Australia

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.

ESG / Sustainability

Australia: Taxonomy Needed to Effectively Combat Greenwashing

By Editors | 03/05/2023

Minister Stephen Jones said ASIC will only be able to catch the most egregious examples of greenwashing unless Australia gets its taxonomy right.

Fintech / Regtech

Singapore Fintechs to Get Support for Australia Expansion

By Editors | 02/05/2023

The SFA and Austrade signed an MoU that will help fintechs expand across borders. Support will be provided by Enterprise Singapore, HSBC and AWS.

ESG / Sustainability

ASIC Fines Future Super for Alleged Greenwashing

By Sanday Chongo Kabange | 02/05/2023

ASIC fined Future Super Investment Services for “overstating the positive environmental impact” of its fund in a Facebook post.