Australia

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

By Editors | 19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Market Infrastructure

Australia Consults on Financial Market Infrastructure Regulatory Reforms

By Editors | 19/11/2019

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.

Market Infrastructure

Auditor Independence Still an Issue for Audit Quality: FMA

By Editors | 18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Fintech / Regtech

ASX Consults on Tranche 1 Rule Changes for CHESS Replacement

By Editors | 18/11/2019

ASX is consulting on the first of three tranches of operating rule amendments required to facilitate the implementation of the CHESS replacement system in April 2021.

AML / KYC

NAB Faces Potentially Significant AML Penalties

By Editors | 18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

Market Infrastructure

Exploring APAC’s Emerging Data-Intensive Regulatory Environment

By Swati Kothari | 15/11/2019

APAC’s data intensive regulatory environment is making it increasingly important for banks to adopt a strategic data framework, say Swati Kothari and Jackielou Imperial at Wolters Kluwer.

Market Infrastructure

ASIC Offers Guidance to Help Companies Establish Whistleblower Policies

By Editors | 14/11/2019

ASIC is offering guidance to help companies and implement whistleblower policies. It will be a legal requirement to have a policy in place from 1 January.

APRA Seeks Standardised Quarterly Reporting Dates

By Editors | 13/11/2019

The proposed standardised due date is 35 calendar days after the last day of the reference quarter, which will create a 14 calendar day extension for credit unions and building societies.

Enforcement

AFCA Launches Consumer Complaint Monitoring Tool

By Garima Chitkara | 12/11/2019

Datacube will allow Australian consumers to see how financial institutions are responding to complaints brought to the one year-old consumer complaints body.