Australia

RBNZ Proposes to Reduce ‘Burden’ of Preparing Assurance Reports

By Editors | 20/01/2022

The RBNZ proposes changes to make assurance reports on bank disclosure statements easier to navigate, more readable, and easier to prepare.

Capital / Liquidity

ASX Recalibrates Capital Requirements for Clearing Participants

By Manesh Samtani | 20/01/2022

An October 2020 proposal to introduce ‘Adjusted Liquid Capital’ as a single capital measure will be implemented no earlier than February 2023, with some adjustments.

Enforcement

Statewide Superannuation Fined for Overcharging, Misleading Members

By Sanday Chongo Kabange | 19/01/2022

Statewide also reported its breaches to ASIC some 45 days late. The firm is required to undertake a remediation programme and engage an independent expert for review.

Crypto / Digital Assets

ASIC Warns Against Investing Super in Crypto Assets

By Sanday Chongo Kabange | 18/01/2022

ASIC says individuals who set up self-managed super funds may be increasingly targeted by scammers to invest in crypto-assets.

CFIUS Deems New Zealand Eligible as Excepted Foreign State

By Editors | 12/01/2022

Foreign investors from excepted foreign states are exempt from mandatory filings and national security reviews of real estate transactions and non-controlling investments.

Australia to Ease Regulatory Requirements for Financial Advisers

By Editors | 30/12/2021

The government proposes to recognise on-the-job experience as meeting financial adviser education requirements. It will also review ways to simplify other compliance obligations.

Australian Treasury to Review Effectiveness of ABSF Facility

By Editors | 28/12/2021

The Australian Business Securitisation Fund facility is designed to unlock a competitive funding source for smaller lenders to on‑lend to SMEs.

Enforcement

Australian Court Fines Mayfair Companies for Misleading Advertising

By Sanday Chongo Kabange | 24/12/2021

Four Mayfair companies were fined a combined A$30mn for “deliberately” misleading investors into buying highly speculative and risky investment products.

Securities / Derivatives

ASIC Urges Listed Entities to Disclose Business Risk Properly

By Sanday Chongo Kabange | 23/12/2021

Listed company directors and auditors should focus on impairment of assets, particularly as some businesses may be adversely affected in a post-Covid environment.