AUSTRALIA

RBNZ Issues First Non-Bank Deposit Taker Licence in 8 Years

By Sanday Chongo Kabange | 10/01/2025

The RBNZ granted the licence to Welcome Limited, which plans to offer higher deposit rates than banks and more flexible mortgage solutions

ESG / Sustainability

Regulation Asia: Top 10 Contributed Articles for 2024

By Editors | 05/01/2025

This list presents the most-read contributed articles published by Regulation Asia in 2024, based on aggregated user traffic.

Australia Seeks Input on Use of Legal Professional Privilege Claims

By Editors | 02/01/2025

Discussion paper seeks feedback on addressing improper use of legal professional privilege claims, such as to delay or hinder investigations.

AML / KYC

AUSTRAC Publishes Unofficial “Future” Version of AML Act

By Editors | 28/12/2024

The document does not have legal effect but aims to help reporting entities understand the effect of the amendments passed in November.

Securities / Derivatives

NZX Updates Rules on Director Independence

By Editors | 26/12/2024

Issuers wlll have to explain not only that a director is independent, but also why any potential conflicts identified were not disqualifying.

Enforcement

Australia Court Rules Against CFD Firms in Landmark Ruling

By Editors | 26/12/2024

The Court for the first time found that a licensee breached the law by offering services to customers outside of the country.

AML / KYC

Australia Reviews Tax Regulator Secrecy Exceptions

By Editors | 24/12/2024

Feedback is sought on allowing the ATO or TPB to share protected tax information for purposes such as fraud prevention.

Enforcement

FMA Says Westpac NZ Admitted to Overcharging 24,000 Customers

By Editors | 24/12/2024

The bank self-reported the issue, fully cooperated with the FMA’s investigation, and provided remediation to impacted customers.

Australia Publishes Ministerial Rules to Implement Global Minimum Tax

By Sanday Chongo Kabange | 23/12/2024

Treasurer Jim Chalmers said the ministerial rules will ensure multinational corporations operating in Australia pay their “fair share of tax”.