Australia

ASIC Revises Implementation Approach for IDR Data Reporting

By Sanday Chongo Kabange | 08/05/2023

97 large financial firms started reporting IDR data early this year. 260 firms will have to start reporting by August 2023. The remaining firms will have until 29 February 2024.

ESG / Sustainability

Investors Welcome New Australian Net Zero Authority

By ESG Investor | 07/05/2023

The authority will co-ordinate decarbonisation opportunities across the economy, supporting efficient allocation in key sectors.

ASIC Uncovers Widespread Noncompliance With DDO Rules

By Sanday Chongo Kabange | 04/05/2023

ASIC deputy chair Karen Chester said closer scrutiny of how product issuers are meeting their design and distribution obligations is coming.

Market Infrastructure

PNGX Set to Adopt New Listing Rules, T+2 Settlement Cycle

By Sanday Chongo Kabange | 04/05/2023

The new listing rules will take effect in July, at the same time PNGX moves from a T+3 to T+2 settlement cycle.

Enforcement

Australia Court Sentences ‘Finfluencer’ for Manipulation

By Editors | 04/05/2023

This is the first time a person has been sentenced under a provision of the Corporations Act that covers the dissemination of information about illegal transactions.

AML / KYC

Sydney Roundtable: More AML Guidance Needed for Capital Markets

By Manesh Samtani | 04/05/2023

Roundtable participants said there is often little attention being paid to money laundering risks by capital market practitioners in Australia.

Australia to Align Timing of Super Payments With Wages

By Editors | 04/05/2023

Currently, employers pay superannuation quarterly, even though employees are paid in fortnightly or monthly pay cycles.

NZ FMA Directs Banks to Ensure Incentives Create Fair Outcomes

By Sanday Chongo Kabange | 04/05/2023

Banks must confirm by 31 May that they have removed incentives linked to sales measures for salespeople and managers.

Enforcement

ASIC Penalises Stockbroker for Mishandling Stock Buyback

By Editors | 04/05/2023

During an on-market buyback, Ord Minnett executed a pre-arranged transaction to buy shares at above-market prices, giving “preferential treatment” to the selling client.