Australia

Enforcement

Australian Court Issues Fines in First Criminal Case of Bad Audits

By Sanday Chongo Kabange | 19/08/2021

EC Audit and its former director Robert James Evett have been convicted and sentenced to pay fines for failing to follow auditing standards.

Securities / Derivatives

Australia Refines Super Fund Rules on Portfolio Disclosures

By Sanday Chongo Kabange | 19/08/2021

The regulations have been refined to ensure the disclosure regime for superannuation fund portfolio holdings is cost-effective and in members best interests.

ESG / Sustainability

Australia, NZ on Net Zero Path Despite Roadblocks

By ESG Investor | 19/08/2021

Institutional investors in Australia and New Zealand are setting more stringent carbon emission targets, but need public sector support to hit net zero.

APRA, RBA Propose to Update Reporting Standard for Loans, Leases

By Sanday Chongo Kabange | 18/08/2021

The changes are expected to be effective from 1 January 2022. Implementation of the November 2020 updates to ARS 720.1 will be delayed until then.

Securities / Derivatives

APRA Offers Guidance on Super Fund Performance Tests

By Sanday Chongo Kabange | 18/08/2021

APRA may combine investment performance when administering performance tests to ensure performance history does not reset as a result of certain product changes.

AML / KYC

AUSTRAC to Address SMR Pain Points in Reporting System

By Manesh Samtani | 18/08/2021

AUSTRAC will review the SMR report structure, improve the user interface of its reporting platform, provide more guidance and feedback to reporting entities, and improve reporting automation.

Securities / Derivatives

Australia Consults on New Financial Reporting Rules For Super Funds

By Sanday Chongo Kabange | 18/08/2021

Super funds will be required to prepare and lodge financial reports for each financial year and half-year with ASIC, and make their reports publicly available.

Enforcement

ASIC Prosecutes 124 Individuals for Failing to Cooperate with Liquidators

By Editors | 17/08/2021

Company officers failed to provide registered liquidators access to the company’s books and submit reports on company activities and property.

Enforcement

Court Orders CBA to Publicise Overcharging Misconduct

By Sanday Chongo Kabange | 17/08/2021

The Federal Court has ordered CBA to publish notices on its website and its newsroom platform under the heading “Notification of Misconduct by CBA”.