Australia

Fintech / Regtech

Australia Approves Final Operational Enhancements To CDR Rules

By Sanday Chongo Kabange | 22/07/2023

Assistant treasurer Stephen Jones says the operational enhancements to the CDR rules will keep small business and customer data safer.

Enforcement

NZ Court Imposes Highest Ever Penalties for Market Manipulation

By Sanday Chongo Kabange | 21/07/2023

Two former senior executives of  Oceania Natural Ltd were ordered to pay a combined N$2.09mn for market manipulation.

Sanctions

Western Allies Announce New Sanctions to Deter Russia

By Manesh Samtani | 21/07/2023

US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.

APRA, ASIC Issue Draft Rules for New Financial Accountability Regime

By Sanday Chongo Kabange | 20/07/2023

APRA and ASIC are consulting on the proposed regulator rules, ADI key functions and transitional rules to support the implementation of the new FAR.

APRA, ASIC Calls on Super Funds to Improve Retirement Outcomes for Members

By Sanday Chongo Kabange | 20/07/2023

APRA deputy chair Margaret Cole said there has been a lack of progress and insufficient urgency overall when it comes to implementation of the Retirement Income Covenant.

Crypto / Digital Assets

ASIC Cancels FTX Australia’s AFS Licence

By Sanday Chongo Kabange | 20/07/2023

FTX Australia may provide “limited financial services” related to termination of existing derivatives with clients until the end of 12 July 2024.

Enforcement

ASIC Issues First Stop Order on Life Insurance Products

By Sanday Chongo Kabange | 20/07/2023

ASIC issued the interim stop order against Clearview Life to protect consumers from acquiring two income protection cover products that may not be consistent with their needs.

ESG / Sustainability

NZ FMA Issues Guidance on Climate-related Scenario Analysis

By Sanday Chongo Kabange | 19/07/2023

The information sheet offers guidance on the disclosures firms have to make about the methods and assumptions underlying their scenario analysis and how the process has been conducted.

Enforcement

Deloitte Australia’s CEO Admits to Being Overpaid in Public Hearing

By Editors | 19/07/2023

Deloitte Australia’s CEO Adam Powick told a Senate committee his position is not worth a salary that is seven times that of the prime minister’s.