Australia

Crypto / Digital Assets

ASIC Warns Against Offering Risky Products to Retail

By Sanday Chongo Kabange | 01/09/2022

ASIC warns brokers against offering securities lending arrangements, crypto assets and so-called ‘zero brokerage’ offerings to retail investors.

Capital / Liquidity

APRA Frees Westpac from Add-on Liquidity Requirement

By Editors | 01/09/2022

The liquidity add-on was imposed in 2020 in response to breaches which APRA said demonstrated weaknesses in the bank’s risk management and oversight.

Crypto / Digital Assets

Australia Launches Digital Finance Cooperative Research Centre

By Editors | 01/09/2022

Backed by industry, government and academia, the DFCRC will facilitate the development of the emerging digital finance sector.

Securities / Derivatives

Five Super Funds Fail APRA’s Second Performance Test

By Editors | 01/09/2022

Four of the five have now failed for a second time. Five other MySuper products that failed last year have now passed.

AML / KYC

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.

ASIC Directs Super Trustees to Improve DDO Compliance

By Editors | 30/08/2022

ASIC reviewed target market determinations for superannuation products and found noncompliance and poor practices by some trustees.

APRA Relaxes Phase 2 Timelines of Superannuation Data Project

By Editors | 29/08/2022

The overall consultation timeline for Phase 2 of the Superannuation Data Transformation project is being extended from 9 months to 14 months.

Market Infrastructure

New Zealand FMA Sets Out Priorities in New Corporate Plan

By Editors | 29/08/2022

The FMA will prioritise work on three new legislative regimes: financial advice licensing, climate-related disclosures, and conduct licensing.

Australia Proposes Reduced Barriers to Financial Advice Profession

By Editors | 29/08/2022

Treasury proposes to remove tertiary education requirements for experienced financial advisers, and simpler requirements for new entrants to the industry.