Australia

Structural Regulation

Australia Increases Penalties for Anti-Competitive Conduct

By Editors | 28/10/2022

Maximum penalties for companies can be as high as A$50mn, three times the benefit derived from a breach, or 30% of annual turnover.

Conduct, Culture & Accountability

ASIC Calls Out Noncompliance With Breach Reporting Regime

By Editors | 28/10/2022

Not enough licensees are reporting, and they are taking too long to identify breaches, investigate them, and finalise remediation.

Trading & Investment

CommSec, AUSIEX Fined A$27m for Market Integrity Rule Breaches

By Editors | 27/10/2022

CommSec and AUSIEX demonstrated “widespread, systemic compliance failures” over a nine-year period, said ASIC deputy chair Sarah Court.

Conduct, Culture & Accountability

Australian Court Orders ANZ to Pay A$25m Penalty

By Editors | 27/10/2022

ANZ inadvertently failed to provide promised fee and interest rate discounts to customers due to inadequacies within its systems.

Conduct, Culture & Accountability

ASIC Offers Conduct Guidance to Wholesale Market Participants

By Mark Johnston | 26/10/2022

Fixed income dealers should establish clear prohibitions on the use of unapproved communication channels, ASIC says.

Cybersecurity

Australia: Hackers Accessed Data of 4m Customers, Medibank Admits

By Manesh Samtani | 26/10/2022

Medibank does not have cyber insurance, and is expected to face investor class actions, on top of lawsuits from angry customers and likely fines.

Cryptocurrency

ASIC Files Suit Over Misleading Claims by Crypto Firm

By Editors | 26/10/2022

ASIC said BPS Financial engaged in unlicensed conduct and made false, misleading or deceptive representations about a crypto token called Qoin.

Capital Adequacy

RBNZ Defers Dual Reporting Requirements for IRB Banks

By Editors | 25/10/2022

Dual reporting requirements for IRB banks are now expected to come into force for disclosure statements with reporting dates of 30 June 2023 or later.

Emerging Prudential Risks

APRA to Review Prudential Framework for Financial Groups

By Sanday Chongo Kabange | 25/10/2022

APRA will seek industry feedback in H1 2023 on five topics related to groups: financial resilience, governance, risk management, resolution, and competition issues.