Australia

Enforcement

ASIC Issues First Stop Orders Under DDOs Regime

By Editors | 01/08/2022

Three firms are required to temporarily stop offering their products to consumers due to deficiencies in their target market determinations.

ESG / Sustainability

NZ XRB Issues Final Consultation on Climate Reporting Standards

By Editors | 31/07/2022

The XRB intends to finalise the standards in December 2022. New Zealand’s first climate statements will be published in April 2024.

AML / KYC

AUSTRAC Proposes Rule Change to Accommodate ISO 20022

By Editors | 29/07/2022

The proposed amendments will enable reporting entities to submit IFTIs using the ISO 20022 message format.

Market Infrastructure

APRA Proposes New Operational Risk Management Standard

By Editors | 29/07/2022

APRA proposes to introduce a new cross-industry prudential standard on operational risk management, which also covers third-party service providers.

ESG / Sustainability

Australia Introduces Bill to Enshrine Climate Targets in Law

By Editors | 29/07/2022

The bill will enshrine into law a commitment to reduce emissions 43 percent by 2030, based on 2005 levels, and to reach net zero by 2050.

ESG / Sustainability

New Zealand ESG Funds Must Provide Better Disclosures: FMA

By Manesh Samtani | 28/07/2022

Fund managers need to provide accurate and high-quality information to explain and support claims that their products incorporate non-financial factors.

RBNZ to Improve Readability of Bank Assurance Reports

By Editors | 28/07/2022

The RBNZ will implement changes designed to rationalise the structure of the assurance reports and improve their readability.

AML / KYC

ASIC Warns of Prevalence of Payment Redirection Scams

By Editors | 28/07/2022

The latest ACCC data shows that payment redirection scams caused the highest losses to businesses in 2021.

Australia to Update Guidance on Payment Times Reporting

By Editors | 28/07/2022

Treasury says it has received a high number of enquiries from reporting entities and their advisers regarding administration of the Payment Times Reporting Scheme.