AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Enforcement

Australia Expands Remit of New Financial Complaints Authority

By Editors | 21/02/2019

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.

Enforcement

ASIC Issues Update on Implementation of Hayne Recommendations

By Editors | 20/02/2019

ASIC is considering over 40 enforcement cases, a number of which involve misconduct by large financial institutions, their employees or subsidiary companies.

Market Infrastructure

Big Four Auditors Face Parliamentary Scrutiny in Australia

By Editors | 18/02/2019

Amid an ongoing ACCC probe into the big four auditing firms, a parliamentary committee is asking for a review of the audit market to explore conflicts of interest and market dominance issues.

Enforcement

Senate Passes Bill Empowering ASIC to Pursue Harsher Penalties

By Editors | 15/02/2019

The bill increases the maximum prison penalties ASIC can pursue to 15 years, and raises the caps on civil penalties for individuals and corporations.

ASIC Consults on Updates to Responsible Lending Guidance

By Editors | 14/02/2019

ASIC’s existing guidance allows a tailored approach to applying responsible lending obligations, but licensees may be applying them where the law does not require it.

Enforcement

Sydney Deutsche Bank Trader Convicted for Falsifying Trades

By Editors | 13/02/2019

A former FX options and futures trader has received a 2-year suspended sentence for falsifying entries in Deutsche Bank’s internal records.

Enforcement

APRA Issues Update on Implementation of Hayne Recommendations

By Editors | 11/02/2019

APRA details the work already underway to implement the Recommendations and confirms it is examining the 12 matters referred by the Royal Commission.

Market Infrastructure

ASIC ‘Well-Placed’ to Manage Impacts of No-Deal Brexit

By Editors | 08/02/2019

ASIC says it is carefully monitoring developments and has been liaising closely with UK and Australian authorities to plan for potential Brexit-related impacts.

Enforcement

NAB Chief Steps Down Amid Royal Commission Criticism

By Editors | 07/02/2019

Commissioner Hayne said in his Final Report that NAB “stands apart” from the other major banks and questioned whether its senior leadership was capable of reforming the bank’s culture.