Australia

Structural Regulation

APRA Suspends Issuance of New Licenses

By Editors | 08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.

Operational Risk

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

By Editors | 08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.

Capital Adequacy

APRA Asks ADIs, Insurers to Suspend Dividends, Cash Bonuses

By Editors | 07/04/2020

Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.

Anti-Money Laundering

Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures

By Editors | 06/04/2020

A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.

Capital Adequacy

New Zealand Banks Agreed to Suspend Dividends: RBNZ

By Editors | 03/04/2020

Banks have also agreed to not redeem non-CET1 capital instruments, while the RBNZ works to launch a new 3-year funding scheme by May.

Operational Risk

APRA, RBA Announce Changes to Financial Firms’ Reporting Obligations

By Editors | 02/04/2020

The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.

Credit Risk

NZ Banks Get Government Guarantee on New Loans

By Editors | 02/04/2020

Business loans under a new NZ$6.25bn scheme will be supported by a government guarantee on 80% of the loan amount.

Structural Regulation

Australia Tightens Foreign Investment Rules, Citing National Interest

By Editors | 02/04/2020

Federal approval is now required for all proposed foreign investments regardless of value or the nature of the foreign investors.

Structural Regulation

UPDATED – ASIC, ASX Offer Relief from Capital Raising Rules

By Editors | 01/04/2020

The relief applies to listed entities looking to offer placements, rights issues and share purchase plans as a way to urgently raise capital to mitigate the effects of Covid-19.