Australia

Market Infrastructure

Australia Consults on Payments System Migration to ISO 20022

By Editors | 10/04/2019

The RBA and Australian Payments Council have issued a consultation to help the industry agree on key strategic decisions for migrating the payment system to ISO 20022 by end-2024.

Market Infrastructure

FCA, ASIC Ensure Post-Brexit Continuity, Cooperation

By Editors | 08/04/2019

The FCA and ASIC have signed MoUs on trade repositories and alternative investment funds, and adopted existing equivalence decisions on their supervisory and regulatory regimes.

Fintech / Regtech

ACCC Publishes Draft Rules for Open Banking Data Sharing

By Editors | 08/04/2019

The draft rules provide detail and guidance as to how the Consumer Data Right will work in the banking sector starting in July this year.

Capital / Liquidity

Fitch Warns of Downgrade Amid RBNZ Bank Capital Review

By Manesh Samtani | 08/04/2019

Fitch Ratings says its assessment of New Zealand’s largest banks could change if capital requirements become so onerous as to cause their Australian parents to divest.

Enforcement

ASIC, APRA Granted New Intervention Powers

By Editors | 05/04/2019

ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.

Enforcement

Australia Budget Delivers Additional Funding for APRA, ASIC

By Editors | 04/04/2019

APRA and ASIC will get more than A$550mn in funding to enhance their effectiveness in addressing financial sector misconduct.

Market Infrastructure

APRA Consults on Financial Sector Shareholdings Rules

By Editors | 03/04/2019

The proposed rules set out the matters that must be considered in determining if a person is “fit and proper” to own 20% or more in an ADI, life insurer or general insurer.

Fintech / Regtech

APRA to Implement New Data Reporting System in March 2020

By Editors | 03/04/2019

APRA says in its initial implementation plan that entities must start ensuring their readiness for the new system now, as there is only a one year timeline for implementation.

AML / KYC

FMA Monitoring Report Reveals Multiple AML/CFT Deficiencies

By Editors | 02/04/2019

New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities’ AML/CFT programmes, risk assessments and customer due diligence.