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Securities / Derivatives
ASIC Finds ‘Robust’ Valuation Practices in Fund Industry
By Ranamita Chakraborty | 11/08/2021
Valuation practices for illiquid assets were robust, timely and consistent with regulatory guidance and industry standards, ASIC found in a review.
Market Infrastructure
Australia Consults on Disciplinary Body for Financial Advisers
By Editors | 11/08/2021
The government is consulting on regulations to support the establishment of the single disciplinary body that will form part of the new regime for financial advisers.
AML / KYC
RBNZ Issues Formal Warning to Westpac for AML Failures
By Editors | 11/08/2021
Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.
NAB Enters Agreement to Acquire Citigroup Consumer Business
By Sanday Chongo Kabange | 10/08/2021
Subject to regulatory approvals from the Treasury, APRA and the ACCC, the acquisition is expected to be complete by March 2022.
Market Infrastructure
ACCC Consults on Merger of BPAY, eftpos and NPP Australia
By Editors | 10/08/2021
A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.
Securities / Derivatives
Australia Tweaks Fee Component of Super Fund Performance Test
By Editors | 10/08/2021
The test will be based on the most recent financial year of administration fees, rather than the past eight years, to incentivise fee reductions.
AML / KYC
Australia to Introduce Magnitsky-style Sanctions Law
By Manesh Samtani | 08/08/2021
Australia will be able to impose targeted financial sanctions and travel bans against individuals and entities without the need for specific country-based regimes.
Enforcement
ASIC Sues Credit Firms for Failing to Cooperate with AFCA
By Sanday Chongo Kabange | 06/08/2021
Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.
Capital / Liquidity
APRA Releases Final Prudential Standard on Capital Adequacy
By Editors | 06/08/2021
CET1 capital may not have unusual features that could undermine its role as the highest quality loss-absorbing capital. The final APS 111 takes effect from 1 January 2022.
Enforcement
ASIC Issues Update on Compensation Paid for Non-compliant Advice
By Editors | 05/08/2021
Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
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