Australia

ESG / Sustainability

Australia Urged to Make Transition Plans Mandatory

By ESG Investor | 10/09/2023

IGCC, PRI, and Carbon Disclosure Project have written to Australia’s Treasurer calling for standardisation and regulatory guidance on transition plans.

Enforcement

ASIC Sues AustralianSuper For Failing to Consolidate Member Accounts

By Sanday Chongo Kabange | 08/09/2023

ASIC alleges that for almost 10 years, AustralianSuper charged fees on unintended multiple accounts, affecting approximately 90,000 members.

Enforcement

ASIC Files Suit Against PayPal for Unfair Contract Term

By Editors | 07/09/2023

The term in question gives PayPal business account holders 60 days to notify the company of any errors or discrepancies in fees, or else accept those fees as accurate.

Enforcement

ASIC Directs Retail OTC Issuers to Improve DDO Compliance

By Sanday Chongo Kabange | 07/09/2023

ASIC said it will punish issuers of CFDs and other high-risk products for failure to comply with their design and distribution obligations.

Market Infrastructure

Australian Parliament Passes Financial Accountability Regime Bill

By Editors | 07/09/2023

The FAR replaces and extends the BEAR by imposing new accountability obligations on insurers, banks, super funds, and their senior executives.

APRA Releases Findings from Review of Remuneration Frameworks

By Manesh Samtani | 06/09/2023

The review assessed how banks, insurers and superannuation entities are approaching implementation of the new remuneration standards under CPS 511.

ESG / Sustainability

RBNZ, FMA Call on Regulated Entities to Improve Governance Practices

By Sanday Chongo Kabange | 06/09/2023

A joint cross-sector thematic review identified some good governance practices, but also areas where improvement is needed.

Fintech / Regtech

Australia Consults on Feasibility of ‘Screen Scraping’ Ban

By Editors | 06/09/2023

New discussion paper seeks views on a recommendation to ban screen scraping in situations where the CDR is a viable alternative.

Securities / Derivatives

APRA Review Finds Gaps in Super Fund Valuation Practices

By Sanday Chongo Kabange | 05/09/2023

The review was conducted in late 2022, ahead of new investment governance standards taking effect in January.