Australia

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    Market Infrastructure

    Senate Inquiry Recommends Complete Overhaul of ASIC

    By Sanday Chongo Kabange | 08/07/2024

    Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

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    Capital / Liquidity

    APRA Finalises Revisions to IRRBB Standard

    By Manesh Samtani | 08/07/2024

    The revisions will reduce volatility in the IRRBB capital charge and ensure a more proportionate approach across banks.

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    AML / KYC

    Australia: ATO Joins Anti-Scam Intelligence Sharing Platform

    By Sanday Chongo Kabange | 08/07/2024

    The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.

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    Market Infrastructure

    CDR Negatively Impacting Competition, says Australia Banking Body

    By Sanday Chongo Kabange | 05/07/2024

    ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

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    Australia Passes First Tranche of Financial Advice Reforms

    By Sanday Chongo Kabange | 05/07/2024

    The legislation seeks to streamline the delivery of financial advice while strengthening transparency and protections for consumers.

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    Enforcement

    FMA Censures DeVere for FAP Licence Breaches

    By Sanday Chongo Kabange | 05/07/2024

    The FMA censured deVere for failing to ensure its clients understood the financial advice offered to them.

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    Market Infrastructure

    ASIC Explores AI for Insider Trading Surveillance

    By Sanday Chongo Kabange | 04/07/2024

    The Australian regulator is exploring AI and machine learning for potential insider trading surveillance and detection.

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    ASIC Directs Licensees To Correct Advisor Records on FAR

    By Sanday Chongo Kabange | 04/07/2024

    ASIC has directed AFS licensees to immediately correct records on the Financial Advisers Register or face enforcement action.

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    Market Infrastructure

    APRA Updates Guidance on Strategic Planning for Super Funds

    By Sanday Chongo Kabange | 04/07/2024

    The updated guidance for super funds will apply from 1 July 2025 and sets clear expectations for trustees regarding expenditure.

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    Market Infrastructure

    APRA, ASIC Find Gaps in Super Trustees’ Retirement Strategies

    By Sanday Chongo Kabange | 04/07/2024

    ASIC and APRA have urged super trustees to strengthen oversight of retirement strategy implementation after a survey found gaps.

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