Australia

Strategy Launched to Help New Zealanders Understand Money

By Ranamita Chakraborty | 21/04/2021

The strategy includes a three-year plan to enable the financial sector to work together to help the public learn how to make good decisions around money.

Sanctions

Australia Issues Draft Bill on Financial Advice Reforms

By Editors | 21/04/2021

The bill will expand the role of ASIC’s Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.

AML / KYC

Australia Launches Next Phase of Business Registry Modernisation

By Ranamita Chakraborty | 19/04/2021

Commissioner of Taxation Chris Jordan was appointed Registrar of the new ABRS, which will unify 32 business registers in Australia.

Rising Asset Prices May Risk Financial Stability: RBA

By Sanday Chongo Kabange | 18/04/2021

A correction in asset prices, if borrowers’ income were to fall and so they defaulted on debt repayments, could expose lenders to large losses.

Australian Senator Proposes Merger of Superannuation Lobby Groups

By Ranamita Chakraborty | 15/04/2021

Senator Andrew Bragg is suggesting to use the ‘Your Future Your Super’ legislation to force consolidation between the AIST, ISA, FSC and ASFA.

ASIC Sets Expectations on New Complaints Handling Obligations

By Ranamita Chakraborty | 14/04/2021

ASIC plans to check in with industry at various stages of RG 271’s implementation and assess whether its expectations about preparation are being met.

ESG / Sustainability

New Zealand Introduces Law on Mandatory Climate Disclosures

By Manesh Samtani | 13/04/2021

Once the bill is passed, disclosures will be required for financial years commencing in 2022, meaning the first disclosures for around 200 organisations will be made in 2023.

Enforcement

Australian Charged With Insider Trading Over Diamond Discovery

By Editors | 13/04/2021

The man traded while in possession of inside information relating to a diamond discovery by Lonrho Mining in Africa in 2012.

AML / KYC

RBNZ Establishes Standalone Enforcement Department

By Ranamita Chakraborty | 13/04/2021

The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.