Australia

ESG / Sustainability

New Zealand Passes Climate Reporting Legislation in World First

By Sanday Chongo Kabange | 24/10/2021

Mandatory climate disclosures will be required from early 2024, for annual reporting periods that start on or after 1 January 2023.

AFCA to Provide Clarity on New Compensation Scheme

By Editors | 23/10/2021

AFCA says it will help to provide clarity on the treatment of complaints about losses arising from financial products and financial advice.

Market Infrastructure

AFMA Calls for Removal of ‘LIBOR Cap’ Imposed on Foreign Banks

By Editors | 22/10/2021

AFMA is concerned that the LIBOR Cap will be replaced with a capping mechanism to be determined solely by the ATO.

AML / KYC

Australia Senate Report Proposes New Crypto Licensing Regime

By Manesh Samtani | 21/10/2021

The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.

Securities / Derivatives

NZX to Migrate Dairy Derivatives to SGX on 27 November

By Editors | 21/10/2021

NZX has amended its Clearing and Settlement Rules and Procedures, and the NZX Derivatives Market Procedures, to give effect to the migration of open interests.

APRA Postpones Implementation of Updated ARS 720.1

By Ranamita Chakraborty | 21/10/2021

Delaying the commencement will provide ADIs with more time to make transition to the updated standard, APRA said.

AML / KYC

AUSTRAC Publishes Guidance on Geographical Link Test

By Editors | 21/10/2021

The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.

RBNZ Reviews Policy for Branches of Overseas Banks

By Editors | 21/10/2021

The RBNZ says there are inherent limitations on its ability to apply its regulatory standards to all branches and to supervise them effectively.

Market Infrastructure

APRA Issues Updated Guidance on New Remuneration Standards

By Sanday Chongo Kabange | 21/10/2021

The guidance has been updated to align with the Financial Accountability Regime and provide additional examples of better practices to help entities transition smoothly.