Australia

Securities / Derivatives

NZX, EEX to Jointly Develop Auction Service for Emissions Trading

By Editors | 23/10/2020

NZX and EEX will develop and operate the managed auction service for New Zealand’s Emissions Trading Scheme, helping to bring carbon costs into the mainstream.

AML / KYC

Australia Launches Bribery Prevention Network

By Editors | 23/10/2020

The Bribery Prevention Network aims to support Australian businesses in addressing bribery and corruption risks in domestic and international markets.

Enforcement

Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty

By Sanday Chongo Kabange | 22/10/2020

SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.

Enforcement

Australian Federal Court Fines OTC Derivative Issuers A$75m

By Editors | 22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.

Capital / Liquidity

APRA Penalises Breach of Prudential Standard on Liquidity

By Editors | 21/10/2020

Bendigo and Adelaide Bank 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.

AML / KYC

AUSTRAC Launches AML Investigation into Crown Resorts

By Editors | 20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

Market Infrastructure

RBNZ Consults on Draft Guidance on Cyber Resilience

By Editors | 20/10/2020

The guidance aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level.

Enforcement

Australian Court Orders Penalty Against NAB Over Introducer Programme

By Editors | 19/10/2020

The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.

Enforcement

ASIC, Volkswagen Financial Services Settle Responsible Lending Case

By Sanday Chongo Kabange | 19/10/2020

Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.