Australia

Australia Drafts Legislation to Bring BNPL Under Credit Act

By Sanday Chongo Kabange | 12/03/2024

BNPL providers will be required to obtain a credit licence, comply with requirements under the Credit Act, and make sure they are lending responsibly.

Capital / Liquidity

RBNZ Issues Further Consultation on Deposit Protection Scheme

By Editors | 12/03/2024

The new Depositor Compensation Scheme will become operational in mid-2025, more than one year later than the initial plans.

Market Infrastructure

Australia to Introduce “Financial Sector Regulatory Grid”

By Sanday Chongo Kabange | 12/03/2024

The new regulatory grid system will enable ASIC, APRA, the ACCC, the RBA and the ATO to better coordinate financial sector regulation.

Securities / Derivatives

Australia Mulls Ways to Improve Super Fund Performance Test

By Editors | 11/03/2024

There is evidence that the current performance test is discouraging investment in some sectors like energy transition and affordable housing.

Market Infrastructure

Final Rules, Guidance Issued for Australia’s New Accountability Regime

By Mark Johnston | 08/03/2024

The Minister Rules, Regulator Rules, Transitional Rules, ADI key functions descriptions, and reporting form instructions have been finalised.

Capital / Liquidity

Non-Banks Can Apply for ESAS Access at Year-End: RBNZ

By Editors | 07/03/2024

The RBNZ said its final ESAS access policy will balance its initial risk-based approach against the innovation and competition benefits the access will bring.

Enforcement

ASIC Issues First Ever Penalty Against Market Operator

By Sanday Chongo Kabange | 07/03/2024

ASX has paid A$1.05mn for a pre-trade transparency failure caused by “carelessness rather than recklessness or intentional misconduct”.

Australia: Islamic Bank Returns Restricted ADI Licence to APRA

By Sanday Chongo Kabange | 07/03/2024

Islamic Bank was going to be Australia’s first purely Islamic bank but decided to surrender its restricted ADI licence due to capital raising challenges.

ESG / Sustainability

RBNZ Considers Ways to Build Climate Risk into Credit Risk Weights

By Sanday Chongo Kabange | 07/03/2024

When considering any future changes to the approach to setting risk weights, the RBNZ will ensure they are data-driven and explicitly linked to financial risk.