Australia

Conduct, Culture & Accountability

ASIC Four-year Plan Targets Misconduct, Innovation

By Editors | 01/09/2020

In its four year corporate plan, ASIC says it will target misconduct and consumer harm, while also promoting fintech, regtech and suptech innovation.

Emerging Prudential Risks

APRA Issues 3rd Consultation Package on Superannuation Data Collection

By Editors | 30/08/2020

The third package contains consultation materials covering four areas: expense reporting, asset allocation, insurance arrangements, and fees and costs.

Trading & Investment

Brokers Push Back Against ASIC Proposal to Limit CFD Leverage

By Editors | 30/08/2020

Foreign exchange brokers expressed concerns that the proposals are overly stringent, infringe on investor freedoms, and may result in regulatory arbitrage.

Structural Regulation

ASIC Grants Regulatory Relief for Companies Planning IPOs

By Editors | 28/08/2020

ASIC is granting relief for voluntary escrow arrangements and pre-prospectus communications to security holders and employees to reduce IPO red tape.

Operational Risk

APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

By Editors | 28/08/2020

NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.

Cybersecurity

DDoS Attacks Force Fourth Day of Market Closure at NZX

By Manesh Samtani | 27/08/2020

The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.

Anti-Money Laundering

ASIC Ends Years-old Probe into CBA’s AML Breaches

By Editors | 26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

Structural Regulation

ASIC Allows ‘Frozen Funds’ to Pay Out Hardship Relief to Members

By Editors | 26/08/2020

The hardship relief will make it easier for responsible entities of frozen funds to enable withdrawals by investors suffering hardship, says ASIC’s Karen Chester.

Structural Regulation

ASIC Issues Guidance on Use of Enhanced Regulatory Sandbox

By Manesh Samtani | 25/08/2020

The enhanced regulatory sandbox will commence on 1 September, following legislative amendments passed in February and subsequent regulations made in May.