Australia

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    ACCC Launches Inquiry into Bank Rate-Setting Practices

    By Editors | 16/02/2023

    The ACCC said banks have in most cases “fully passed” through interest rate hikes to their home loan rates, but less so to interest rates on deposit products.

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    NZ FMA Finalises New Reporting Requirements for Advisers

    By Editors | 16/02/2023

    The FMA said the first regulatory returns will be due by 30 September 2024, for the 12-month period ending 30 June.

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    Market Infrastructure

    ASIC to Modify Scope of Clearing Derivatives Obligation

    By Editors | 15/02/2023

    ASIC proposes to replace products referencing USD LIBOR with OIS contracts referencing SOFR, and to remove AUD forward rate agreements.

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    AML / KYC

    The Corruption Perception Index & Australia’s Tranche 2 AML Legislation

    By Julian Fenwick | 15/02/2023

    Australia’s delays in passing Tranche 2 legislation compared with swift implementation in New Zealand highlights different approaches between the two countries, says Julian Fenwick.

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    Market Infrastructure

    CFIUS Confirms ‘Excepted Foreign State’ Status for UK, New Zealand

    By Editors | 13/02/2023

    UK and New Zealand investors do not have to undergo national security reviews for noncontrolling investments in the US.

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    Capital / Liquidity

    RBNZ Liquidity Policy Review Advances to Second Stage

    By Sanday Chongo Kabange | 12/02/2023

    The RBNZ is seeking feedback on whether the LCR and NSFR standards should be adopted in New Zealand.

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    Fintech / Regtech

    Australia to Review Modernising Business Registers Programme

    By Editors | 11/02/2023

    The programme involves consolidating dozens of registers into a single platform run by a one-stop shop service.

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    Australia to Consult on Changes to Financial Advice Framework

    By Sanday Chongo Kabange | 10/02/2023

    The newly released quality of advice review report offers 22 recommendations for regulatory changes to make financial advice more affordable and accessible.

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    Enforcement

    ASIC to Restructure to Enable Faster Enforcement Decisions

    By Editors | 09/02/2023

    ASIC will streamline its business groups and reduce the number of divisions to make its enforcement approach more strategic and free up funding for technology investments.

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    Fintech / Regtech

    Industry Bodies Call on ACCC to Intervene Against ING

    By Sanday Chongo Kabange | 08/02/2023

    FinTech Australia and FDATA say ING’s planned platform upgrade will invalidate thousands of CDR consents and force consumers to redo the process.

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