Australia

Crypto / Digital Assets

Brokers Push Back Against ASIC Proposal to Limit CFD Leverage

By Editors | 30/08/2020

Foreign exchange brokers expressed concerns that the proposals are overly stringent, infringe on investor freedoms, and may result in regulatory arbitrage.

Securities / Derivatives

ASIC Grants Regulatory Relief for Companies Planning IPOs

By Editors | 28/08/2020

ASIC is granting relief for voluntary escrow arrangements and pre-prospectus communications to security holders and employees to reduce IPO red tape.

Enforcement

APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

By Editors | 28/08/2020

NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.

Market Infrastructure

DDoS Attacks Force Fourth Day of Market Closure at NZX

By Manesh Samtani | 27/08/2020

The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.

AML / KYC

ASIC Ends Years-old Probe into CBA’s AML Breaches

By Editors | 26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

Securities / Derivatives

ASIC Allows ‘Frozen Funds’ to Pay Out Hardship Relief to Members

By Editors | 26/08/2020

The hardship relief will make it easier for responsible entities of frozen funds to enable withdrawals by investors suffering hardship, says ASIC’s Karen Chester.

Fintech / Regtech

ASIC Issues Guidance on Use of Enhanced Regulatory Sandbox

By Manesh Samtani | 25/08/2020

The enhanced regulatory sandbox will commence on 1 September, following legislative amendments passed in February and subsequent regulations made in May.

APRA Consults on Changes to EFS Reporting Standards

By Sanday Chongo Kabange | 25/08/2020

The consultation is open for comment until 25 September. The changes are proposed to be effective for the reporting period ending June 2021.

Enforcement

ASIC: Financial Advice-related Compensation Tops A$1bn

By Editors | 24/08/2020

NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.