Australia

ASIC to Monitor Progress to End Conflicted Remuneration

By Editors | 22/08/2019

ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

By Editors | 22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.

Enforcement

Former NAB Branch Manager Pleads Guilty to Fraud

By Editors | 22/08/2019

The former branch manager has already received a permanent ban from ASIC for making false and misleading statements to NAB in relation to 24 home loan applications.

Capital / Liquidity

APRA Finalises Rule Revisions on Related Entity Exposures

By Editors | 21/08/2019

The revisions may make it more difficult for banking groups to fund offshore business, and force them to restructure or reconsider the relative value of certain group operations.

Enforcement

ASIC to Initiate Legal Proceedings Against Banks Within “Weeks”

By Editors | 20/08/2019

In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.

Enforcement

Unauthorised New Zealand Adviser Faces Lengthy Jail Term

By Editors | 20/08/2019

A New Zealand court has reportedly convicted an unauthorised financial adviser of 38 charges relating to a long-running fraud which funded a lavish lifestyle of private jets and jewellery.

Market Infrastructure

Australia Accelerates Post Royal Commission Reform

By Editors | 20/08/2019

Under the government’s implementation roadmap, close to 90% of its remaining commitments will be implemented by mid-2020, and legislation for the rest will be introduced by end-2020.

Securities / Derivatives

ASX to Move Bank Bill Futures to Cash Settlement

By Editors | 19/08/2019

It is widely believed that cash-settled contracts will increase trading activity and liquidity into and throughout expiry, and result in lower risk of failed settlement.

Market Infrastructure

FMA Consults on Exemptions for New Financial Advice Regime

By Editors | 19/08/2019

The FMA considers that it may be useful to continue existing exemption relief for Australian licensees and advisers already meeting ASIC requirements.