Australia

Securities / Derivatives

Chi-X Australia Launches Market-on-close Trading Solution

By Editors | 18/09/2019

The solution is said to be a potential game-changer for buy-side participants who need to place large orders benchmarked to closing prices.

Market Infrastructure

Australia Passes Bill to End Conflicted Remuneration Despite Pushback

By Editors | 16/09/2019

The Association of Financial Advisers says thousands of clients will be worse off without grandfathered commissions, and that financial advisers need more time to adjust.

Fintech / Regtech

Australia Establishes Senate Committee on Fintech, Regtech

By Editors | 16/09/2019

The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.

Market Infrastructure

Australia Issues Follow-up Paper on ISO 20022 Migration for Payments

By Editors | 14/09/2019

The paper summarises the responses from the April consultation and puts forward potential implementation options for consideration.

Enforcement

ASIC Bans Lending Model Found to Cause Consumer Detriment

By Editors | 13/09/2019

ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.

Enforcement

AFCA to Start Naming Financial Firms in October

By Editors | 13/09/2019

The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.

Enforcement

ASIC Issues Second Update on Response to Royal Commission

By Editors | 13/09/2019

Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.

Market Infrastructure

ASIC Extends Licensing Relief for Foreign Firms Ahead of New Regime

By Editors | 12/09/2019

The extension of licensing relief allows foreign financial services providers just over six months to decide whether they will apply for the new foreign AFS licence.

Enforcement

AFCA Clarifies How it Will Assess Legacy Complaints

By Editors | 12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.