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Australia to Ease Regulatory Requirements for Financial Advisers
By Editors | 30/12/2021
The government proposes to recognise on-the-job experience as meeting financial adviser education requirements. It will also review ways to simplify other compliance obligations.
Australian Treasury to Review Effectiveness of ABSF Facility
By Editors | 28/12/2021
The Australian Business Securitisation Fund facility is designed to unlock a competitive funding source for smaller lenders to on‑lend to SMEs.
Enforcement
Australian Court Fines Mayfair Companies for Misleading Advertising
By Sanday Chongo Kabange | 24/12/2021
Four Mayfair companies were fined a combined A$30mn for “deliberately” misleading investors into buying highly speculative and risky investment products.
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.
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