AUSTRALIA

Australia to Crack Down on Tax Avoidance by Multinationals

By Editors | 10/02/2018

Consultations relate to implementation of multilateral which will modify existing bilateral tax treaties, closing loopholes used by multinationals to avoid taxation.

Crypto / Digital Assets

Australia Won’t Follow US, UK Credit Card Bans for Crypto

By Manesh Samtani | 09/02/2018

ANZ, Westpac, NAB have no restrictions on buying cryptocurrency with credit cards, the banks confirmed.

Enforcement

Australia Moves to Cap Banker Pay

By Garima Chitkara | 08/02/2018

New law intended to restore trust in scandal-hit sector; executives to be held directly accountable and can be potentially banned from the industry on non-compliance.

Enforcement

ANZ, Westpac Banks Refund Credit Card Customers

By Editors | 08/02/2018

ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.

Enforcement

CBA Becomes 7th Bank Involved in BBSW Manipulation Allegations

By Samuel Riding | 31/01/2018

Securities regulator says bank was involved in unconscionable conduct in dealing with the benchmark rate during 2012.

Enforcement

HSBC, Australian Trader Involved in Spate of US ‘Spoofing’ Cases

By Samuel Riding | 31/01/2018

HSBC’s US securities operations agree to pay $1.8bn after CFTC allegations it was involved in ‘numerous acts of spoofing’.

Enforcement

ASIC Finds Clear Bias Towards In-house WMPs at Big Banks

By Garima Chitkara | 26/01/2018

The report says 68 percent of clients are heavily invested in banks’ in-house products; advisors may face bans if conflicts of interest are not managed better.

Crypto / Digital Assets

ASIC Seeks Stronger Powers to Combat Cybercrime

By Manesh Samtani | 23/01/2018

Parliamentary submission suggests reforms allowing ASIC to assume identities on the dark web, share phone data with foreign regulators, seize electronic devices.

Capital / Liquidity

Australia Licences Seven Crowd-Funding Intermediaries

By Editors | 14/01/2018

Eligible public companies can raise up to AUD 5 million in funds through equity crowdfunding and will face fewer regulatory requirements for fundraising.