Australia

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Securities / Derivatives

ASX Consults on Changes to Trade Cancellation Policy

By Editors | 09/01/2020

ASX proposes to amend its trade cancellation policy for ASX 24 options and for the 20 Year Bond Futures contract to provide participants greater flexibility.

Australian Banks Offer Emergency Relief to Bushfire Victims

By Editors | 05/01/2020

The services being offered by ABA member banks to help customers include fee waivers, loan repayment deferrals, and additional financing to help cover cash flow shortages.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.

AML / KYC

DFAT to Establish New Australian Sanctions Office from 1 Jan

By Editors | 26/12/2019

As part of the establishment, Australia’s Department of Foreign Affairs and Trade will be rolling out changes to its online sanctions permit platform in early 2020.

Capital / Liquidity

Australia Proposes Industry-Funded Compensation Scheme of Last Resort

By Editors | 25/12/2019

The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.

Fintech / Regtech

ASIC Publishes Findings from 2019 Regtech Initiatives

By Editors | 25/12/2019

Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an ‘imperative’ to undertake risk management and compliance functions.

Market Infrastructure

ASIC, APRA Issue Updates on Governance, Accountability

By Editors | 25/12/2019

The updates are a response to the Royal Commission, which called on both regulators to reform their internal accountability frameworks to reflect requirements prescribed by BEAR.

Enforcement

ASIC Launches Court Proceedings Against Volkswagen Financial Services

By Editors | 24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.