Australia

Capital / Liquidity

RBNZ Raises Transparency of Regulatory Breaches by Banks

By Editors | 24/03/2022

The RBNZ has launched a new register to improve transparency about material breaches of key prudential requirements by banks.

Enforcement

ACCC Launches Court Proceedings Over Crypto Ads on Facebook

By Editors | 23/03/2022

The ads contained links to fake media articles containing quotes attributed to public figures endorsing cryptocurrency or money-making schemes.

AML / KYC

New Zealand Pledges to Enhance Beneficial Ownership Transparency

By Manesh Samtani | 23/03/2022

A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.

Securities / Derivatives

ASX to Implement Fallbacks in OTC Interest Rate Derivatives

By Editors | 23/03/2022

From 27 June, all OTC Open Contracts cleared by ASX, including legacy trades, will be treated as if they incorporated fallback provisions contained in the 2021 ISDA Definitions.

Fintech / Regtech

BIS, Central Banks Complete Development of Multi-CBDC Prototypes

By Sanday Chongo Kabange | 23/03/2022

The initial phase of Project Dunbar has proved that the concept of multi-CBDCs is technically viable, says a new project report.

ASIC Warns on Using ‘Influencers’ to Promote Financial Products

By Sanday Chongo Kabange | 22/03/2022

ASIC places responsibility firmly on AFS licensees to ensure that any influencers they use and the financial-related content they present complies with the law.

Crypto / Digital Assets

Australia Opens Consultation on Regulatory Regime for Crypto

By Manesh Samtani | 22/03/2022

The consultation proposes minimum standards of conduct, AML compliance obligations, and fit and proper requirements for directors and key persons.

Securities / Derivatives

ASIC Consults on CCIV Licensing Requirements

By Editors | 22/03/2022

ASIC will be able to limit a corporate director’s CCIV operations to one CCIV with a single sub-fund if the corporate director fails to demonstrate ‘organisational competence’ and capacity.

NZ FMA Asked to Improve Conflicts Handling Process

By Editors | 21/03/2022

An independent review has found shortcomings in the way the FMA handled a conflict of interest last year and proposed changes to its processes.