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Industry Body Urges ASIC to Reconsider Reference Checking Model
By Sanday Chongo Kabange | 23/11/2020
The Stockbrokers and Financial Advisers Association urges ASIC to look at the central register model used in the US, which treats advisers more fairly.
AML / KYC
South Pacific Nations Complete First Phase of KYC Facility Project
By Editors | 22/11/2020
The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.
Enforcement
ASIC Orders Fund Manager to Stop Misleading Radio Advertising
By Editors | 22/11/2020
The stop order prohibits Skyring Funds Management from comparing its fixed income fund to bank-issued deposit products in advertising.
Fintech / Regtech
ASIC Seeks Greater Powers to Collect Data from Managed Funds
By Shruti Khairnar | 21/11/2020
ASIC’s Karen Chester says insolvencies and macro forces could present greater liquidity challenges to fund managers and affect investors’ ability to withdraw from funds.
Capital / Liquidity
APRA Halves CBA Operational Risk Capital Add-on
By Editors | 20/11/2020
CBA has made “significant progress” in areas such as risk management and compliance, remuneration and risk culture, APRA says.
Crypto / Digital Assets
Australian Police Charge Ex-Promoter of Failed Crypto Platform
By Sanday Chongo Kabange | 19/11/2020
The former BitConnect promoter is said to have operated an unregistered managed investment scheme and provided unlicensed financial advice.
ASIC Drafts Reference Checking Protocol for Advisers, Mortgage Brokers
By Sanday Chongo Kabange | 19/11/2020
The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.
Deloitte Appointed to Review RBNZ Processes After Accidental Disclosure
By Editors | 18/11/2020
A letter confirming RBNZ’s decision to introduce a Funding for Lending Programme was sent to financial services firms 45 early last week.
ASIC Consults on Barriers to Good Quality Affordable Personal Advice
By Sanday Chongo Kabange | 18/11/2020
ASIC is looking to better understand the barriers to providing good quality and affordable advice and help the industry provide such advice more broadly.
Securities / Derivatives
FMA Proposes New Guidance on Financial Product Advertising
By Sanday Chongo Kabange | 18/11/2020
The guidance sets out the FMA’s expectations of what good conduct in the advertising of offers of financial products looks like.
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