Australia

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.

Crypto / Digital Assets

Canvas Completes First FX Transaction Using Australian CBDC

By Sanday Chongo Kabange | 18/05/2023

The eAUD was traded for foreign currency stablecoin USDC, representing the first foreign exchange transaction using the RBA’s pilot CBDC.

Capital / Liquidity

APRA Finalises New Resolution Planning Standard & Guidance

By Editors | 18/05/2023

CPS 900 will formally come into effect from 1 January 2024, but individual entities would only be subject to the requirements when notified by APRA.

AML / KYC

Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims

By Editors | 16/05/2023

The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.