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New Zealand Delays New Financial Advice Regime
By Editors | 27/03/2020
The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during “this difficult time”, the FMA says.
Australia: Super Funds Seek Liquidity Backstop Facility
By Editors | 27/03/2020
The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.
Market Infrastructure
ASX to Delay Implementation of CHESS Replacement
By Editors | 25/03/2020
ASX will launch a public consultation in June on a new timetable for its CHESS replacement project, amid uncertainty created by the coronavirus pandemic.
Capital / Liquidity
RBNZ to Lower Core Funding Ratio Required of Banks
By Editors | 25/03/2020
The RBNZ will reduce the required minimum CFR from 75% to 50% to help banks make credit available for mortgage holidays and business finance guarantees.
APRA Suspends Work on New Data Collection Solution
By Editors | 24/03/2020
‘APRA Connect’ go live dates will be delayed by at least six months to allow financial institutions to concentrate on their businesses and assist customers impacted by the coronavirus.
Market Infrastructure
Australia Unveils Stage Two Economic Package Worth A$66.1b
By Editors | 23/03/2020
Including the new package, a total A$189bn is being injected into the economy by ‘all arms of the government’ to ‘help build a bridge to recovery’.
Fintech / Regtech
Singapore, Australia Agree to Promote Data Connectivity, Digital Economy
By Editors | 23/03/2020
Singapore and Australia have committed to allowing financial institutions to choose where their data is stored and prohibiting data localisation, among a raft of other agreements.
APRA, ASIC Recalibrate Regulatory Priorities to Focus on Covid-19
By Editors | 23/03/2020
APRA and ASIC have suspended the majority of their planned policy initiatives and do not plan to recommence consultation on any non-essential matters before 30 September 2020.
Capital / Liquidity
RBNZ Announces Bond Buying Programme, Other Measures
By Editors | 22/03/2020
The latest measures include a NZ$30bn bond-buying programme, a new term lending facility for banks, and additional liquidity to support funding markets.
Australia Adjusts Regulatory Settings on Responsible Lending
By Editors | 22/03/2020
Six-month exemptions from responsible lending obligations are available to lenders that provide credit to existing small business customers.
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