Australia

Market Infrastructure

ASIC Issues Final Guidance on Breach Reporting Obligations

By Sanday Chongo Kabange | 07/09/2021

Licensees should have in place clear, well-understood and documented processes for identifying, recording, assessing, escalating and reporting breaches.

AML / KYC

AUSTRAC Outlines Common Reporting Mistakes – Report

By Editors | 06/09/2021

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.

ESG / Sustainability

Australian Banks to Complete First CVA Analysis by Year-End

By Editors | 06/09/2021

APRA has released a new paper describing the Climate Vulnerability Assessment now underway at Australia’s five largest banks.

Market Infrastructure

APRA Issues Response on Bank Data Disclosure Regime

By Sanday Chongo Kabange | 04/09/2021

APRA will disclose entity-level financial position and performance data on a quarterly basis in a new publication that will launch in Q1 2023.

Market Infrastructure

ASX Consults on Tranche 3 Rule Changes for CHESS Replacement

By Editors | 04/09/2021

The changes relate to netting, settlement, reporting and other amendments. ASX plans to release the final rule changes 6 months before the April 2023 go-live.

Market Infrastructure

RBA Asked to Require Banks to Provide Least-cost Routing Options

By Editors | 03/09/2021

Treasurer Josh Frydenberg has asked the RBA to consider mandating the issuance of dual-network debit cards for major and medium-sized banks.

ASIC Offer Guidance on New Complaints Handling Obligations

By Sanday Chongo Kabange | 03/09/2021

ASIC says more work is needed from superannuation trustees to comply with new internal dispute resolution standards that become enforceable in October.

Market Infrastructure

AFMA Calls For Speedy Passage of OBU Legislation

By Editors | 01/09/2021

Delays in passing legislation to reform the Offshore Banking Unit regime could harm Australia and undermine how it is perceived by foreign investors.

Australian Industry Bodies to Standardise Advice Fee Disclosures

By Sanday Chongo Kabange | 01/09/2021

The Financial Services Council and Financial Planning Association are developing an industry standard form to be used for advice fee disclosures.