Australia

Conduct, Culture & Accountability

ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report

By Editors | 26/02/2020

Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.

Structural Regulation

ASIC Proposes to Reduce Red Tape for Companies Planning IPOs

By Editors | 26/02/2020

ASIC proposes to grant conditional relief for voluntary escrow arrangements and pre-prospectus communications to existing shareholders and employees.

Cybersecurity

RBNZ Estimates Cyber-attacks Cost Financial Sector NZ$144m Annually

By Editors | 26/02/2020

More extreme events have a low probability but are still plausible, illustrating the importance of managing cyber resilience effectively, the RBNZ says.

Climate Risk

APRA to Develop Climate Risk Guidance, Assess ADI Vulnerability

By Editors | 25/02/2020

APRA will develop guidance on climate change financial risk, conduct a vulnerability assessment of ADIs, and include ESG in superannuation investment governance guidance.

Cloud & Infrastructure

Is RegTech Coming of Age in Australia?

By Stephen Scott | 25/02/2020

Regtech is not fintech, says Stephen Scott at Starling. While fintech firms look to regulators for permission, what most regtech firms require from regulators is their collaboration.

Clearing & Post-Trade

ASX Consults on Tranche 2 Rule Changes for CHESS Replacement

By Editors | 24/02/2020

ASX is consulting on operating rules relating to corporate actions, mFund and RTGS payment aspects for ‘Day 1’ implementation of CHESS Replacement system functionality.

Capital Adequacy

APRA Asks ADIs to Review, Improve Stress Testing Processes

By Editors | 24/02/2020

Larger ADIs have better stress testing governance practices and scenario development processes, and make better use of stress test results, than smaller institutions.

Conduct, Culture & Accountability

ASIC Drafts Guidance on New Mortgage Broker Best Interests Duty

By Editors | 22/02/2020

ASIC proposes mortgage brokers be required to identify what interests they or their related parties have, and to not provide credit assistance where it is not possible to prioritise consumer interests.

Conduct, Culture & Accountability

Australia: Preparing for the Financial Accountability Regime

By Manesh Samtani | 21/02/2020

An essential first step to prepare for the FAR is for organisations to clarify internal lines of accountability, says APRA’s Helen Rowell.