Australia

    Securities / Derivatives

    APRA Commences New Statistical Publication on Super Sector

    By Editors | 24/10/2022

    The published data for the first time includes information on the number and types of products and investment options available in the superannuation industry.

    Enforcement

    NZ FMA Issues Warnings Against Property Investment Firms

    By Editors | 23/10/2022

    The firms misused the wholesale investor exclusion to extend offers to people with little or no investment experience.

    AML / KYC

    NZ FMA Issues Formal Warning to InvestNow Over AML Failures

    By Editors | 22/10/2022

    InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.

    Australia: Industry Body Launches BNPL Code Review

    By Editors | 19/10/2022

    The review was launched six months early in response to feedback from stakeholders. The findings are due to be reported by 1 March 2023.

    ESG / Sustainability

    Half of New Zealand Assets Responsibly Managed

    By ESG Investor | 19/10/2022

    By end 2021, 49% of New Zealand assets were managed through responsible investment strategies, an increase from 43% in 2020.

    RBNZ Concludes First Consultation on Monetary Policy Remit

    By Editors | 18/10/2022

    Many respondents felt climate change should not be included in monetary policy decision-making, and that the RBNZ should increase its emphasis on price stability.

    AML / KYC

    NSW Regulator Imposes Max Penalty on Casino Giant The Star

    By Editors | 18/10/2022

    Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.

    Crypto / Digital Assets

    ASIC Places Interim Stop Orders on Three Crypto Funds

    By Editors | 17/10/2022

    Holon has disclosed the risk that assets in the three funds could face a total loss of value. ASIC considers the funds not suited to the “wide target market” defined in the TMDs.

    Australia’s First Islamic Bank Prepares for Limited Launch

    By Editors | 14/10/2022

    Customers will be charged rent while living under the bank’s share of a property, rather than paying interest.

    Market Infrastructure

    RBA Suffers, and Recovers from, Four-Hour Outage

    By Editors | 14/10/2022

    The outage disrupted real-time and overnight payments routed through the NPP, causing a backlog of transactions which the RBA is working to clear.

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