Australia

Capital / Liquidity

New Zealand to Further Revise Responsible Lending Rules

By Editors | 09/08/2022

This is the second tranche of changes to the CCCFA regulations, which have been criticised for making it too difficult for borrowers to obtain loans.

NZBA Announces Expansion to Regional Banking Hubs Trial

By Editors | 08/08/2022

The first four hubs were opened in November 2020. The second phase of the regional banking hubs trial will see four more hubs open.

Enforcement

ASIC Finalises Guidance on How FSCP Will Work

By Sanday Chongo Kabange | 05/08/2022

FSCP sitting panels will comprise an ASIC staff member as chair and at least two external members from the FSCP’s pool of industry participants.

ESG / Sustainability

NZX to Establish Corporate Governance Centre of Excellence

By Editors | 05/08/2022

Members of the new institute will deliver recommendations to NZX on its rule settings and CG Code to further enhance listed companies’ corporate governance practices.

AML / KYC

ACCC Raises Alarm Over Rising Fake Bond Scams

By Editors | 05/08/2022

Reported losses suffered by Australian victims of imposter bond scams increased by 265% to A$20mn in H1, compared to the same period last year.

ESG / Sustainability

APRA Reveals Findings of Climate Risk Management Surveys

By Editors | 05/08/2022

Survey responses from banks. insurers and super funds shows are “encouraging”. A key area for improvement is metrics and targets.

Market Infrastructure

ASX: Launch of New CHESS Platform Delayed Until Late 2024

By Editors | 04/08/2022

Accenture to provide an independent review of the new CHESS application and help ASX determine a new launch schedule.

ASIC Again Extends Transitional Relief for Foreign Financial Firms

By Sanday Chongo Kabange | 03/08/2022

The extension has likely been announced to allow the new government time to consider legislative reforms for foreign financial services providers.

Market Infrastructure

End of an Era for LIBOR Opens the Way for AONIA to Make its Mark in Australia

By Pieter Bierkens | 01/08/2022

Australia may see a shift away from BBSW to AONIA for products like cross-currency swaps and multi-currency lending facilities, says CBA’s Pieter Bierkens.