Australia

    Conduct, Culture & Accountability

    ASIC Four-year Plan Targets Misconduct, Innovation

    By Editors | 01/09/2020

    In its four year corporate plan, ASIC says it will target misconduct and consumer harm, while also promoting fintech, regtech and suptech innovation.

    Emerging Prudential Risks

    APRA Issues 3rd Consultation Package on Superannuation Data Collection

    By Editors | 30/08/2020

    The third package contains consultation materials covering four areas: expense reporting, asset allocation, insurance arrangements, and fees and costs.

    Trading & Investment

    Brokers Push Back Against ASIC Proposal to Limit CFD Leverage

    By Editors | 30/08/2020

    Foreign exchange brokers expressed concerns that the proposals are overly stringent, infringe on investor freedoms, and may result in regulatory arbitrage.

    Structural Regulation

    ASIC Grants Regulatory Relief for Companies Planning IPOs

    By Editors | 28/08/2020

    ASIC is granting relief for voluntary escrow arrangements and pre-prospectus communications to security holders and employees to reduce IPO red tape.

    Operational Risk

    APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

    By Editors | 28/08/2020

    NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.

    Cybersecurity

    DDoS Attacks Force Fourth Day of Market Closure at NZX

    By Manesh Samtani | 27/08/2020

    The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.

    Anti-Money Laundering

    ASIC Ends Years-old Probe into CBA’s AML Breaches

    By Editors | 26/08/2020

    ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

    Structural Regulation

    ASIC Allows ‘Frozen Funds’ to Pay Out Hardship Relief to Members

    By Editors | 26/08/2020

    The hardship relief will make it easier for responsible entities of frozen funds to enable withdrawals by investors suffering hardship, says ASIC’s Karen Chester.

    Structural Regulation

    ASIC Issues Guidance on Use of Enhanced Regulatory Sandbox

    By Manesh Samtani | 25/08/2020

    The enhanced regulatory sandbox will commence on 1 September, following legislative amendments passed in February and subsequent regulations made in May.

    Structural Regulation

    APRA Consults on Changes to EFS Reporting Standards

    By Sanday Chongo Kabange | 25/08/2020

    The consultation is open for comment until 25 September. The changes are proposed to be effective for the reporting period ending June 2021.

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