Australia

Cloud & Infrastructure

APRA to Delay Launch of New Data Collection Solution

By Editors | 29/10/2019

APRA is reviewing its implementation approach due to the complexity and significant burden of migrating all existing collections to the new solution.

Conduct, Culture & Accountability

ASIC Wins Appeal in Westpac Super Switching Case

By Editors | 29/10/2019

The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.

Conduct, Culture & Accountability

ASIC Imposes Additional Licence Conditions on IOOF

By Editors | 29/10/2019

ASIC granted a licence variation requested by IOOF’s investment services unit, but has decided to also impose additional licence conditions.

Structural Regulation

New Zealand Delays Start of New Licensing Regime

By Editors | 27/10/2019

The start date is being delayed to coincide with the date new regulations needed for transitional licensing take effect.

Emerging Prudential Risks

APRA Seeks More Funding to Address Capability Review Findings

By Editors | 25/10/2019

In his opening statement to a Senate estimates hearing this week, APRA chairman Wayne Byres said the regulator will need additional resourcing to deliver on its objectives.

Cloud & Infrastructure

Australia Senate Committee Releases Fintech, Regtech Issues Paper

By Editors | 25/10/2019

The issues paper identifies five key factors for the fintech and regtech sectors which the committee will focus its attention on in a year long inquiry.

Conduct, Culture & Accountability

ACCC Mortgage Pricing Inquiry to Extend Beyond Mortgage Pricing

By Editors | 24/10/2019

ACCC chairman Rod Sims reportedly told a parliamentary hearing that bundling products such as credit cards and insurance would form part of the agency’s inquiry.

Trading & Investment

Australia: Smaller Institutions, Buy Side Less Prepared for Libor Cessation

By Manesh Samtani | 24/10/2019

Existing Libor-referencing contracts that don’t have robust fallback provisions in place will be tied up in very lengthy disputes, warned the RBA’s Christopher Kent at ISDA’s Australia Conference.

Structural Regulation

ASIC, ESMA Sign MOU to Cooperate on Benchmarks

By Editors | 22/10/2019

The MoU sets out cooperation arrangements to complement the EU’s July equivalence decision, as well as to ensure effective information exchange and supervisory coordination.