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ASIC Consults on Barriers to Good Quality Affordable Personal Advice
By Sanday Chongo Kabange | 18/11/2020
ASIC is looking to better understand the barriers to providing good quality and affordable advice and help the industry provide such advice more broadly.
Securities / Derivatives
FMA Proposes New Guidance on Financial Product Advertising
By Sanday Chongo Kabange | 18/11/2020
The guidance sets out the FMA’s expectations of what good conduct in the advertising of offers of financial products looks like.
AML / KYC
The Need for Tranche 2 AML Reform in Australia
By Jeremy Moller | 18/11/2020
Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.
Market Infrastructure
ASIC Flags Concerns Over Further Infrastructure Issues at ASX
By Editors | 17/11/2020
Following a near-full day market closure, data issues prevented ASX from displaying Chi-X bids and offers on its Centre Point matching system.
Capital / Liquidity
RBNZ Consults on Implementation of Bank Capital Changes
By Manesh Samtani | 17/11/2020
The RBNZ is consulting on new rules for the instruments that make up a bank’s capital, and proposed actions it will take if banks breach prudential capital buffer requirements.
‘Buy Now Pay Later’ Consumers Suffering Harm: ASIC
By Editors | 16/11/2020
About 20% of consumers cut back on or went without essentials such as meals in the last 12 months in order to make their buy now pay later payments.
Securities / Derivatives
ASX Suffers Near Full Day Outage Due to ‘Software Issue’
By Editors | 16/11/2020
ASIC said it was focused on ensuring that market integrity is not compromised and that it would monitor for any impacts resulting from Monday’s failure.
Market Infrastructure
Underinvestment in Data, Tech a Root Cause of Breaches: ASIC
By Editors | 16/11/2020
Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.
Market Infrastructure
Australia Introduces New Package of Royal Commission Reforms
By Editors | 15/11/2020
The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs’ breach reporting requirements.
ASIC Amends Proposed Intervention Order for Continuing Credit Contracts
By Editors | 12/11/2020
The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.
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