AUSTRALIA

Market Infrastructure

CFTC Approves ASX Application for Direct Access to US Customers

By Garima Chitkara | 24/05/2018

ASX can provide direct access to US customers to trade on its platform; CFTC order part of its regulatory deference programme

Securities / Derivatives

ASIC Consults on Relief from Naked Short Selling Prohibitions

By Garima Chitkara | 16/05/2018

ASIC proposes to grant legislative relief on naked short selling prohibitions for ETF market-making, corporate actions and IPO sell-downs.

Fintech / Regtech

Open Banking: Aussie Banks to Share Customer Data Starting in 2019

By Garima Chitkara | 14/05/2018

The Australian government is set to mandate Open Banking, requiring banks to provide data to other service providers to help customers compare banking service costs.

AML / KYC

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

Enforcement

CBA Settles Bank Rate Manipulation Charges for A$25mn

By Editors | 10/05/2018

The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.

Fintech / Regtech

UPDATED – APRA Grants First ‘Restricted ADI’ License Under New Framework

By JP Reimann | 07/05/2018

Newly released restricted ADI licencing framework allows entities to conduct a limited range of activities for two years before fully meeting regulatory requirements.

Fintech / Regtech

ASIC Continues Regtech Support with NLP Trials

By JP Reimann | 07/05/2018

ASIC deepened its support of regtech with natural language processing trials; signifies regulator’s starting point in its evolving approach to new technologies.

Enforcement

New Zealand Regulators Seek Assurances on Conduct, Culture

By Garima Chitkara | 07/05/2018

Banks write to regulators to assure them that issues raised during Australian Royal Commission are not as prevalent in New Zealand; regulators respond requesting more detailed response from individual banks.

Market Infrastructure

ASIC Updates Financial Markets Licensing Regime

By Garima Chitkara | 07/05/2018

New regulatory guidance will designate and license financial markets based on their risk and systemic importance to the Australian economy; changes said to incorporate technological and risk concerns.