Australia

Enforcement

ASIC Fines Super Fund Trustee Diversa for Alleged Greenwashing

By Editors | 28/12/2022

ASIC said the statements made by Diversa Trustees were too broad, potentially misleading consumers about its investment screens.

Fintech / Regtech

APRA Grants Full ADI Licence to Alex Bank

By Editors | 26/12/2022

The full ADI licence was granted 18 months after Alex Bank received its restricted ADI licence in July 2021.

Australia Reverses Restrictions on Litigation Funders

By Editors | 23/12/2022

Litigation funding arrangements are once again exempt from the managed investment scheme and AFS licensing regimes in the Corporations Act.

Capital / Liquidity

APRA to Set CCyB Default Rate at 1pc from 1 Jan 2023

By Editors | 22/12/2022

The CCyB default rate in Australia has been set at zero percent of risk-weighted assets since it was introduced in 2016.

AML / KYC

NZ FMA Takes Tiger Brokers to Court for AML Failings

By Editors | 22/12/2022

Tiger Brokers failed to appropriately vet customers, respond to activities that should have raised concerns, and maintain appropriate records.

Market Infrastructure

ASIC Finalises Changes to OTC Derivatives Reporting Rules

By Manesh Samtani | 22/12/2022

ASIC has consolidated a proposed two-stage process for updating the rules into a single update commencing 21 October 2024.

Enforcement

ASIC Files Suit Against Finder Wallet Over Crypto-related Product

By Sanday Chongo Kabange | 20/12/2022

Finder Wallet offered a crypto-related product that paid customers a return for use of their funds, like a debenture, ASIC says.

Securities / Derivatives

APRA Heatmap Identifies 15 Poorly-Performing MySuper Products

By Sanday Chongo Kabange | 19/12/2022

An estimated 8.1 million MySuper members benefitted from a drop in total fees and costs since last year’s heatmap was published.

AML / KYC

AUSTRAC Issues Guidance on Detecting OSEC Crime

By Editors | 19/12/2022

AUSTRAC has updated its 2019 indicators report to help FIs identify behaviours and transactions which may indicate payments for child sexual exploitation material.