Australia

Securities / Derivatives

ASIC Urges Listed Entities to Disclose Business Risk Properly

By Sanday Chongo Kabange | 23/12/2021

Listed company directors and auditors should focus on impairment of assets, particularly as some businesses may be adversely affected in a post-Covid environment.

Fintech / Regtech

Australian Treasury Confirms Plans to Expand Consumer Data Right

By Mark Johnston | 23/12/2021

Action initiation functionality will be applied first in the banking sector to enable the development of new, competitive and consumer-focused payment services.

ESG / Sustainability

RBA Warns of ‘Dire Consequences’ from Cyber and Climate Risks

By Mark Johnston | 23/12/2021

The RBA’s Jonathan Kearns said banks need to continue to address evolving risks, as they can morph into systemic risks with potentially dire consequences.

Fintech / Regtech

Australian Regulators Endorse Government Plans for Crypto Sector

By Mark Johnston | 22/12/2021

Australia’s Council of Financial Regulators have endorsed the Treasury’s plan to form a new working group on the regulation of the crypto-ecosystem.

Securities / Derivatives

Australia Announces Reforms to Proxy Advice Regime

By Editors | 22/12/2021

The reforms extend AFS licensing requirements to a greater range of proxy adviser activities, as well as enhance transparency of super funds’ voting records.

Capital / Liquidity

APRA Outlines Considerations for CCyB Decisions

By Sanday Chongo Kabange | 22/12/2021

APRA confirmed that the CCyB would be set at the new default level of 1 percent of RWA from 1 January 2023, a feature of the new bank capital framework.

Capital / Liquidity

RBNZ Updates Disclosure Requirements for Banks

By Editors | 20/12/2021

The updates align disclosures with the new RBNZ’s capital adequacy requirements, which will be phased in over seven years starting from July 2022.

AML / KYC

New Zealand DIA, FMA Issue Directions on Outsourced CDD

By Editors | 19/12/2021

Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.

Securities / Derivatives

APRA Publishes Latest Data on Super Fund Underperformance

By Editors | 17/12/2021

About 60% of choice products and 45% of MySuper products delivered returns below benchmarks. APRA will further intensify its supervision on trustees delivering sub-standard member outcomes.