Australia

ASIC Publishes New Indigenous Financial Services Framework

By Editors | 19/02/2023

ASIC encourages the financial services industry to improve their understanding of First Nations peoples and embed this into their engagement approach.

AML / KYC

Australia to Explore Introduction of SMS Sender ID Register

By Editors | 18/02/2023

The government has asked ACMA to investigate different SMS sender ID register models that can help prevent scams and to report back to the government.

Australia Proposals to Regulate BNPL Gains Widespread Support

By Editors | 17/02/2023

AFCA has received more than 3,300 complaints against BNPL providers since 2018. ASIC supports regulating BNPL under the National Credit Act.

Enforcement

Court Issues Australia’s Largest Ever Fine for Disclosure Failures

By Editors | 17/02/2023

Former ASX-listed GetSwift was ordered to pay A$15mn. Three former directors were also penalised.

Enforcement

Enforcement ‘At the Heart’ of ASIC’s Work: Joe Longo

By Sanday Chongo Kabange | 16/02/2023

ASIC warns that it will target greenwashing, predatory lending and misleading insurance pricing promises.

ACCC Launches Inquiry into Bank Rate-Setting Practices

By Editors | 16/02/2023

The ACCC said banks have in most cases “fully passed” through interest rate hikes to their home loan rates, but less so to interest rates on deposit products.

NZ FMA Finalises New Reporting Requirements for Advisers

By Editors | 16/02/2023

The FMA said the first regulatory returns will be due by 30 September 2024, for the 12-month period ending 30 June.

Market Infrastructure

ASIC to Modify Scope of Clearing Derivatives Obligation

By Editors | 15/02/2023

ASIC proposes to replace products referencing USD LIBOR with OIS contracts referencing SOFR, and to remove AUD forward rate agreements.

AML / KYC

The Corruption Perception Index & Australia’s Tranche 2 AML Legislation

By Julian Fenwick | 15/02/2023

Australia’s delays in passing Tranche 2 legislation compared with swift implementation in New Zealand highlights different approaches between the two countries, says Julian Fenwick.