Australia

Australian Banks Face Backlash for Refusal to Finance Coal, Mining

By Ranamita Chakraborty | 06/05/2021

Small business ombudsman Bruce Billson is seeking powers to compel banks to “show cause” for decisions to refuse services to companies.

Fintech / Regtech

Australia Considers Making CDR Data More Portable

By Editors | 06/05/2021

Under draft rules, accredited businesses would be able to share CDR data with their agents, or sponsor other parties to become accredited.

Enforcement

ASIC Files Suit Against Westpac for Alleged Insider Trading

By Editors | 05/05/2021

ASIC says Westpac traded interest rate derivatives to pre-position itself while knowing it would be selected to execute a A$12bn interest rate swap hours later.

AML / KYC

AUSTRAC Orders Mutual Bank to Uplift AML Compliance

By Editors | 05/05/2021

Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

Fintech / Regtech

NPP Australia Implements Data-Rich Messaging Standards

By Ranamita Chakraborty | 05/05/2021

NPP participating FIs can receive payment messages formatted with additional defined data elements for payroll, tax, superannuation and e-invoicing.

Big Picture

RBNZ to Consider Further Calibration of LVR Restrictions

By Sanday Chongo Kabange | 05/05/2021

The RBNZ may further tighten mortgage lending to guard against financial stability risks through adjustments to LVR restrictions.

Securities / Derivatives

Australia Consults on New Requirements for Proxy Advisers

By Ranamita Chakraborty | 05/05/2021

The Treasury is proposing that proxy advisers be required to obtain an AFS License, among other requirements aimed at increasing transparency.

ESG / Sustainability

New Zealand Launches First Carbon Efficient Indices

By Editors | 05/05/2021

All S&P/NZX 50 companies are covered in the new indices. Constituent weights will be adjusted based on carbon intensity and emissions performance.

Australia Enhances Super Fund Performance Test in Draft Bill

By Ranamita Chakraborty | 04/05/2021

Industry bodies broadly support the inclusion of administrative fees in the performance test, though an extra one million super accounts could fail the test as a result.