Australia

Market Infrastructure

ASX Benchmarks Proposes Enhancements to BBSW Methodology

By Editors | 27/07/2020

Enhancements to the transaction layer of the BBSW calculation waterfall will increase the frequency with which BBSW rates are calculated using transaction data.

Capital / Liquidity

APRA Allows Banks to Defer Property Collateral Revaluations

By Editors | 26/07/2020

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

AML / KYC

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

By Editors | 24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Australia Extends Early Super Access Deadline to Year-end

By Editors | 24/07/2020

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

APRA Urges Super Licencees to Simplify, Consolidate Products

By Editors | 23/07/2020

This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.

Capital / Liquidity

APRA Signals Intent to Ease Bank Dividend Restrictions

By Editors | 23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Enforcement

ASIC to Seek Reforms to Responsible Lending Laws

By Manesh Samtani | 22/07/2020

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

Enforcement

ASIC Commences Civil Penalty Proceedings Against FX Firm

By Sanday Chongo Kabange | 22/07/2020

Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.

Market Infrastructure

Australia Extends Coronavirus SME Guarantee Scheme

By Editors | 20/07/2020

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.