Australia

Conduct, Culture & Accountability

APRA Consults on Approach to Product Responsibility under BEAR

By Editors | 01/07/2019

APRA proposes to require ADIs to identify and register an accountable person to hold end-to-end product responsibility for each product offered to customers.

Structural Regulation

ASIC Proposes New Rules for Market Operators, Participants

By Editors | 30/06/2019

The proposals seek to ensure resilience of critical systems, reliability of outsourced services, and appropriate management of cyber and data security risks, among other requirements.

Trading & Investment

NZX Has Enhanced its Surveillance Function, says FMA

By Editors | 30/06/2019

The NZX improved its market surveillance function in response to last year’s FMA review. It is also planning to complete a trading system upgrade next year, using NASDAQ technology.

Conduct, Culture & Accountability

ASIC Imposes Lifetime Ban on Former Westpac Adviser

By Editors | 27/06/2019

The former adviser is said to have prioritised his own interests over those of his clients by providing inappropriate advice that maximised fees and commissions.

Supervision & Enforcement

RBNZ to Intensify Supervision of Financial Institutions

By Editors | 27/06/2019

The RBNZ is reviewing its regulatory requirements and intensifying its supervision of financial institutions to boost the resilience of New Zealand’s financial system.

Conduct, Culture & Accountability

ASIC Consults on Use of New Product Intervention Power

By Editors | 27/06/2019

The draft regulatory guide sets out the scope of ASIC’s new powers, when and how it expects to use the power, and how a product intervention order is made.

Payments & Settlements

Australian Fintechs Says Banks Are Delaying NPP Adoption

By Editors | 27/06/2019

Earlier this month, the RBA called for an enforceable sanctions regime and possible financial penalties for participants that do not deliver core NPP capabilities on time.

Cybersecurity

APRA Releases Finalised Guidance on Information Security

By Editors | 26/06/2019

The updated guidance is intended to help regulated entities comply with APRA’s new cross-industry prudential standard on information security, which comes into force on 1 July.

Resolution & Recovery

UPDATED – New Zealand to Introduce Bank Deposit Protection Regime

By Editors | 26/06/2019

The government is proposing a limit between NZD 30,000 and 50,000 for the deposit protection regime, which covers about 90% of individual bank deposits.