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Securities / Derivatives
ASIC Directs Investment Funds to Correct False Advertising
By Editors | 16/06/2020
Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.
Enforcement
ASIC Imposes Licence Conditions on Societe Generale Securities
By Editors | 16/06/2020
Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.
Enforcement
ASIC Expects Higher Industry Levies for 2019-20
By Editors | 15/06/2020
The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.
Securities / Derivatives
ASIC Issues Guidance on Listed Company Executive Pay Decisions
By Editors | 14/06/2020
The high-level guidance set out specific factors boards and remuneration committees should consider when exercising discretion on executive variable pay in the current environment.
AML / KYC
AUSTRAC Ups Ante in Westpac Money Laundering Case
By Editors | 14/06/2020
AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.
Market Infrastructure
New Zealand’s New Conduct Regime Not Adequately Developed
By Editors | 13/06/2020
The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.
Market Infrastructure
NAB to Lift Industry Standards with Bank-Wide Education Programme
By Editors | 12/06/2020
The programme, to be launched in partnership with FINSIA, will be rolled out for all of NAB’s Australia and New Zealand bankers and support staff.
Australia: Banks Fail to Pass Rate Cuts to Credit Card Customers
By Editors | 10/06/2020
The credit cards with the largest rate increases are those backed by Citigroup, Members Equity Bank, Police Credit Union, and ANZ, according to consumer advocacy group CHOICE.
Enforcement
CBA Ordered to Pay A$5m Over Agricultural Lending Products
By Editors | 08/06/2020
CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.
Market Infrastructure
Australia Considers Consolidation of Payment Infrastructures
By Editors | 08/06/2020
An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]
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