AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Enforcement

ASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities

By Garima Chitkara | 13/08/2018

Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Enforcement

ASIC Plan to Embed Staff Could Impede Banking Function

By Peter Guy | 13/08/2018

ASIC’s plan to embed its own staff as officers at major Australian banks will affect risk taking and how the Australian public is served by the financial services industry.

Enforcement

Fees-for-no-service Remediation to Top A$850mn – ASIC

By Manesh Samtani | 09/08/2018

CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.

Fintech / Regtech

Financial Regulators Consult on ‘Global Sandbox’ Approach

By Manesh Samtani | 09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

Market Infrastructure

Talking Derivatives Trade Reporting with DTCC’s Oliver Williams

By Manesh Samtani | 08/08/2018

Enhancements to DTCC’s Global Trade Repository service in Singapore will support the MAS’s next phase of derivatives trade reporting requirements, as well as improve usability and reduce complexity for users.

Securities / Derivatives

ASIC Finalises Review Of Exchange Traded Products

By Garima Chitkara | 06/08/2018

ASIC review concludes that the ETP market is performing well in general, however, some concerns were raised on spread management and market maker concentration.

Market Infrastructure

Australia Finds Banking Oligopoly Detrimental To Consumers

By Garima Chitkara | 06/08/2018

The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.

Uncategorised

ASIC Adopts Asia Funds Passporting in Regulatory Guides

By Garima Chitkara | 02/08/2018

Changes have been made to seven of ASIC’s regulatory guides after the government passed a legislative amendment enabling the funds passporting scheme.