Australia

Market Infrastructure

Australia to Further Tighten Foreign Investment Approval Process

By Manesh Samtani | 07/06/2020

Under the new regime, a new “last resort power” will allow the Treasurer to force divestment on national security grounds even after approval is granted.

AML / KYC

Westpac Concludes Internal Probe into AML/CTF Failures

By Manesh Samtani | 04/06/2020

Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.

Securities / Derivatives

ESMA Clarifies Transparency Rules, Position Limits for Non-EU Venues

By Editors | 04/06/2020

ESMA has clarified its application of post-trade transparency requirements and the position limits regime to third-country trading venues.

Capital / Liquidity

Bank Resilience to be Tested in the Coming Months: RBNZ

By Editors | 29/05/2020

Under the RBNZ’s ‘very severe’ stress test scenario, banks would fall below minimum regulatory capital, requiring “significant recovery responses” to avoid resolution options.

Capital / Liquidity

Using Capital Buffers Not As Easy As Hoped: APRA Chair

By Editors | 28/05/2020

Market expectations of bank capital levels and the knowledge that capital will eventually need to be rebuilt make it difficult for banks to dip into their buffers.

Enforcement

Australia Eases Disclosure Rules to Prevent Opportunistic Class Actions

By Editors | 27/05/2020

Heightened uncertainty amid the Covid-19 crisis exposes companies to the threat of opportunistic class actions if their earnings forecasts are found to be inaccurate.

Enforcement

APRA Blamed for Scrapped Class Action Against IOOF

By Editors | 26/05/2020

A Quinn Emanuel class action “was no longer in the interests of group members to continue” following last year’s dismissal of APRA’s lawsuit against IOOF.

Fintech / Regtech

ACCC Launches Consumer Data Right Accreditation Platform

By Editors | 26/05/2020

The platform serves as a trusted environment where approved participants can share encrypted data, and provides a portal through which banks and fintechs can apply to be accredited.

Market Infrastructure

RBA Invites Tenders for Transaction Processing and Settlement System

By Editors | 26/05/2020

The new system should be able to process SWIFT FIN messaging under ISO 20022 as well as the existing SWIFT MT throughout a three-year coexistence period.