Australia

Capital / Liquidity

APRA Announced Further Reduction in Committed Liquidity Facility

By Editors | 06/01/2021

If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future, APRA says.

ATO Reviews Superannuation Withdrawals for Rule Breaches

By Editors | 06/01/2021

The ATO will consider applying penalties for wrongful superannuation withdrawal only in serious cases where an applicant has deliberately applied, knowing they were not eligible.

Market Infrastructure

New Foreign Investment Regime Takes Effect in Australia

By Manesh Samtani | 04/01/2021

Foreign investors are required to seek approval for all investments in sensitive national security land or businesses (including starting such a business) regardless of value.

Fintech / Regtech

ACCC Extends Consumer Data Right to Business Customers

By Editors | 29/12/2020

The amendments will encourage CDR participation by expanding its benefits to more businesses, including companies and partnerships, the ACCC said.

Market Infrastructure

ASIC Demands Better Practices to Improve Audit Quality

By Editors | 29/12/2020

ASIC is currently considering or progressing enforcement action for auditor misconduct in twelve cases, as part of efforts to improve audit quality.

Market Infrastructure

ASIC Probes Market Participants for Possible Best Execution Failures

By Manesh Samtani | 21/12/2020

ASIC is concerned Chi-X as an alternative venue did not see more trading activity during ASX’s November outage, as would be expected given participants’ best execution duty to clients.

Capital / Liquidity

APRA to Maintain Zero Percent CCyB Through to End-2021

By Editors | 21/12/2020

APRA cites “the risk of further stresses to come” as a determining factor, including the threat of new Covid-19 outbreaks and the withdrawal of financial assistance measures.

Securities / Derivatives

APRA Intensifies Scrutiny of Underperforming Super Funds

By Editors | 21/12/2020

APRA will issue notices requiring eight trustees to provide information on the actions being taken to address underperformance. Formal enforcement powers may be used “where appropriate”.

Fintech / Regtech

APRA Sets September Go-Live for New Data Collection Solution

By Editors | 21/12/2020

The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.