Australia

Fintech / Regtech

APRA Sets September Go-Live for New Data Collection Solution

By Editors | 21/12/2020

The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.

Securities / Derivatives

FMA Clarifies Expectations on Use of Overseas Research in New Zealand

By Editors | 20/12/2020

Overseas firms without a New Zealand financial advice licence can supply research reports to licensed New Zealand firms, but not to retail clients.

ASIC Consults on Internal Dispute Resolution Reporting Requirements

By Editors | 20/12/2020

ASIC has adopted feedback on the data reporting requirements from an earlier consultation. Additional feedback is needed before it confirms the next steps for implementation.

APRA, ASIC Offer Guidance on Super Fund Obligations

By Editors | 17/12/2020

Super funds can capitalise on potential synergies when building systems and processes for their Member Outcomes obligations and Product design and distribution obligations.

Fintech / Regtech

Australia’s Domestic Payment Organisations Propose to Amalgamate

By Editors | 17/12/2020

Australia’s eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.

Securities / Derivatives

FMA Issues Disclosure Framework for Green Investment Products

By Editors | 17/12/2020

The guidance sets out the type of disclosure the FMA expects from issuers of green bonds and other ‘responsible’ investment products.

Fintech / Regtech

Digital-only Bank Announces Closure in Australia

By Editors | 16/12/2020

Xinja blamed Covid-19 and a difficult capital raising environment for its decision to exit banking. APRA will monitor the return of customer funds.

Securities / Derivatives

ASIC Defers Super Fund Requirement to Disclose Portfolio Holdings

By Editors | 15/12/2020

The one-year deferral is necessary as supporting regulations have not yet been made. ASIC encourages super funds to voluntarily disclose portfolio holdings.

Enforcement

ASIC Sues Three Firms For Illicitly Offering FX Margin Trading

By Sanday Chongo Kabange | 15/12/2020

ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.