Australia

Australian Banks Extend Loan Deferrals to More Businesses

By Editors | 31/03/2020

The ABA’s small business relief package will be extended to larger businesses, including commercial property landlords who agree not to terminate leases or evict tenants.

AML / KYC

RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown

By Editors | 30/03/2020

Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

Capital / Liquidity

APRA Defers Basel III Capital Reforms by One Year

By Editors | 30/03/2020

The move will allow ADIs to dedicate time and resources to maintaining their operations and supporting customers, APRA says.

New Zealand Delays New Financial Advice Regime

By Editors | 27/03/2020

The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during “this difficult time”, the FMA says.

Australia: Super Funds Seek Liquidity Backstop Facility

By Editors | 27/03/2020

The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.

Market Infrastructure

ASX to Delay Implementation of CHESS Replacement

By Editors | 25/03/2020

ASX will launch a public consultation in June on a new timetable for its CHESS replacement project, amid uncertainty created by the coronavirus pandemic.

Capital / Liquidity

RBNZ to Lower Core Funding Ratio Required of Banks

By Editors | 25/03/2020

The RBNZ will reduce the required minimum CFR from 75% to 50% to help banks make credit available for mortgage holidays and business finance guarantees.

APRA Suspends Work on New Data Collection Solution

By Editors | 24/03/2020

‘APRA Connect’ go live dates will be delayed by at least six months to allow financial institutions to concentrate on their businesses and assist customers impacted by the coronavirus.

Market Infrastructure

Australia Unveils Stage Two Economic Package Worth A$66.1b

By Editors | 23/03/2020

Including the new package, a total A$189bn is being injected into the economy by ‘all arms of the government’ to ‘help build a bridge to recovery’.