Australia

Structural Regulation

ASIC Guidance Sets Out Scope of Product Intervention Powers

By Editors | 18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

Anti-Money Laundering

AUSTRAC Given Two Month Deadline for New Westpac Claims

By Editors | 17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

Payments & Settlements

ACCC Highlights Improved Price Transparency on FX Conversions

By Editors | 17/06/2020

An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

Conduct, Culture & Accountability

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

By Editors | 17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

Conduct, Culture & Accountability

ASIC Directs Investment Funds to Correct False Advertising

By Editors | 16/06/2020

Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.

Conduct, Culture & Accountability

ASIC Imposes Licence Conditions on Societe Generale Securities

By Editors | 16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Supervision & Enforcement

ASIC Expects Higher Industry Levies for 2019-20

By Editors | 15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

Conduct, Culture & Accountability

ASIC Issues Guidance on Listed Company Executive Pay Decisions

By Editors | 14/06/2020

The high-level guidance set out specific factors boards and remuneration committees should consider when exercising discretion on executive variable pay in the current environment.

Anti-Money Laundering

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.