Australia

Market Infrastructure

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

By Editors | 17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

Securities / Derivatives

ASIC Directs Investment Funds to Correct False Advertising

By Editors | 16/06/2020

Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.

Enforcement

ASIC Imposes Licence Conditions on Societe Generale Securities

By Editors | 16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Enforcement

ASIC Expects Higher Industry Levies for 2019-20

By Editors | 15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

Securities / Derivatives

ASIC Issues Guidance on Listed Company Executive Pay Decisions

By Editors | 14/06/2020

The high-level guidance set out specific factors boards and remuneration committees should consider when exercising discretion on executive variable pay in the current environment.

AML / KYC

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Market Infrastructure

New Zealand’s New Conduct Regime Not Adequately Developed

By Editors | 13/06/2020

The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.

Market Infrastructure

NAB to Lift Industry Standards with Bank-Wide Education Programme

By Editors | 12/06/2020

The programme, to be launched in partnership with FINSIA, will be rolled out for all of NAB’s Australia and New Zealand bankers and support staff.

Australia: Banks Fail to Pass Rate Cuts to Credit Card Customers

By Editors | 10/06/2020

The credit cards with the largest rate increases are those backed by Citigroup, Members Equity Bank, Police Credit Union, and ANZ, according to consumer advocacy group CHOICE.