Australia

ASIC to Update Regulatory Guide on Consumer Remediation

By Sanday Chongo Kabange | 08/12/2020

There are opportunities for firms to identify issues that can lead to remediations earlier, and to ensure remediation payments are made more quickly and fairly.

Securities / Derivatives

APRA Orders Banks to Correct Deficient Securitisation Practices

By Editors | 07/12/2020

APRA has found a number of banks not in compliance with its prudential standard on securitisation. A review now underway will continue into 2021.

Capital / Liquidity

APRA Urges Smaller Banks to Identify Possible Merger Partners

By Editors | 06/12/2020

APRA’s John Lonsdale said the general quality of recovery plans amongst smaller banks was weaker than the regulator would like, and they may have fewer recovery options.

AML / KYC

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

Enforcement

RBNZ Reprimands Pacific International Insurance Over Reporting Failures

By Sanday Chongo Kabange | 03/12/2020

The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

Securities / Derivatives

ASX to Enhance Framework on Client Money Obligations

By Editors | 03/12/2020

ASX will require daily reconciliation of individual client trust account balances, prescribe a standard format for trust reconciliations, and enhance reporting requirements.

Market Infrastructure

Australia Gets New 10-Year Roadmap on Sustainable Finance

By Shruti Khairnar | 03/12/2020

The roadmap makes 37 recommendations, including a 2023 deadline for financial institutions and major listed companies to report according to the TCFD framework.

Market Infrastructure

NZFMA Starts Publishing New OCR Compound Index

By Sanday Chongo Kabange | 03/12/2020

The OCR compound index provides market participants with a standardised method of calculating term risk-free interest rates in arrears.

Securities / Derivatives

ASX Consults on Listing Rule Changes Ahead of March Implementation

By Editors | 03/12/2020

ASX is consulting on amendments to the listing rules to facilitate the introduction of its next batch of online forms in March 2021, among other proposals.