Australia

Market Infrastructure

FSB Issues Progress Report on Interest Rate Benchmark Reform

By Manesh Samtani | 15/11/2018

The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.

Capital / Liquidity

RBNZ Consults on New Mortgage Bond Standard

By Editors | 14/11/2018

The new standard aims to reduce contingency risks for the central bank as a lender of last resort and ensure financial intermediaries supply sufficient HQLA assets.

Enforcement

Australian Court Orders A$3.3mn Penalty for Westpac BBSW Misconduct

By Manesh Samtani | 11/11/2018

The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.

AML / KYC

FATF Publishes Third Enhanced Follow-up Report on Australia

By Editors | 09/11/2018

Australia has been re-rated on 7 of the 40 FATF Recommendations, reflecting the country’s progress to strengthen AML/CFT measures since its 2015 mutual evaluation.

Capital / Liquidity

APRA Proposes Higher Capital Requirements for Big Four Banks

By Manesh Samtani | 08/11/2018

The banking regulator is seeking feedback on a proposal to increase the Total Capital requirement for Australia’s D-SIBs by 4-5% of risk-weighted assets by 2023.

Market Infrastructure

APRA Finalises Standards on Information Security Management

By Editors | 07/11/2018

The prudential standard is aimed at boosting the resilience of APRA-regulated entities and ensuring their ability to respond to breaches swiftly and effectively.

Market Infrastructure

NZ Banking Conduct, Culture Review Finds ‘Significant Weaknesses’

By Manesh Samtani | 05/11/2018

But conduct and culture issues do not appear to be widespread at banks in New Zealand, the FMA and RBNZ said, citing only ‘a small number of issues’ related to poor conduct by bank staff.

Enforcement

APRA Gets A$60mn in New Funding, Byres 5-Year Reappointment

By Manesh Samtani | 05/11/2018

Following Royal Commission findings that APRA never took a financial institution to court, the agency said it needed more funding to take a more aggressive enforcement approach.

Enforcement

New Financial Complaints Body Launches in Australia

By Editors | 02/11/2018

AFCA will influence reform in financial services by raising standards and improving internal practices to reduce and resolve disputes, said the body’s independent chair Helen Coonan.