Australia

Supervision & Enforcement

RBNZ Reprimands Pacific International Insurance Over Reporting Failures

By Sanday Chongo Kabange | 03/12/2020

The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

Clearing & Post-Trade

ASX to Enhance Framework on Client Money Obligations

By Editors | 03/12/2020

ASX will require daily reconciliation of individual client trust account balances, prescribe a standard format for trust reconciliations, and enhance reporting requirements.

Reporting & Disclosures

Australia Gets New 10-Year Roadmap on Sustainable Finance

By Shruti Khairnar | 03/12/2020

The roadmap makes 37 recommendations, including a 2023 deadline for financial institutions and major listed companies to report according to the TCFD framework.

Market Data & Technology

NZFMA Starts Publishing New OCR Compound Index

By Sanday Chongo Kabange | 03/12/2020

The OCR compound index provides market participants with a standardised method of calculating term risk-free interest rates in arrears.

Structural Regulation

ASX Consults on Listing Rule Changes Ahead of March Implementation

By Editors | 03/12/2020

ASX is consulting on amendments to the listing rules to facilitate the introduction of its next batch of online forms in March 2021, among other proposals.

Operational Risk

Westpac Commits to Addressing Risk Governance Weaknesses

By Editors | 03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

Capital Adequacy

RBNZ Consults on Insurance Act, Solvency Standards

By Sanday Chongo Kabange | 02/12/2020

The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.

Supervision & Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

By Sanday Chongo Kabange | 02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Liquidity Risk

APRA Penalises Westpac For Breaches of Liquidity Standards

By Editors | 01/12/2020

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.