Australia

Market Infrastructure

More Protectionist Regulatory Intervention on the Cards, Experts Warn

By Daniel Flatt | 25/05/2020

The raft of government measures designed to stave off corporate raiders is unlikely to abate soon, compliance practitioners say.

Market Infrastructure

ASX Responds on Tranche 1 Rule Changes for CHESS Replacement

By Editors | 25/05/2020

ASX says it will not be mandating settlement locks for CHESS holdings, given the broad support stakeholders for this approach.

Securities / Derivatives

Australian Treasury Bans ‘Conflicted’ Commissions Paid on LICs

By Editors | 24/05/2020

Fund managers will be barred from paying fees to financial advisers and stockbrokers for selling listed investment companies and trusts.

Capital / Liquidity

‘Now is the Time’ for Banks to Use Buffers: APRA, RBA

By Manesh Samtani | 21/05/2020

APRA’s Wayne Byres and the RBA’s Philip Lowe said buffers were built up to be used in times of stress, and lower capital ratios are both expected and appropriate.

AML / KYC

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

By Editors | 20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Capital / Liquidity

APRA Grants Internal Modelling Banks Relief on Market Risk Capital

By Editors | 19/05/2020

APRA will allow internal modelling banks to disregard back-testing exceptions that occurred in March and April when determining capital requirements for market risk.

RBNZ Registers ICBC to Provide Banking Services in New Zealand

By Editors | 18/05/2020

The RBNZ expects ICBC to conduct business in New Zealand through both a new branch and a subsidiary it has had registered since November 2013.

FMA Approves Over Half of NZ Advisers Under New Regime

By Editors | 18/05/2020

The new financial advice regime is not expected to start until after March 2021, but the FMA has already approved transitional licence applications accounting for more than half of NZ’s financial advisers.

Australian Makes Tax Relief for Merging Super Funds Permanent

By Editors | 16/05/2020

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.