AUSTRALIA

Australia’s ASIC Investigates Wealth Managers over Advice Fees

By Editors | 16/04/2015

The Australian Securities and Investments Commission (ASIC) is investigating some of the country’s biggest wealth managers for charging clients for financial advice even when no advice has been provided.

ASIC Seeks Reforms in Dealing with Client Legal Privilege

By Editors | 07/04/2015

The Australian Securities & Investments Commission is seeking reforms that would prevent people from making unsubstantial claims of client legal privilege that could delay investigations into breaches of the corporation law.

DTCC Urges Action Ahead of Next OTC Reporting Phase

By Editors | 25/03/2015

The Depository Trust & Clearing Corporation (DTCC) has urged institutions to stay ahead of reporting deadlines under the next phase of Australia’s derivatives market reporting rules, which will be implemented next month.

ASIC Wants More Liquidity from Chinese IPO Candidates

By Editors | 16/03/2015

The wave of Chinese companies listing on the Australian stock exchange in the past three years, many with less than 2% free float, has raised concern on whether initial public offering (IPO) rules should require better liquidity from foreign businesses.

ASIC Seeks Power to Ban Bank Products

By Editors | 12/03/2015

Australian Securities and Investments Commission is seeking additional powers to better regulate banks, and to intervene in the sale of products that harm consumers.

Australia Regulator Mulls Financial System Inquiry Proposals

By Editors | 11/03/2015

Australia’s banking regulator is considering backing calls for banks to strengthen their balance sheets, saying it is also reviewing the impact bankers’ pay has on breeding work cultures that can potentially harm the stability of the country’s financial system.

New Zealand Plans Tougher Capital Rules on Property Loans

By Editors | 04/03/2015

The Reserve Bank of New Zealand proposes to amend existing rules by requiring all locally incorporated banks to include residential property investment mortgage loans in a specific asset sub-class, and hold appropriate regulatory capital for those loans.

Australia Regulators Probe Forex Moves Ahead of RBA Announcement

By Editors | 04/03/2015

The Reserve Bank of Australia has asked the Australian Securities and Investments Commission to investigate sharp movements in the Australian dollar in the minute before the March interest rates policy decision was announced on Tuesday afternoon.

Australian Banks, Tech Firms to Launch Sydney Fintech Hub

By Editors | 03/03/2015

Australian banks and tech companies are providing $2 million in funding to launch the country’s first fintech innovation hub in Sydney this May.