Australia

Capital / Liquidity

BNZ Restates Capital Adequacy Ratios Due to Data Errors

By Garima Chitkara | 28/05/2018

BNZ reported a 34 basis point overstatement of its capital adequacy ratio in its most recent quarterly earnings due to data collection error, marginal overstatement of capital adequacy due to mistakes in collateral value calculation.

Market Infrastructure

Australia to Adopt New Global Banking Ethics Standard

By Garima Chitkara | 28/05/2018

Financial Services Institute of Australia supporting implementation of seven key recommendations including ethical principles for professional bankers and ethics education and training programmes.

Market Infrastructure

New BBSW Calculation Methodology Takes Effect in Australia

By Garima Chitkara | 24/05/2018

Methodology based upon market transactions over longer rate-set window involving a larger number of participants, during most liquid period of bank bills market; manipulation punishable by civil, criminal penalties.

Market Infrastructure

CFTC Approves ASX Application for Direct Access to US Customers

By Garima Chitkara | 24/05/2018

ASX can provide direct access to US customers to trade on its platform; CFTC order part of its regulatory deference programme

Securities / Derivatives

ASIC Consults on Relief from Naked Short Selling Prohibitions

By Garima Chitkara | 16/05/2018

ASIC proposes to grant legislative relief on naked short selling prohibitions for ETF market-making, corporate actions and IPO sell-downs.

Fintech / Regtech

Open Banking: Aussie Banks to Share Customer Data Starting in 2019

By Garima Chitkara | 14/05/2018

The Australian government is set to mandate Open Banking, requiring banks to provide data to other service providers to help customers compare banking service costs.

AML / KYC

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

Enforcement

CBA Settles Bank Rate Manipulation Charges for A$25mn

By Editors | 10/05/2018

The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.

Fintech / Regtech

UPDATED – APRA Grants First ‘Restricted ADI’ License Under New Framework

By JP Reimann | 07/05/2018

Newly released restricted ADI licencing framework allows entities to conduct a limited range of activities for two years before fully meeting regulatory requirements.