Australia

Australia: Financial Adviser Associations Consider Merging

By Editors | 06/09/2022

The merger would create a single association that would speak for the financial advice profession in a “unified voice” and add clarity and power to the positions it takes.

Securities / Derivatives

ASIC Extends Ban on Binary Options Until 2031

By Editors | 06/09/2022

Since it came into effect, the ban has been “fully effective” in preventing retail clients from losing money trading binary options in Australia, ASIC said.

Market Infrastructure

ASX Amends Loss Allocation Rules for USD Clearing Defaults

By Editors | 03/09/2022

ASX has revised its approach to allocating losses that could arise from the default of USD settlement bank.

Australia Proposes Enhancements to Financial Advice Regime

By Editors | 02/09/2022

Superannuation trustees would also be able to provide personal advice to their members, and have discretion to decide how to charge for such advice.

Enforcement

Australia: Grant Thornton Auditor Facing Criminal Charges

By Editors | 01/09/2022

The matter reportedly concerns revenue numbers signed off by Grant Thornton for booking in the half-year results of iSignthis Ltd in 2018.

Crypto / Digital Assets

ASIC Warns Against Offering Risky Products to Retail

By Sanday Chongo Kabange | 01/09/2022

ASIC warns brokers against offering securities lending arrangements, crypto assets and so-called ‘zero brokerage’ offerings to retail investors.

Capital / Liquidity

APRA Frees Westpac from Add-on Liquidity Requirement

By Editors | 01/09/2022

The liquidity add-on was imposed in 2020 in response to breaches which APRA said demonstrated weaknesses in the bank’s risk management and oversight.

Crypto / Digital Assets

Australia Launches Digital Finance Cooperative Research Centre

By Editors | 01/09/2022

Backed by industry, government and academia, the DFCRC will facilitate the development of the emerging digital finance sector.

Securities / Derivatives

Five Super Funds Fail APRA’s Second Performance Test

By Editors | 01/09/2022

Four of the five have now failed for a second time. Five other MySuper products that failed last year have now passed.