Australia

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FMA Issues Draft Guidance on Responsible Investment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.

Anti-Money Laundering

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

Conduct, Culture & Accountability

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.