Australia

Structural Regulation

New Foreign Investment Regime Takes Effect in Australia

By Manesh Samtani | 04/01/2021

Foreign investors are required to seek approval for all investments in sensitive national security land or businesses (including starting such a business) regardless of value.

Data Privacy

ACCC Extends Consumer Data Right to Business Customers

By Editors | 29/12/2020

The amendments will encourage CDR participation by expanding its benefits to more businesses, including companies and partnerships, the ACCC said.

Conduct, Culture & Accountability

ASIC Demands Better Practices to Improve Audit Quality

By Editors | 29/12/2020

ASIC is currently considering or progressing enforcement action for auditor misconduct in twelve cases, as part of efforts to improve audit quality.

Trading & Investment

ASIC Probes Market Participants for Possible Best Execution Failures

By Manesh Samtani | 21/12/2020

ASIC is concerned Chi-X as an alternative venue did not see more trading activity during ASX’s November outage, as would be expected given participants’ best execution duty to clients.

Capital Adequacy

APRA to Maintain Zero Percent CCyB Through to End-2021

By Editors | 21/12/2020

APRA cites “the risk of further stresses to come” as a determining factor, including the threat of new Covid-19 outbreaks and the withdrawal of financial assistance measures.

Supervision & Enforcement

APRA Intensifies Scrutiny of Underperforming Super Funds

By Editors | 21/12/2020

APRA will issue notices requiring eight trustees to provide information on the actions being taken to address underperformance. Formal enforcement powers may be used “where appropriate”.

Cloud & Infrastructure

APRA Sets September Go-Live for New Data Collection Solution

By Editors | 21/12/2020

The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.

Structural Regulation

FMA Clarifies Expectations on Use of Overseas Research in New Zealand

By Editors | 20/12/2020

Overseas firms without a New Zealand financial advice licence can supply research reports to licensed New Zealand firms, but not to retail clients.

Conduct, Culture & Accountability

ASIC Consults on Internal Dispute Resolution Reporting Requirements

By Editors | 20/12/2020

ASIC has adopted feedback on the data reporting requirements from an earlier consultation. Additional feedback is needed before it confirms the next steps for implementation.