Australia

Market Abuse

ASIC Bans Former Fixed Income Broker for Ten Years

By Editors | 05/10/2020

The ex-broker charged unpermitted spreads and traded at prices other than the agreed independent valuation on transactions entered on behalf of referred clients.

Data Privacy

ACCC Expands Intermediary Access to CDR Ecosystem

By Sanday Chongo Kabange | 04/10/2020

These amended rules will facilitate greater participation in the CDR by fintech firms and reduce the time and cost needed for accredited firms to enter the ecosystem.

Conduct, Culture & Accountability

NZBA Issues Guidelines for Banks on Serving Customer Needs

By Sanday Chongo Kabange | 02/10/2020

The guidelines were developed in consultation with the FMA and build on the banking industry’s work following the 2018 conduct and culture review.

Cloud & Infrastructure

Australia to Allocate A$800m to Digital Initiatives in Budget

By Editors | 02/10/2020

The plan includes the development of a digital identity system, modernisation of business registers, rollout support for the CDR, and regtech/fintech initiatives.

Structural Regulation

ACCC Concludes Refinitiv-LSEG Merger Review

By Editors | 02/10/2020

The ACCC examined horizontal overlaps and vertical relationships between LSEG and Refinitiv, as well as potential competition issues, and is not opposed to the transaction.

Clearing & Post-Trade

CHESS Replacement ‘Critical’ to Manage Systemic Risk: RBA

By Editors | 01/10/2020

Replacing CHESS with more modern technology is critical to ASX’s ongoing management of systemic risk, said RBA assistant governor Michele Bullock.

Supervision & Enforcement

ASIC Commences Proceedings Against Cigno, BHF Solutions

By Editors | 01/10/2020

Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.

Capital Adequacy

APRA Resumes Consultation on Confidentiality of ADI Data

By Editors | 29/09/2020

APRA proposes that ADI data related to capital adequacy, liquidity, asset quality, financial statements, and financial performance be determined non-confidential.

Credit Risk

Australia Prepares to Abolish Responsible Lending Obligations

By Manesh Samtani | 27/09/2020

Lenders will no longer have to assess borrowers’ earnings and expenses to determine whether they can afford to repay their debt without hardship.