Australia

Market Abuse

ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September

By Editors | 12/07/2019

The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

Supervision & Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Conduct, Culture & Accountability

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Credit Risk

ASIC Defends Responsible Lending Guidance

By Editors | 11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.

Operational Risk

APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac

By Editors | 11/07/2019

The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.

Conduct, Culture & Accountability

ASIC to Target Short Term Credit Industry With New Powers

By Editors | 10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Capital Adequacy

APRA Raises Capital Requirements for Big Banks

By Editors | 10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.

Structural Regulation

ASIC Updates Assessment Procedures for AFS Licence Applicants

By Editors | 08/07/2019

Licence applicants are now required to provide certain additional information and documents in their application to allow ASIC to ensure responsible officers are of good fame or character.

Payments & Settlements

Open Banking, APIs Will Unlock a Host of Opportunities: NPP Australia

By Editors | 08/07/2019

A new white paper from NPP Australia provides an overview of developments in other real-time payments markets, including opportunities and challenges for the payments sector.