Signals Intent to Ease Bank Dividend Restrictions

By Editors | 23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Conduct, Culture & Accountability

ASIC to Seek Reforms to Responsible Lending Laws

By Manesh Samtani | 22/07/2020

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

Conduct, Culture & Accountability

ASIC Commences Civil Penalty Proceedings Against FX Firm

By Sanday Chongo Kabange | 22/07/2020

Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.

Credit Risk

Australia Extends Coronavirus SME Guarantee Scheme

By Editors | 20/07/2020

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.