Australia

Trading & Investment

ASIC Updates Guidance on Active ETF Internal Market Making

By Editors | 16/04/2020

Active ETFs are asked to rely on publicly available information for market making quotes, and to establish internal information barriers.

Operational Risk

APRA Announces New Commencement Dates for Prudential Standards

By Editors | 16/04/2020

The new commencement dates relate to initial margin requirements and APRA’s prudential standards on information security, credit risk management and related entity exposures.

Liquidity Risk

ASIC Eases Financial Advice Rules to Facilitate Super Withdrawals

By Editors | 15/04/2020

Under ASIC relief, advice providers, tax agents and superannuation trustees are allowed to advise consumers on early withdrawals of their superannuation savings.

Anti-Money Laundering

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

Conduct, Culture & Accountability

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.

Credit Risk

Australia Commences Coronavirus SME Guarantee Scheme

By Editors | 12/04/2020

The 50% government guarantee under the scheme enables lenders to offer loans to SMEs “cheaply and more freely compared to ordinary business loans”.

Credit Risk

New Zealand: Mortgage Deferrals Will Not Impair Credit Ratings

By Editors | 10/04/2020

Banks have agreed with credit reporting agencies that customers who defer mortgage repayments due to Covid-19 will not have their credit ratings downgraded.

Conduct, Culture & Accountability

UPDATED – ASIC Commences Legal Proceedings For False Advertising

By Editors | 09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.

Anti-Money Laundering

HSBC Reports Possible AML Breaches at Australian Subsidiary

By Editors | 08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.