Australia

FMA Proposes Financial Reporting Exemptions for Insolvent Firms

By Sanday Chongo Kabange | 11/08/2021

New Zealand’s FMA is considering introducing a class exemption for insolvent FMC reporting entities from certain financial reporting obligations.

Market Infrastructure

New Zealand Parliament Passes Reserve Bank Bill

By Sanday Chongo Kabange | 11/08/2021

The bill will strengthen the RBNZ’s decision-making, governance, independence and accountability, and change its funding model.

Capital / Liquidity

APRA Finalises Revised Approach to Licensing New Banks

By Sanday Chongo Kabange | 11/08/2021

The new approach increases clarity around capital requirements at different stages for new entrants to the banking sector.

AML / KYC

Chinese Nationals Face US Jail For Laundering Drug Money

By Editors | 11/08/2021

Six Chinese nationals face jail for conspiracy to launder money for El Chapo-linked drug cartels, using casinos, front companies, and false passports.

Securities / Derivatives

ASIC Finds ‘Robust’ Valuation Practices in Fund Industry

By Ranamita Chakraborty | 11/08/2021

Valuation practices for illiquid assets were robust, timely and consistent with regulatory guidance and industry standards, ASIC found in a review.

Market Infrastructure

Australia Consults on Disciplinary Body for Financial Advisers

By Editors | 11/08/2021

The government is consulting on regulations to support the establishment of the single disciplinary body that will form part of the new regime for financial advisers.

AML / KYC

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

NAB Enters Agreement to Acquire Citigroup Consumer Business

By Sanday Chongo Kabange | 10/08/2021

Subject to regulatory approvals from the Treasury, APRA and the ACCC, the acquisition is expected to be complete by March 2022.

Market Infrastructure

ACCC Consults on Merger of BPAY, eftpos and NPP Australia

By Editors | 10/08/2021

A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.