AUSTRALIA

Market Infrastructure

APRA Clarifies Accountability Expectations under BEAR in New Paper

By Editors | 18/10/2018

The information paper is aimed at assisting financial institutions to prepare for BEAR implementation, and helping the largest of them refine and embed the regime.

Market Infrastructure

Australian Bank Body Seeks an End to Fees For No Service

By Garima Chitkara | 11/10/2018

The Australian Banking Association will change its voluntary code of practice for bankers to end ‘fees for no service’, grandfathered payments and trail commissions.

Enforcement

ASIC Permanently Bans Another Former NAB Branch Manager

By Editors | 09/10/2018

The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.

Market Infrastructure

Strategy, Management, Governance: Lessons from the Hayne Interim Report

By Matthew Chan | 08/10/2018

Institutions, regulators and policymakers across Asia Pacific should take heed of the lessons of Australia’s Royal Commission if they are to avoid similar problems, says Matthew Chan.

Market Infrastructure

Chi-X Australia Launches Transferable Custody Receipts in Apple Inc

By Manesh Samtani | 08/10/2018

Deutsche-issued TraCRs represent a new mechanism for Australian investors to gain exposure to overseas listed companies, starting with Apple Inc.

Fintech / Regtech

ASIC Signs Fintech Cooperation Agreements with US, Luxembourg

By Editors | 05/10/2018

The US and Luxembourg join a string of international jurisdictions that have agreed to cooperate with ASIC in the development of their fintech and regtech sectors.

Market Infrastructure

NZX Signs MoU with Shanghai Stock Exchange

By Editors | 04/10/2018

The NZX board is making a conscious effort to move away from a domestic focused strategy and to develop global links, said its chairman James Miller in a letter to shareholders.

Market Infrastructure

ACCC Opens Inquiry into High Markup Currency Conversion Services

By Editors | 03/10/2018

The inquiry will examine why major companies in Australia, including the big four banks, seem to be able to consistently charge high prices, said ACCC chair Rod Sims.

Enforcement

Australian Financial Sector Condemned in Royal Commission Interim Report

By Manesh Samtani | 01/10/2018

The report says financial institutions have had free reign to pursue their own interests at the expense of customers and regulators have been ineffective in policing their behaviour.