Australia

Crypto / Digital Assets

Australia Expected to Consult on Crypto Rules Within Weeks – Report

By Editors | 08/08/2023

The rules are expected to cover crypto custody and licensing for exchanges, as well as obligations for crypto firms to protect customer funds.

Capital / Liquidity

Australia Proposes Licensing Exemptions for FFSPs

By Ranamita Chakraborty | 08/08/2023

The proposed legislation reduces entry barriers for foreign financial services providers entering the Australian market while ensuring appropriate regulatory oversight.

AML / KYC

CBA Imposes Monthly Limit on Transfers to Crypto Exchanges

By Editors | 08/08/2023

Transfers to crypto exchanges beyond A$10,000 will be declined. In some cases, certain payments to crypto exchanges will be held for up to 24 hours, regardless of the amount.

ESG / Sustainability

Australia: ASFI Unveils Taxonomy Technical Expert Group

By ESG Investor | 08/08/2023

The expert group will offer strategic direction over, input into and endorsement of an Australian sustainable finance taxonomy.

Enforcement

Australia Announces ‘Crackdown’ on Tax Adviser Misconduct

By Manesh Samtani | 08/08/2023

The maximum penalties for tax advisers who promote tax exploitation schemes will increase 100-fold to more than A$780mn.

Securities / Derivatives

Australia Launches Review of Managed Investment Schemes Regime

By Editors | 07/08/2023

The consultation seeks feedback on a number of issues, including whether the wholesale client thresholds should be increased.

ACCC Rejects ANZ-Suncorp Merger Deal Over Competition Concerns

By Manesh Samtani | 07/08/2023

The ACCC said a merger between Bendigo and Adelaide Bank and Suncorp would be a better outcome.

Enforcement

ASIC Sues Ex-Director of Dixon Advisory for Alleged Breach of Duty

By Sanday Chongo Kabange | 05/08/2023

ASIC alleges that Paul Ryan breached his director obligations by not considering the interests of Dixon Advisory’s creditors when the firm was approaching insolvency.

Enforcement

Australia’s Star Fined for Aiding Unlawful Credit Card Gambling

By Editors | 04/08/2023

Star Entertainment faces a $140,000 fine for facilitating illicit credit card gambling transactions and breaching exclusion orders.