Australia

Enforcement

Australia Delays National Consumer Credit Protection Act Reforms

By Ranamita Chakraborty | 28/03/2021

Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.

Enforcement

ASIC Notches Win in Proceedings Against Mayfair 101 Group

By Ranamita Chakraborty | 28/03/2021

ASIC warns it will take action when search engines are used in a misleading or deceptive way to entice investors into products they are not searching for.

Fintech / Regtech

BPAY, eftpos, NPPA Seek ACCC Approval for Merger

By Ranamita Chakraborty | 28/03/2021

The three payment schemes say their merger will allow them to bring innovative products to market more quickly, and will not reduce competition.

Market Infrastructure

Cboe Global Markets to Acquire Chi-X Asia Pacific

By Sanday Chongo Kabange | 28/03/2021

The acquisition will provide Cboe with a single point of entry into Australia and Japan and bring block trading capabilities to the APAC region.

Securities / Derivatives

APRA Completes Superannuation Data Transformation Phase One

By Editors | 25/03/2021

Most of the new data will be submitted from September 2021, however trustees will be allowed to defer submission of some less critical data for one year.

Capital / Liquidity

RBNZ Orders Westpac NZ to Address Risk Governance Issues

By Ranamita Chakraborty | 24/03/2021

Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.

ASIC to Adopt ‘No-Action’ Position to Facilitate Virtual AGMs

By Editors | 24/03/2021

ASIC supports the holding of meetings using appropriate technology and the electronic dispatch of notices of meetings including supplementary notices.

Capital / Liquidity

APRA Warns ADIs of Risks from Indemnities in Divestment Transactions

By Ranamita Chakraborty | 24/03/2021

Indemnities provided to acquiring entities as part of divestment transactions should be capped and time bound. Operational risk capital should be held to reflect the level of risk.

AML / KYC

Australian Treasury Consults on New Director ID Regime

By Ranamita Chakraborty | 23/03/2021

The director ID regime will help to promote good corporate conduct, deter illegal phoenix activities, and facilitate traceability of directors over time.