Australia

Trading & Investment

ASIC Issues Warning on Asset Valuations in Managed Funds

By Sanday Chongo Kabange | 12/08/2020

ASIC says it is aware that illiquid assets have been difficult to value amid the pandemic, but asserts that it is precisely in this context that valuations are most important.

Data Privacy

ACCC Declines to Pursue Banks Over Screen Scraping Warnings

By Sanday Chongo Kabange | 12/08/2020

Australia’s competition watchdog says the banks’ warnings against screen scraping security risks do not constitute anti-competitive conduct.

Supervision & Enforcement

APRA to Recommence Policy Work, Licensing Activity

By Editors | 10/08/2020

APRA will recommence public consultations on high-priority prudential policy reforms, and begin accepting new licence applications in September.

Cybersecurity

Australia Unveils Cyber Security Strategy for 2020

By Editors | 06/08/2020

Law enforcement will receive funding to bolster its ability to go after cyber criminals, complemented by the use of AUSTRAC’s financial intelligence expertise to target their profits.

Payments & Settlements

Westpac to ‘Proactively’ Switch Merchants to Least Cost Routing

By Editors | 06/08/2020

The RBA has signalled it was considering taking regulatory action to force banks to move faster in moving merchants from Mastercard and Visa to lower cost networks.

Clearing & Post-Trade

ASX Concludes Consultation on CHESS Replacement Timeline

By Editors | 05/08/2020

A four-week consultation on a new timeline for the CHESS replacement project has found that 91% of users can be ready by April 2022.

Conduct, Culture & Accountability

CBA Increases Remediation Provisions Ahead of Full-Year Results

By Editors | 05/08/2020

Customer remediation provisions have been increased by A$300mn, bringing CBA’s total remediation bill to A$834. The full-year results are due on 12 August.

Fraud, Scams & Cybercrime

Australia: Former Financial Adviser Jailed for Six Years

By Sanday Chongo Kabange | 04/08/2020

Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.

Structural Regulation

Australia Consults on Reforms to Foreign Investment Framework

By Editors | 03/08/2020

Foreign investors will face national security checks regardless of the value of their investments, subject to enhanced monitoring, investigative and enforcement powers of the Treasury.