AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

    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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