AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Market Infrastructure

ISDA Forum: Brexit Negotiations Should Avoid “Brinksmanship”

By Garima Chitkara | 13/09/2018

Regulators at the ISDA conference in Singapore expressed concern about Brexit uncertainty, but were cautiously optimistic that Asia would suffer only minimal impacts in transactions with the EU and UK.

Market Infrastructure

CFTC Will Block Any Effort to Impose EMIR in the US: Giancarlo

By Garima Chitkara | 13/09/2018

Legislative efforts in the EU to bring non-EU clearinghouses under EMIR has elicited sharp responses from the CFTC chairman, who said that only US regulation can apply to US derivatives markets.

Enforcement

ASIC’s Year Ahead to Focus on Conduct, Culture, Consumer Trust

By Garima Chitkara | 11/09/2018

ASIC Commissioner John Price laid out the regulator’s priorities regarding conduct and culture risk in the financial industry in the coming year.

Enforcement

ASIC Begins Civil Proceedings Against NAB Entities

By Garima Chitkara | 10/09/2018

Two wealth management divisions of NAB are the subject of civil proceedings in an Australian Federal Court for charging over half a million customers fees for no services.

Capital / Liquidity

ASIC Releases New Rules on Responsible Credit Card Lending

By Manesh Samtani | 06/09/2018

Credit card providers will need to assess the suitability of new cards and credit limit increases based on consumers’ ability to repay in full within a three year period.

Enforcement

Westpac to Pay Record A$35mn for ‘Responsible Lending’ Breach

By Manesh Samtani | 05/09/2018

Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.

Market Infrastructure

Aussie Banks Move to Reform Mortgage Broking Sector

By Manesh Samtani | 30/08/2018

Volumed-based bonus payments for mortgage brokers and other incentives to be abolished; new industry code of conduct prioritising customers’ interests expected by year-end.

Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

Market Infrastructure

ASIC Asks Banks to Take Steps to Mitigate Financial Adviser Fraud

By Garima Chitkara | 16/08/2018

ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.