Australia

Enforcement

FMA Identifies AML Breaches by Investment Platform Sharesies

By Editors | 23/08/2021

The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.

Capital / Liquidity

APRA Issues Final Guidance on Credit Risk Management

By Sanday Chongo Kabange | 21/08/2021

The guidance APG 220 is published in advance of finalising the standard APS 220, which is contingent on potential changes to consumer credit laws.

Market Infrastructure

ATO Consults on Tax Implications of IBOR Reform

By Manesh Samtani | 20/08/2021

The ATO has set out in a discussion paper the most common tax consequences that may arise from the transition from LIBOR to RFRs.

Crypto / Digital Assets

ASIC Warns Against Unlicensed Crypto Derivatives Trading

By Sanday Chongo Kabange | 19/08/2021

ASIC has received reports that investors who used unlicensed crypto-trading platforms have suffered losses due to excessive leverage, platform outages, or unfair liquidations.

Enforcement

Australian Court Issues Fines in First Criminal Case of Bad Audits

By Sanday Chongo Kabange | 19/08/2021

EC Audit and its former director Robert James Evett have been convicted and sentenced to pay fines for failing to follow auditing standards.

Securities / Derivatives

Australia Refines Super Fund Rules on Portfolio Disclosures

By Sanday Chongo Kabange | 19/08/2021

The regulations have been refined to ensure the disclosure regime for superannuation fund portfolio holdings is cost-effective and in members best interests.

ESG / Sustainability

Australia, NZ on Net Zero Path Despite Roadblocks

By ESG Investor | 19/08/2021

Institutional investors in Australia and New Zealand are setting more stringent carbon emission targets, but need public sector support to hit net zero.

APRA, RBA Propose to Update Reporting Standard for Loans, Leases

By Sanday Chongo Kabange | 18/08/2021

The changes are expected to be effective from 1 January 2022. Implementation of the November 2020 updates to ARS 720.1 will be delayed until then.

Securities / Derivatives

APRA Offers Guidance on Super Fund Performance Tests

By Sanday Chongo Kabange | 18/08/2021

APRA may combine investment performance when administering performance tests to ensure performance history does not reset as a result of certain product changes.