Australia

Payments & Settlements

Australia’s Domestic Payment Organisations Propose to Amalgamate

By Editors | 17/12/2020

Australia’s eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.

Reporting & Disclosures

FMA Issues Disclosure Framework for Green Investment Products

By Editors | 17/12/2020

The guidance sets out the type of disclosure the FMA expects from issuers of green bonds and other ‘responsible’ investment products.

Resolution & Recovery

Digital-only Bank Announces Closure in Australia

By Editors | 16/12/2020

Xinja blamed Covid-19 and a difficult capital raising environment for its decision to exit banking. APRA will monitor the return of customer funds.

Reporting & Disclosures

ASIC Defers Super Fund Requirement to Disclose Portfolio Holdings

By Editors | 15/12/2020

The one-year deferral is necessary as supporting regulations have not yet been made. ASIC encourages super funds to voluntarily disclose portfolio holdings.

Supervision & Enforcement

ASIC Sues Three Firms For Illicitly Offering FX Margin Trading

By Sanday Chongo Kabange | 15/12/2020

ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.

Capital Adequacy

APRA Removes Bank, Insurer Restrictions on Dividend Payouts

By Editors | 15/12/2020

Even in a ‘Severe Downside’ scenario, the CET1 capital ratio of the banking system would remain well above the 4.5 percent minimum capital requirement.

Anti-Money Laundering

AUSTRAC Releases Risk Assessment of Junket Tour Operators

By Sanday Chongo Kabange | 15/12/2020

AUSTRAC expects casinos to use the risk assessment to protect their businesses and communities from criminal threats such as money laundering.

Conduct, Culture & Accountability

ASIC Warns Against Noncompliance with Conflicted Remuneration Ban

By Editors | 14/12/2020

ASIC issued updates to RG 246 that would reflect the end grandfathering of conflicted remuneration for financial product advice from 1 January 2021.

Structural Regulation

Australia to Further Streamline Financial Advice Regulations

By Editors | 14/12/2020

Streamlining the number of bodies involved in financial adviser oversight will reduce complexity and add value for retail investors, said SAFAA CEO Judith Fox.