Australia

Securities / Derivatives

CFTC Exempts BSE, NSE IFSC, NZX from FCM Registration

By Editors | 05/11/2020

BSE, NSE IFSC, and NZX will be allowed to accept US customer funds directly for trading in futures and options contracts without having to register as futures commission merchants.

Market Infrastructure

Australian FIs to Use NPP for International Payments by End-2022

By Editors | 05/11/2020

Participating FIs are required to join the international payments business service and receive inbound international payments via the NPP by December 2022.

ESG / Sustainability

New Zealand FMA to Deepen Fintech, ESG Expertise

By Sanday Chongo Kabange | 05/11/2020

The appointments reflect the FMA’s support for innovation in financial services and a commitment to supporting New Zealand’s transition to a greener financial system.

Enforcement

New Zealand FMA Proposes New Guidance on KiwiSaver Fees

By Editors | 04/11/2020

The proposed guidance sets out ongoing obligations for KiwiSaver schemes to regularly review their fees to ensure members not being charged unreasonable fees.

Enforcement

ASIC Secures A$10m in Refunds for Customers from Allianz

By Sanday Chongo Kabange | 04/11/2020

Up to 31,000 consumers have been remediated for misconduct relating to the sale of travel insurance through Allianz’s own website and those of its partners.

RBA Cuts Cash Rate to Record Low, Confirms More Bond-buying

By Editors | 03/11/2020

The official cash rate is expected to remain at 0.1 for three years. The RBA will also buy A$100bn of government bonds over the next six months.

Market Infrastructure

Australia Commences Wide-ranging Review of Privacy Law

By Editors | 03/11/2020

An issues paper released as part of the review seeks feedback on whether EU adequacy under GDPR is necessary or desirable, among other issues relevant to reform.

Fintech / Regtech

RBA Launches New Project to Explore Wholesale CBDC

By Editors | 03/11/2020

The RBA has partnered with CBA, NAB, Perpetual and ConsenSys to explore if there is a future role for a wholesale CBDC in the Australian payments system.

Enforcement

CBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit

By Editors | 01/11/2020

ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.