Australia

APRA, ASIC Call on Super Trustees to Police Advice Fees

By Ranamita Chakraborty | 07/07/2021

Trustees should have in place processes and a robust assurance framework to ensure fee deductions from superannuation accounts are appropriate.

Fintech / Regtech

Australian Treasury Proposes to Lower Barriers to CDR Participation

By Editors | 07/07/2021

Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.

AML / KYC

Westpac Identifies Potential Fraud Involving Finance Company

By Ranamita Chakraborty | 06/07/2021

Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.

Australia Proposes Bill to Facilitate Technology Use in Company Meetings

By Sanday Chongo Kabange | 06/07/2021

The legislation will facilitate the use of technology in meetings, to execute company documents and send meeting-related materials.

Market Infrastructure

ASX Finalises Settlement Workflow Changes for CHESS Replacement

By Ranamita Chakraborty | 05/07/2021

Netting will be expanded to include all novated trades and the creation of the NBO and associated messaging will be discontinued to provide greater system scalability.

Enforcement

Westpac to Pay Remediation Over Corporate Actions Failures

By Editors | 04/07/2021

ASIC says it encourages all advice licensees and platform operators to consider their own corporate action management arrangements.

Securities / Derivatives

ASIC Consults on Changes to Market Integrity Rules

By Editors | 02/07/2021

Among the changes, the consultation proposes to require market participants to notify ASIC if it suspects a person of engaging in insider trading or manipulative trading.

Market Infrastructure

FMA Finds Improved Regulatory Arrangements at NZX

By Ranamita Chakraborty | 01/07/2021

The overall design of NZ RegCo is a notable improvement on prior arrangements, FMA said in an annual review of NZX.

Securities / Derivatives

ASIC Proposes New Guidance for Crypto-asset ETPs

By Editors | 01/07/2021

In ASIC’s view, only bitcoin and ether are likely to satisfy proposed criteria for determining whether a crypto-asset is appropriate as an ETP’s underlying asset.