Australia

Market Infrastructure

ISDA, FIA Respond to Singapore, Australia BMR Equivalence

By Manesh Samtani | 19/04/2019

The associations say a preferred approach would be to recognise Singapore’s and Australia’s regimes as a whole rather than the current benchmark-by-benchmark approach.

Enforcement

NAB Provisions Extra A$750mn for Customer Refunds

By Editors | 19/04/2019

The additional provisions reflect expected payouts for NAB’s employed advisers, and the costs to review advice provided by its self-employed adviser network.

Enforcement

APRA Adopts New, Tougher Enforcement Approach

By Editors | 17/04/2019

Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.

Enforcement

Citigroup Australia to Refund Customers for Complex Product Losses

By Editors | 16/04/2019

The A$3mn compensation programme follows an ASIC investigation which found that 114 retail investors lost money from investing in complex products based on improper advice.

Enforcement

CBA has Complied with 2014 Financial Advice Licence Conditions

By Editors | 12/04/2019

CBA has offered A$9.3mn to compensate customers whose advice was reviewed under the 2014 licence conditions imposed on its financial planning entities.

Enforcement

Australian Authorities Bust Vietnamese Money Transfer Cartel

By Editors | 12/04/2019

The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam’s Sacombank.

Enforcement

ASIC Warns OTC Derivatives Platforms on Overseas Services

By Editors | 12/04/2019

OTC derivatives platforms offering services to foreign retail investors may be breaking overseas laws, which may be inconsistent with local obligations to provide services ‘efficiently, honestly and fairly’.

Market Infrastructure

US SEC Recognises NZX as Designated Offshore Market

By Editors | 11/04/2019

NZX participants will no longer be required to maintain a reasonable belief that clients are non-US domiciled persons in order to trade on their behalf.

New Zealand Financial Services Bill Puts Client Interests First

By Editors | 10/04/2019

New Zealand has passed new legislation enabling a new framework for regulating financial advice. The new regime will come into effect in the first half of 2020.