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Australia
Enforcement
Australian Court Fines ME Bank for Misleading Home Loan Customers
By Editors | 19/01/2024
ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.
Fintech / Regtech
Australia to Establish Risk-based Guardrails for AI Development
By Editors | 18/01/2024
The government will establish mandatory guardrails to promote the safe design, development and deployment of AI systems.
Capital / Liquidity
Australia Treasury Seeks Feedback on Clearing and Settlement Services Rules
By Mark Johnston | 16/01/2024
The draft regulations will specify the classes of clearing and settlement services that are subject to ASIC’s rules and the CCA’s arbitration regime.
ESG / Sustainability
Australia Proposes Legislation to Introduce Climate Reporting Reforms
By Sanday Chongo Kabange | 15/01/2024
The commencement date for the largest entities to file sustainability reports based on standards issued by the AASB is 1 July 2024.
Big Picture
Teething Issues: OTC Derivatives Reporting Rewrites in APAC
By Manesh Samtani | 10/01/2024
The more challenging aspects of implementation involve jurisdiction-specific data fields, the UTI waterfall, UTI generation, and ISO 20022.
ASIC Extends Product Intervention Orders on Short Term Credit
By Sanday Chongo Kabange | 06/01/2024
The product intervention orders issued in July 2022 were to remain in force for 18 months. They will now remain in force until 1 October 2032.
Fintech / Regtech
RBA Sets Expectations for Enhanced Debit Card Market
By Sanday Chongo Kabange | 22/12/2023
The RBA wants all industry participants to support token portability and token synchronisation by June 2025.
AML / KYC
NZBA Issues Update on Anti-Scam Initiatives
By Editors | 21/12/2023
The first phase of the new national Anti-Scam Centre is “now live”, focusing on sharing information on money mules.
Market Infrastructure
ACCC Responds to Government’s Merger Reform Proposals
By Editors | 21/12/2023
ACCC Chair Gina-Cass-Gottlieb said the government’s proposals for merger reform aren’t sufficient and that the ACCC’s own proposal would achieve the “right balance”.
ESG / Sustainability
ASX Looks into Developing Australia’s First Carbon Exchange
By Ranamita Chakraborty | 20/12/2023
The exchange seeks to make participation in carbon markets more accessible, but its launch depends on regulatory and other approvals.
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