Australia

Market Infrastructure

Australia’s Financial Sector Welcomes 2021‑22 Budget Initiatives

By Manesh Samtani | 12/05/2021

The measures include an FMI reform package, relief for foreign financial service firms, changes to the superannuation system, and a new commencement date for the CCIV regime.

APRA to Adopt Standard Quarterly Reporting Due Dates for ADIs

By Editors | 12/05/2021

APRA will implement the due date of 35 calendar days after the reporting period for all quarterly reporting forms, except for the modernised EFS reporting forms.

Capital / Liquidity

APRA Asked to Ensure Fairness in Capital Framework

By Ranamita Chakraborty | 11/05/2021

The calibration of overall capital requirements should not increase capital requirements for standardised banks, COBA said in a submission to APRA.

AML / KYC

FMA, CLSA Premium NZ Agree Statement of Facts on AML Breaches

By Editors | 11/05/2021

The FMA is seeking a pecuniary penalty against CLSA Premium NZ and costs. The maximum penalty is NZD 2 million.

Enforcement

ASIC Bans Former ANZ Representative For Eight Years

By Editors | 10/05/2021

The representative falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature.

Capital / Liquidity

APRA Consults on Additional Revisions to Capital Rules

By Manesh Samtani | 10/05/2021

In an October 2019 consultation, APRA proposed that banks would have to hold more capital against equity investments in large subsidiaries.

ESG / Sustainability

Australian Proxy Voting Reforms Under Fire

By ESG Investor | 10/05/2021

ISS says Australian Treasury consultation “premised on a misguided notion”, argues against five-day comment period for companies.

Fintech / Regtech

Australia Set to Announce A$1.2bn Digital Economy Strategy

By Editors | 10/05/2021

The full strategy will be released on 11 May, and include investments in artificial intelligence, cyber security, the CDR rollout, and Australia’s digital identity system.

Australia to Require Debt Management Firms to Be Licensed

By Editors | 09/05/2021

Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.