Australia

Enforcement

ASIC Bans Former Gleneagle Fund Manager for Naked Short Selling

By Ranamita Chakraborty | 23/05/2023

The former fund manager of Gleneagle Securities engaged in the naked short selling of shares on 150 occasions, ASIC said.

APRA Postpones Next Consultation on Super Fund Reporting Requirements

By Ranamita Chakraborty | 22/05/2023

APRA now intends to start the consultation on proposed reporting standards for investments and RSE and RSE licensee profile in November 2023.

Crypto / Digital Assets

Westpac Blocks Payments to Crypto Firms, Including Binance

By Sanday Chongo Kabange | 22/05/2023

Westpac said the move could save millions after it found that a third of all scam payments were transferred directly to crypto exchanges.

Fintech / Regtech

ASX Will No Longer Use Blockchain for CHESS Replacement System

By Mark Johnston | 22/05/2023

ASX said the rebuild will need to use “a more conventional technology” and no longer involve blockchain or DLT.

ESG / Sustainability

ACSI Updates Voting Policy to Promote Gender Balance on Boards

By Editors | 22/05/2023

The policy means ASX300 companies could face recommendations ‘against’ male director re-elections if women do not occupy a minimum of 30% of board seats.

Capital / Liquidity

APRA Updates Capital Requirements for PPF Providers

By Editors | 21/05/2023

The changes will align APRA’s capital requirements for purchased payment facility providers more closely with its capital framework for other regulated firms.

Enforcement

Court Penalises AMP for Charging Fees to Deceased Customers

By Editors | 21/05/2023

ASIC said AMP charged insurance premiums and advice fees to more than 2,000 customers despite being notified that they were deceased.

Sanctions

Australia Announces Expanded Sanctions Against Russia

By Editors | 19/05/2023

Entities affected include Russian state-owned atomic energy corporation Rosatom, and the country’s largest petroleum and gold companies.

Securities / Derivatives

How Super Funds Are Bolstering Trust in Their Valuations

By Manesh Samtani | 18/05/2023

S&P Global’s Peter Alleston says trust in the superannuation industry relies on timely, transparent, accurate and reliable valuations, particularly for unlisted assets.