Australia

Market Infrastructure

ASX Completes Corporate Actions Upgrade Project

By Sanday Chongo Kabange | 17/06/2021

The project enables full straight-through processing for corporate actions, reducing risk for market participants and facilitating more informed decision-making.

Enforcement

ASIC Sues Austal Over Breach of Continuous Disclosure Obligations

By Ranamita Chakraborty | 16/06/2021

Major shipbuilder Austal breached its continuous disclosure obligations in 2016 by failing to disclose a material change in its prior earnings guidance, ASIC says.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

ASIC Issues Guidance on Ongoing Fee Arrangements

By Sanday Chongo Kabange | 16/06/2021

A new information sheet provides guidance on ongoing fee arrangements, fee disclosure statements, and ongoing fee consents.

New Zealand FMA Grants Reporting Relief Amid Auditor Shortage

By Ranamita Chakraborty | 14/06/2021

Businesses affected by an auditor shortage in New Zealand will be allowed an additional month to comply with reporting requirements.

AML / KYC

AUSTRAC Seeks Input to Develop New Reporting Systems

By Editors | 14/06/2021

Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

Market Infrastructure

ASIC Extends Transitional Relief for Foreign Financial Services Firms

By Editors | 13/06/2021

ASIC is extending transitional relief provided under its new regulatory framework for foreign firms pending the outcome of the government’s announced reforms.

Securities / Derivatives

ASIC Stresses Quality of Financial Reports, Disclosures

By Ranamita Chakraborty | 11/06/2021

The assumptions underlying estimates and assessments for financial reporting purposes should be reasonable, supportable, realistic, and not overly optimistic or pessimistic.

Enforcement

ASIC Files Australia’s First Criminal Charges Related to Auditing

By Ranamita Chakraborty | 10/06/2021

The charges against EC Audit and its director allege that the audits of Halifax Investment Services were not conducted in accordance with the relevant standards.