Australia

APRA Releases Response Letter on Treatment of Covid Loans

By Sanday Chongo Kabange | 26/08/2021

APRA is extending the time period for temporary adjustments to APS 220 so that loans granted repayment deferrals from 8 July until 30 September are covered.

Enforcement

Westpac Subsidiaries Fined for Breaching Best Interests Duty

By Sanday Chongo Kabange | 26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.

Australia Revamps, Expands SME Recovery Loan Scheme

By Editors | 26/08/2021

Eligibility requirements for SMEs to have received JobKeeper during Q1 2021 or to have been a flood affected business will be removed.

Securities / Derivatives

ASIC Consults on Payment-for-order-flow Prohibition

By Editors | 26/08/2021

Payment-for-order-flow arrangements are already prohibited in Australia. ASIC proposes amendments to address scenarios not currently covered by the rules.

Market Infrastructure

GFXC Calls for Greater Transparency in Global FX Market

By Manesh Samtani | 24/08/2021

The GFXC is providing templates for disclosures on algo due diligence and TCA data, as well as disclosure cover sheets for liquidity providers and electronic trading platforms.

Market Infrastructure

ASX November Outage Caused By Hasty Trading System Launch

By Sanday Chongo Kabange | 23/08/2021

An independent review commissioned by ASIC and RBA found that ASX’s upgraded equity trading system was not ready to go-live.

Enforcement

FMA Identifies AML Breaches by Investment Platform Sharesies

By Editors | 23/08/2021

The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.

Capital / Liquidity

APRA Issues Final Guidance on Credit Risk Management

By Sanday Chongo Kabange | 21/08/2021

The guidance APG 220 is published in advance of finalising the standard APS 220, which is contingent on potential changes to consumer credit laws.

Market Infrastructure

ATO Consults on Tax Implications of IBOR Reform

By Manesh Samtani | 20/08/2021

The ATO has set out in a discussion paper the most common tax consequences that may arise from the transition from LIBOR to RFRs.