Australia

Market Infrastructure

APRA Focuses on Resilience in Updated Corporate Plan

By Sanday Chongo Kabange | 30/08/2021

APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.

Market Infrastructure

APRA Finalises Prudential Standard on Remuneration

By Manesh Samtani | 29/08/2021

The prudential standard on remuneration will come into effect from 1 January 2023 initially for the largest and most complex ADIs.

Enforcement

ASIC Prioritises Economic Recovery in New Corporate Plan

By Ranamita Chakraborty | 26/08/2021

ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.

Enforcement

Australian Court Fines NAB Over Fee Disclosure Statements

By Sanday Chongo Kabange | 26/08/2021

NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.

APRA Releases Response Letter on Treatment of Covid Loans

By Sanday Chongo Kabange | 26/08/2021

APRA is extending the time period for temporary adjustments to APS 220 so that loans granted repayment deferrals from 8 July until 30 September are covered.

Enforcement

Westpac Subsidiaries Fined for Breaching Best Interests Duty

By Sanday Chongo Kabange | 26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.

Australia Revamps, Expands SME Recovery Loan Scheme

By Editors | 26/08/2021

Eligibility requirements for SMEs to have received JobKeeper during Q1 2021 or to have been a flood affected business will be removed.

Securities / Derivatives

ASIC Consults on Payment-for-order-flow Prohibition

By Editors | 26/08/2021

Payment-for-order-flow arrangements are already prohibited in Australia. ASIC proposes amendments to address scenarios not currently covered by the rules.

Market Infrastructure

GFXC Calls for Greater Transparency in Global FX Market

By Manesh Samtani | 24/08/2021

The GFXC is providing templates for disclosures on algo due diligence and TCA data, as well as disclosure cover sheets for liquidity providers and electronic trading platforms.