Australia

Conduct, Culture & Accountability

NAB Sets Aside Additional Remediation Provisions

By Editors | 02/10/2019

Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.

Operational Risk

ASIC Review Finds Non-financial Risk Oversight Lacking

By Editors | 02/10/2019

ASIC says the boards of listed companies need to review their governance practices and accountability structures to ensure effective management of non-financial risks.

Data Privacy

ACCC Selects Ten Firms to Test Open Banking Data-Sharing

By Editors | 01/10/2019

The ten companies will work with Australia’s big four banks to test the data-sharing ecosystem through open banking APIs in the lead up to open banking’s official launch in February.

Reporting & Disclosures

FMA Issues Draft Guidance on Responsible Investment

By Editors | 30/09/2019

New Zealand’s FMA is seeking feedback on how responsible investment products should be described, labelled and promoted to investors.

Clearing & Post-Trade

ASX Entities Need Stronger Legal Basis to Access Risk Capital

By Editors | 27/09/2019

In its latest assessment of ASX’s clearing and settlement facilities, the RBA says the facilities need to strengthen their legal basis to access general business risk capital.

Conduct, Culture & Accountability

New Zealand to Introduce New Conduct Oversight Regime

By Editors | 27/09/2019

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.

Conduct, Culture & Accountability

RBNZ to Start Publishing Regulatory Breaches by Banks

By Editors | 25/09/2019

The RBNZ will start publishing banks’ regulatory breaches on its website next year in a bid to improve transparency and market discipline.

Credit Risk

APRA Wants More Data on Lenders’ Property Exposures

By Editors | 25/09/2019

APRA is proposing to incorporate more detailed data on residential property exposures and new housing loan approvals in its QPEX statistical publication.

Supervision & Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

By Editors | 25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.