Australia

Data Privacy

Australia: Consumer Data Right Legislation Could Delay Open Banking

By Editors | 05/07/2019

The Consumer Data Right Bill is needed for banks to be able to transfer their customers’ personal data to another institution, a cornerstone of the open banking initiative.

Liquidity Risk

Australia, India Compliant with NSFR, Large Exposures Framework

By Editors | 05/07/2019

The BCBS has assessed the implementation of the NSFR and large exposures framework in Australia and India to be ‘compliant’ with its standards.

Structural Regulation

ASIC Proposes Licensing Relief for Foreign Funds Managers

By Editors | 04/07/2019

ASIC proposes to exempt foreign fund management providers from the requirement to hold an AFS licence to provide services to professional investors in Australia.

Capital Adequacy

“Most Banks” Support RBNZ Bank Capital Proposal

By Editors | 03/07/2019

The submissions from the RBNZ consultation on raising bank capital requirements show the proposals have broad public support, including from “most banks”.

Payments & Settlements

Australian Payments Council Releases New Strategic Agenda

By Editors | 03/07/2019

The strategic agenda sets out five areas that will guide the APC’s work to ensure the payments system remains resilient, efficient, accessible, and adaptable.

Structural Regulation

NZX Completes Migration to Single Board, New Listing Rules

By Editors | 02/07/2019

NZX’s updated rule set took effect in January, but participants were allowed a six month transition period for adoption before the move to a single board.

Conduct, Culture & Accountability

Australia: New Law Safeguards Super Accounts from Excessive Fees

By Editors | 02/07/2019

Australia’s government says the new legislation will protect super savings from from being eroded by excessive and unnecessary fees and insurance costs.

Conduct, Culture & Accountability

Stronger Whistleblower Protections Take Effect in Australia

By Editors | 02/07/2019

The stronger protections for whistleblowers apply to misconduct or an improper state of affairs or circumstances, not just breaches of the law.

Conduct, Culture & Accountability

ASIC to Hold Public Hearings on Responsible Lending

By Editors | 02/07/2019

The public hearings will provide a “robust and transparent way” to air issues and views raised in written submissions responding to ASIC’s February consultation on responsible lending.