Australia

Market Infrastructure

APRA to Replace Outdated Financial Data Collection Platform

By Garima Chitkara | 07/08/2018

Australia’s prudential regulator says its current data collection system requires a significant overhaul to match current flows of digitised data and regulatory requirements, plans to release tender for new solution by end of month and implement new system by end of 2019.

Securities / Derivatives

ASIC Finalises Review Of Exchange Traded Products

By Garima Chitkara | 06/08/2018

ASIC review concludes that the ETP market is performing well in general, however, some concerns were raised on spread management and market maker concentration.

Market Infrastructure

Australia Finds Banking Oligopoly Detrimental To Consumers

By Garima Chitkara | 06/08/2018

The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.

Enforcement

ASIC Approves ABA Banking Code of Practice

By Garima Chitkara | 01/08/2018

New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.

Enforcement

ASIC Imposes Lifetime Ban on Former Westpac Banker

By Editors | 28/07/2018

Former premium banking relationship manager shared personal client information with external third parties, and “knowingly or recklessly” submitted false supporting documents to help clients obtain home loans.

Market Infrastructure

Australia Consults on Second Tranche of CCIV Bill

By Mark Pufpaff | 23/07/2018

The bill covers winding up administration for corporate collective investment vehicles, and director liabilities for contraventions of the law, among others.

Enforcement

ASIC to Boost Regulatory Reporting Requirements to Deter Misconduct

By Manesh Samtani | 22/07/2018

Deputy chair Peter Kell said ASIC wants increased volume and granularity of data reporting as it seeks to combat misconduct and improve consumer outcomes in financial services.

Enforcement

Former NAB Branch Manager Banned for Loan Fraud

By Emma Zhou | 13/07/2018

ASIC investigation found the branch manager accepted false documents to support loan applications and falsely attributed loans to obtain undue commissions.

Enforcement

CBA Enters Enforceable Undertaking with ASIC for BBSW Manipulation

By Manesh Samtani | 12/07/2018

CBA will engage an independent expert to assess changes to the banks’ policies, procedures, systems, controls, training, guidance and framework for the monitoring and supervision of employees and trading in Prime Bank Bills.