Australia

Market Infrastructure

New Zealand FMA, NZX To Undertake Capital Markets Review

By Editors | 25/01/2019

An industry working group established by the NZX and FMA and supported by EY will provide recommendations to increase the depth and attractiveness of New Zealand’s capital markets.

Fintech / Regtech

APRA Grants First New Bank Licence in Almost 20 Years

By Editors | 24/01/2019

Volt bank Limited has become the first ‘neobank’ to receive a full banking licence after having operated under APRA’s ‘restricted ADI’ licence since last May.

Fintech / Regtech

Australia Consults on Strategic Vision for Payments Sector

By Editors | 23/01/2019

The Australian Payments Council is inviting comments to review it 2015 Australian Payments Plan aimed at supporting digital payments.

Enforcement

Australian Regulators Under Scrutiny for Accepting Industry Gifts

By Garima Chitkara | 23/01/2019

ASIC was reportedly found to have accepted expensive gifts and hospitality from financial firms including Macquarie Bank even as it was under multiple investigations by the corporate regulator.

Enforcement

ASIC Officials Fear Excessive Focus on Litigation – Report

By Editors | 21/01/2019

While ASIC officials talk up plans to fund more court cases, behind the scenes they are reportedly concerned about the community backlash and loss of confidence if cases are lost.

Capital / Liquidity

RBNZ Bank Capital Proposal Excessive, Expensive, Unnecessary – UBS

By Editors | 21/01/2019

The RBNZ’s endeavours to strengthen the banks could come at a significant cost to the New Zealand economy, UBS has said in a research note.

Market Infrastructure

Productivity Commission Identifies Structural Flaws in Super Sector

By Editors | 11/01/2019

Superannuation members could benefit by an estimated A$3.8bn if two main structural problems were fixed, says the Productivity Commission in a new report.

Securities / Derivatives

What ASIC’s New Product Intervention Powers Will Mean

By Melody Gao | 11/01/2019

Melody Gao at Sydney-based financial services consultancy firm Sophie Grace explains the implications of a bill to impose new design and distribution obligations on issuers and grant ASIC product intervention powers.

ASIC Consults on Fee, Cost Disclosures at Super, Managed Funds

By Editors | 10/01/2019

ASIC proposes new disclosure norms for superannuation and managed investment funds to boost transparency and comparability between funds.