Australia

APRA, ACCC Update MoU on Financial Sector Cooperation

By Sanday Chongo Kabange | 15/09/2020

APRA and the ACCC agree to a proactive approach to engagement, which includes regular, senior-level liaison meetings and a greater emphasis on information sharing and collaboration.

Enforcement

ASIC Power to Obtain Documents Upheld in Federal Court

By Editors | 14/09/2020

Two separate rulings against Maxi EFX and IOOF-owned RI Advice clarify obligations for those who receive ASIC notices requiring them to produce documents.

Enforcement

Federal Court Imposes A$57.5m Penalty Against NAB Units

By Editors | 13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Securities / Derivatives

ASIC Defers New Fee Disclosure Obligations Two Years to 2022

By Sanday Chongo Kabange | 10/09/2020

Superannuation funds and managed investment scheme issuers will now have until September 2022 to comply with fee and cost disclosure requirements.

Capital / Liquidity

APRA Formalises Updated Guidance on Treatment of Deferred Loans

By Editors | 09/09/2020

Banks need not treat deferred loans as past due or impaired for capital or reporting purposes until after 31 March. New reporting requirements now apply.

Capital / Liquidity

APRA to Amend Liquidity Rules for Banks – Report

By Editors | 08/09/2020

The changes will require banks to decrease their holdings of private sector liquid assets in favour of buying more government debt.

Fintech / Regtech

ASX Opens Data Science Platform to Third Party Firms

By Editors | 07/09/2020

ASX DataSphere allows third-party firms to experiment with ASX and non-ASX datasets spanning fixed income, interest rates, derivatives, equities, and benchmarks.

Fintech / Regtech

Australian Banks Expand Use of Blockchain For Bank Guarantees

By Sanday Chongo Kabange | 05/09/2020

ANZ, CBA, Westpac, IBM and Scentre Group are opening up to early adopters a blockchain platform that in trials has reduced the issuance time for bank guarantees to just one day.

Uncategorised

Australia Passes Law to Allow Employees to Choose Super Fund

By Sanday Chongo Kabange | 04/09/2020

The bill will allow Australians to choose their own superannuation fund instead of being forced to invest in mandatory superannuation funds offered by their employers.