Australia

Capital / Liquidity

APRA Concludes Post Implementation Review of LCR, NSFR

By Editors | 02/07/2022

The LCR and NSFR are operating effectively, but there are potential improvements that could be made to improve efficiency, APRA says.

Enforcement

ASIC Wins Appeal Against Payday Lenders Cigno, BHF Solutions

By Editors | 30/06/2022

ASIC is now considering using its broader product intervention powers to address consumer detriment in continuing credit contracts.

New Zealand Passes Law to Introduce ‘Conduct Licensing’ Regime

By Sanday Chongo Kabange | 30/06/2022

Banks, insurers and non-bank deposit takers will be required to obtain a conduct licence from the FMA, on top of their prudential licences from the RBNZ.

Fintech / Regtech

Another Australian Neobank Announces Decision to Close

By Manesh Samtani | 30/06/2022

The SME-focused Judo Bank is the only neobank in Australia which continues to run independently after listing on the ASX last year.

Australia Gets New Life Insurance Code of Practice

By Editors | 28/06/2022

The new Life Code takes effect on 1 July 2023, providing the industry with twelve months to transition and make the necessary systems changes.

AML / KYC

AUSTRAC Updates Guidance on Reporting Cash Transactions

By Editors | 28/06/2022

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

ASIC Issues New Guidance on Product Design and Distribution

By Editors | 28/06/2022

ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

Securities / Derivatives

ASIC Demands More Transparent Communications from Super Trustees

By Editors | 26/06/2022

The communication strategies of some trustees may have risked confusing or misleading members about their product’s performance, ASIC said.

Securities / Derivatives

ASIC Issues Guidance on CCIV Registration, Licensing

By Sanday Chongo Kabange | 24/06/2022

To register a CCIV and initial sub-fund, a corporate director would first need to obtain an AFS licence, which can be a variation of an existing licence.