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Market Infrastructure
Market Needs to Do More to Prepare for End of LIBOR – ASIC, RBA
By Garima Chitkara | 24/10/2018
Participants need to be clear that the LIBOR will end after 2021 and prepare to deal with the challenges this presents, Australian regulators said at the ISDA Annual Australia Conference.
Enforcement
ASIC Will Use Every Power Available to Punish Dishonest Behaviour – Shipton
By Manesh Samtani | 19/10/2018
The Royal Commission has reinforced that the financial industry has abandoned its core role of being custodians of other peoples’ money, said ASIC chair James Shipton.
Market Infrastructure
Australian Bank Body Seeks an End to Fees For No Service
By Garima Chitkara | 11/10/2018
The Australian Banking Association will change its voluntary code of practice for bankers to end ‘fees for no service’, grandfathered payments and trail commissions.
Enforcement
ASIC Permanently Bans Another Former NAB Branch Manager
By Editors | 09/10/2018
The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.
Market Infrastructure
Chi-X Australia Launches Transferable Custody Receipts in Apple Inc
By Manesh Samtani | 08/10/2018
Deutsche-issued TraCRs represent a new mechanism for Australian investors to gain exposure to overseas listed companies, starting with Apple Inc.
Fintech / Regtech
ASIC Signs Fintech Cooperation Agreements with US, Luxembourg
By Editors | 05/10/2018
The US and Luxembourg join a string of international jurisdictions that have agreed to cooperate with ASIC in the development of their fintech and regtech sectors.
Enforcement
Australian Financial Sector Condemned in Royal Commission Interim Report
By Manesh Samtani | 01/10/2018
The report says financial institutions have had free reign to pursue their own interests at the expense of customers and regulators have been ineffective in policing their behaviour.
Enforcement
ASIC Report Reveals ‘Unacceptable Delays’ by FIs in Handling Breaches
By Manesh Samtani | 26/09/2018
Institutions take over 4 years to identify breaches, over 2 months to start an investigation into identified breaches, and 2.5 months to lodge breach reports with ASIC.
Market Infrastructure
ASIC Details Areas for Improvements in ASX Governance
By Editors | 18/09/2018
The ASX Group has undertaken an extensive work programme aimed at improving technology governance and operational risk management.
Enforcement
ASIC Pursues Civil Penalty for ANZ Disclosure Breach
By Manesh Samtani | 17/09/2018
ANZ failed to disclose in its 2015 capital raising that underwriters Citi and Deutsche took up one-third of its share placement.
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