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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.
Enforcement
Australian Securities Regulator Fines VW Financing Arm
By Editors | 30/11/2017
Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.
Enforcement
Australian Banks’ Rate Rigging Settlement Confirmed
By Editors | 13/11/2017
ANZ and NAB will pay a total of $76mn for attempting to manipulate Bank Bill Swap Rate; Westpac Banking still fighting claims.
AML / KYC
ASIC to Seek 10-year Sentences for Corporate Criminals
By Editors | 25/10/2017
Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.
AML / KYC
Australian Banks Want Fintechs to Pay for ‘Open Banking’
By Samuel Riding | 11/10/2017
Biggest lenders continue to frustrate efforts by authorities to increase competition and throw open door to banking disruptors.
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A daily selection of top stories from the Regulation Asia editorial team