Australia

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.

Capital / Liquidity

Westpac Commits to Addressing Risk Governance Weaknesses

By Editors | 03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

Capital / Liquidity

RBNZ Consults on Insurance Act, Solvency Standards

By Sanday Chongo Kabange | 02/12/2020

The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.

Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

By Sanday Chongo Kabange | 02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Capital / Liquidity

APRA Penalises Westpac For Breaches of Liquidity Standards

By Editors | 01/12/2020

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.

Fintech / Regtech

APRA Grants TransferWise Licence to Directly Access NPP

By Editors | 30/11/2020

Access to Australia’s real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.