Australia

Enforcement

ASIC to Consider Enforcement Action for Climate Risk Disclosure Failures

By Ranamita Chakraborty | 07/02/2021

ASIC says the law requires climate risk to be included in OFR disclosures, particularly when it is a material risk that could affect financial performance.

Big Picture

Australian Financial System Remains Fundamentally Sound: APRA

By Editors | 07/02/2021

APRA chair Wayne Byres says the banking, insurance and superannuation sectors were able to act as shock absorbers for the rest of the economy amid the Covid-19 pandemic.

RBA Unexpectedly Announces Extension of QE Programme

By Editors | 03/02/2021

The RBA’s first-ever quantitative easing programme was due to expire in mid-April. It will now be extended until at least October.

Fintech / Regtech

NAB Announces Plans to Acquire Australian Neobank 86 400

By Editors | 02/02/2021

NAB commenced discussions about a total acquisition of 86 400 in late 2020, having already owned an 18.3 percent stake in the neobank.

APRA Releases Policy, Supervision Priorities for 2021

By Editors | 01/02/2021

Priorities include updates to the prudential standards on remuneration, resolution and recovery planning, operational risk, governance and risk management.

ASIC Governance Review Clears Chairman of Wrongdoing

By Editors | 01/02/2021

James Shipton has temporarily returned to his role as chair, but will step down in the coming months. Treasury will search for a new chairperson.

Enforcement

Former NAB Executive Jailed Over Scheme to Defrauding Bank

By Editors | 01/02/2021

An events company was issuing and sending invoices to NAB and the former executive was receiving bribes to ensure they were paid.

Market Infrastructure

UPDATED – KPMG Appointed to Review RBNZ Data Breach Response

By Editors | 01/02/2021

The review will seek to understand the events leading up to the breach, assess the appropriateness of the RBNZ’s response, and identify factors that contributed to the breach.

Fintech / Regtech

ASIC Sheds Light on Regtech Initiatives in New Report

By Manesh Samtani | 28/01/2021

The report highlighted the importance of good data governance, skilled data-literate staff, and human review and input when implementing regtech applications.