Australia

    Enforcement

    ASIC Consults on Second Use of Product Intervention Power

    By Editors | 10/07/2020

    ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.

    Capital / Liquidity

    APRA Outlines Expectations on Deferred Loan Management

    By Editors | 09/07/2020

    Deputy Chair John Lonsdale expects many banks will require an uplift in capabilities, processes and oversight to meet APRA’s expectations.

    Securities / Derivatives

    ASIC Directs Listed Firms to Disclose Covid-19 Impacts

    By Editors | 09/07/2020

    Firms should “tell the story” of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.

    Capital / Liquidity

    APRA Extends Regulatory Approach For Covid-19 Loan Deferrals

    By Editors | 08/07/2020

    APRA will also allow banks to treat loans restructured by 31 March 2021 as ‘performing’ for capital and regulatory reporting purposes.

    Enforcement

    ASIC Penalises Credit Suisse for Breaching Trading Rules

    By Editors | 05/07/2020

    Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.

    APRA Heatmap Having Desired Effect on Super Fees

    By Editors | 02/07/2020

    APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

    Enforcement

    SocGen Australia Pleads Guilty to Client Money Offences

    By Editors | 02/07/2020

    SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

    Fintech / Regtech

    Australia Launches Open Banking Data Sharing Regime

    By Editors | 01/07/2020

    The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.

    ASIC Offers Whistleblower Guidance for Auditors, Company Officers

    By Editors | 01/07/2020

    The guidance explains the obligations of company auditors and company officers under the whistleblower protection provisions under the Corporations Act.

    Market Infrastructure

    ASX Proposes April 2022 Go-Live of CHESS Replacement

    By Editors | 30/06/2020

    The revised timetable accounts for Covid-19 related disruptions, accommodates functionality changes, and provides more time to ensure user readiness.

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