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AML / KYC
AUSTRAC to Address SMR Pain Points in Reporting System
By Manesh Samtani | 18/08/2021
AUSTRAC will review the SMR report structure, improve the user interface of its reporting platform, provide more guidance and feedback to reporting entities, and improve reporting automation.
Securities / Derivatives
Australia Consults on New Financial Reporting Rules For Super Funds
By Sanday Chongo Kabange | 18/08/2021
Super funds will be required to prepare and lodge financial reports for each financial year and half-year with ASIC, and make their reports publicly available.
Enforcement
ASIC Prosecutes 124 Individuals for Failing to Cooperate with Liquidators
By Editors | 17/08/2021
Company officers failed to provide registered liquidators access to the company’s books and submit reports on company activities and property.
Enforcement
Court Orders CBA to Publicise Overcharging Misconduct
By Sanday Chongo Kabange | 17/08/2021
The Federal Court has ordered CBA to publish notices on its website and its newsroom platform under the heading “Notification of Misconduct by CBA”.
Australia: Industry Bodies Oppose CSLR Draft Legislation
By Sanday Chongo Kabange | 17/08/2021
Eight associations say the design of the Compensation Scheme of Last Resort adds unnecessary red tape and significantly increases costs to the financial advice sector.
Australia to Further Amend Design & Distribution Obligations Law
By Sanday Chongo Kabange | 15/08/2021
The planned changes will make the DDOs law more appropriate for the mortgage broking sector, and clarify that margin lending to corporates is exempt, among other changes.
Enforcement
Australian Court Orders BOQ to Replace Unfair Contract Terms
By Sanday Chongo Kabange | 15/08/2021
Bank of Queensland has been ordered to replace unfair contract terms in all standard form contracts with small business customers entered into from November 2016.
Securities / Derivatives
FMA Files Suit Against Company Director Over Online Posts
By Editors | 15/08/2021
The CEO of NZX-listed New Talisman Gold Mines made false and misleading representations in an online investor forum without disclosing his involvement with the company.
Enforcement
ASIC to Adopt ‘Reasonable Approach’ to Financial Sector Reforms
By Ranamita Chakraborty | 13/08/2021
ASIC will take a ‘reasonable approach’ to technical or inadvertent breaches, in recognition that six new reforms taking effect in October will present challenges to firms.
Market Infrastructure
ACCC Sees Price Transparency Improvements Among FX Remitters
By Sanday Chongo Kabange | 13/08/2021
The ACCC says 12 of 15 prominent remitters are either adhering to best practice for price disclosure or need to make only minor improvements.
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