Australia

Structural Regulation

Australian Treasury Commences Review of Superannuation Reforms

By Editors | 08/09/2022

Australia’s Treasury said it is looking to identify unintended consequences and implementation issues arising from the YFYS laws passed in 2021.

Resolution & Recovery

APRA Proposes Guidance on Contingency, Resolution Planning

By Editors | 07/09/2022

The prudential practice guides on financial contingency and resolution planning will be finalised in H1 2023 following a three month consultation.

Structural Regulation

Australia: Financial Adviser Associations Consider Merging

By Editors | 06/09/2022

The merger would create a single association that would speak for the financial advice profession in a “unified voice” and add clarity and power to the positions it takes.

Structural Regulation

ASIC Extends Ban on Binary Options Until 2031

By Editors | 06/09/2022

Since it came into effect, the ban has been “fully effective” in preventing retail clients from losing money trading binary options in Australia, ASIC said.

Clearing & Post-Trade

ASX Amends Loss Allocation Rules for USD Clearing Defaults

By Editors | 03/09/2022

ASX has revised its approach to allocating losses that could arise from the default of USD settlement bank.

Conduct, Culture & Accountability

Australia Proposes Enhancements to Financial Advice Regime

By Editors | 02/09/2022

Superannuation trustees would also be able to provide personal advice to their members, and have discretion to decide how to charge for such advice.

Supervision & Enforcement

Australia: Grant Thornton Auditor Facing Criminal Charges

By Editors | 01/09/2022

The matter reportedly concerns revenue numbers signed off by Grant Thornton for booking in the half-year results of iSignthis Ltd in 2018.

Trading & Investment

ASIC Warns Against Offering Risky Products to Retail

By Sanday Chongo Kabange | 01/09/2022

ASIC warns brokers against offering securities lending arrangements, crypto assets and so-called ‘zero brokerage’ offerings to retail investors.

Liquidity Risk

APRA Frees Westpac from Add-on Liquidity Requirement

By Editors | 01/09/2022

The liquidity add-on was imposed in 2020 in response to breaches which APRA said demonstrated weaknesses in the bank’s risk management and oversight.