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Market Infrastructure
ASIC Publishes Credit Rating Agency Review
By Garima Chitkara | 18/02/2018
Credit ratings agencies found lacking on compliance testing and board reporting.
Enforcement
Australia Creates New Financial Complaints Body
By Editors | 16/02/2018
New body merges three existing complaints authorities; will streamline complaints process and quicken dispute resolution for customers.
Enforcement
ANZ, Westpac Banks Refund Credit Card Customers
By Editors | 08/02/2018
ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.
Enforcement
China’s Vicious Cycle – Household Debt, Mis-selling and Systemic Risk
By Bradley Maclean | 01/02/2018
Increased regulation in an effort to rein in personal borrowing could foster an attitude of ‘bare minimum compliance’ among banks, leading to future systemic risk.
Enforcement
CBA Becomes 7th Bank Involved in BBSW Manipulation Allegations
By Samuel Riding | 31/01/2018
Securities regulator says bank was involved in unconscionable conduct in dealing with the benchmark rate during 2012.
Enforcement
ASIC Finds Clear Bias Towards In-house WMPs at Big Banks
By Garima Chitkara | 26/01/2018
The report says 68 percent of clients are heavily invested in banks’ in-house products; advisors may face bans if conflicts of interest are not managed better.
Crypto / Digital Assets
ASIC Seeks Stronger Powers to Combat Cybercrime
By Manesh Samtani | 23/01/2018
Parliamentary submission suggests reforms allowing ASIC to assume identities on the dark web, share phone data with foreign regulators, seize electronic devices.
Capital / Liquidity
Australia Licences Seven Crowd-Funding Intermediaries
By Editors | 14/01/2018
Eligible public companies can raise up to AUD 5 million in funds through equity crowdfunding and will face fewer regulatory requirements for fundraising.
Enforcement
Australian Banks Agree New Code of Conduct
By Editors | 20/12/2017
Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.
Capital / Liquidity
Australia to Kick off Long-awaited Royal Commission into Financial Sector
By Editors | 04/12/2017
Inquiry to look into alleged misconduct in financial sector welcomed by banks, securities regulator, but not superannuation scheme operators.
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A daily selection of top stories from the Regulation Asia editorial team