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ESG / Sustainability
RBNZ Governor Calls for Collective Response to Climate Risks
By Shruti Khairnar | 30/10/2020
RBNZ has started reporting its own verified carbon footprint in its annual report, and is working on integrating climate risks into its supervision frameworks.
Market Infrastructure
ASX Extends Go-live of CHESS Replacement to April 2023
By Manesh Samtani | 29/10/2020
The one-year extension over what was proposed in June reflects a need for more post-trade processing capacity, highlighted by March’s extreme increases in trading volumes.
APRA Updates Standard for Reporting Credit Exposures, Provisions
By Editors | 28/10/2020
The draft ARS 220.0 is intended to align with the updated Prudential Standard APS 220 Credit Risk Management, which will come into effect from 1 January 2022.
Fintech / Regtech
Australian Treasury Orders Review of Domestic Payments Regulation
By Shruti Khairnar | 27/10/2020
The review comes after two decades of the regulatory architecture of the domestic payments system being largely unchanged.
Market Infrastructure
Australia: New Report Proposes Changes to Financial Advice Rules
By Sanday Chongo Kabange | 27/10/2020
The FASEA regime has created a barrier to many people who seek to provide advice services and to consumers who seek to access them, says a new Rice Warner report.
ASIC Deputy Chair Crennan Resigns Amid Expense Probe
By Editors | 27/10/2020
The probe relates to almost A$200,000 in payments that were made on behalf of Chairman James Shipton and to Deputy Chair Daniel Crennan that may have exceeded official limits.
AML / KYC
Australian Police Arrest NAB Employee on Fraud Charges
By Editors | 25/10/2020
The former employee faces charges for conspiring to cheat and defraud and attempting to launder A$21.6mn in illicit proceeds through NAB.
Crypto / Digital Assets
ASIC Intervenes to Restrict CFD Leverage, Curb Retail Losses
By Editors | 25/10/2020
In a new product intervention order targetting contracts for difference, ASIC has imposed leverage limits and standardised margin close-out arrangements.
FMA to Recognise Australian Financial Advice Qualifications
By Editors | 25/10/2020
In addition to holding Australian qualifications, the FMA proposes that Australian advisers will need to have at least 12 months’ experience working in Australia.
Super Licensees Must Observe Controlling Stake Requirements: APRA
By Editors | 23/10/2020
Regulatory approval is required before a change in a superannuation licensee’s ownership occurs. Noncompliance may attract “severe penalties”.
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