Australia

ESG / Sustainability

Smaller Super Funds Face Bigger Sustainability Challenges: APRA

By Editors | 10/04/2022

On the whole, assets in small and medium sized super funds are declining. Large super funds can more easily spread their costs over a wider membership base.

Securities / Derivatives

ASX Proposes to Enhance Rules for SPPs, Material Placements

By Editors | 09/04/2022

ASX is seeking views on two alternative bases proposed for conducting a scale-back on security purchase plans, and proposes new disclosure requirements for material placements.

Enforcement

ASIC Charges Firm for Offering Crypto Loans Without Credit Licence

By Sanday Chongo Kabange | 09/04/2022

ASIC has charged Helio Lending for falsely representing that it had a credit licence that allowed it to offer cryptocurrency-backed loans.

Capital / Liquidity

APRA Consults on Interim Capital Reporting Standards

By Editors | 08/04/2022

APRA says it has made changes to better meet data needs, simplify reporting requirements, and reduce the need for future data collections and ad hoc requests.

AML / KYC

FSC Australia Issues Guidance on Russian Asset Divestment

By Editors | 08/04/2022

The guidance is for superannuation trustees, asset managers investing superannuation capital, and asset managers operating managed schemes with super funds as investors.

Enforcement

Westpac Penalised in Consumer Credit Insurance Mis-selling Case

By Editors | 08/04/2022

Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.

Capital / Liquidity

APRA to Align Definition of SFI Across Prudential Standards

By Editors | 06/04/2022

Under the changes, foreign-owned ADIs will only be considered a ‘significant financial institution’ for capital adequacy purposes if they are large or complex.

APRA Advances to Phase 2 of Superannuation Data Transformation

By Editors | 05/04/2022

Phase 2 will deliver more data on retirement outcomes, performance, efficiency, governance, risk management practices, fund operations and industry risks.

Enforcement

ASIC Launches Federal Court Proceedings Against Macquarie

By Editors | 05/04/2022

ASIC says Macquarie failed to properly detect and prevent unauthorised fee transactions by now-convicted former financial adviser, Ross Andrew Hopkins.