Australia

Australia to Simply Corporations and Financial Services Law

By Editors | 28/08/2022

Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.

Capital / Liquidity

NZ Government Takes Direct Ownership of Kiwibank

By Editors | 28/08/2022

The government pledged to support Kiwibank, New Zealand’s fifth-largest retail bank, to become a “genuine competitor in the banking industry”.

ESG / Sustainability

RBA Calls on FIs to ‘Act Now’ to Address Climate Risk

By Manesh Samtani | 25/08/2022

All insurers, banks and super fund trustees face liability risk if they do not disclose, address and manage the effects of climate change sufficiently.

CA ANZ Commences Review of Professional Conduct Framework

By Editors | 25/08/2022

The review will ensure the professional conduct framework for chartered accountants remain robust and in line with best practice.

Fintech / Regtech

New Monitoring Body Concludes First Review of ASIC

By Editors | 25/08/2022

ASIC requires a substantial uplift in its data and technology capability, the FRAA says in its first review of ASIC as a regulator.

Capital / Liquidity

RBNZ to Restrict Foreign Banks’ Branches from Retail Business

By Sanday Chongo Kabange | 25/08/2022

The RBNZ also proposes to limit the maximum size of a branch of an overseas bank to NZD 15 billion (USD 9.3 billion) in total assets.

Crypto / Digital Assets

ASIC Outlines Strategic Priorities in New Corporate Plan

By Sanday Chongo Kabange | 24/08/2022

ASIC will prioritise work to protect investors from the crypto risks, misconduct including greenwashing, and other harms.

Enforcement

Australia to Increase Max Penalties for Anti-Competitive Conduct

By Sanday Chongo Kabange | 23/08/2022

The maximum penalties for breaches of competition and consumer laws companies are being raised five-fold for both individuals and corporates.

Crypto / Digital Assets

Australia Set to Begin Consultation on Crypto Regulation

By Editors | 23/08/2022

Treasury will prioritise ‘token mapping’ work in 2022, to help identify how crypto assets and related services should be regulated. A consultation will be released “soon”.