Australia

Securities / Derivatives

ASIC Withdraws Trading Limits Imposed on Equity Market Participants

By Editors | 14/05/2020

Trading restrictions imposed in March due to an abnormally large increase in trades executed have been revoked following processing enhancements by market operators.

Securities / Derivatives

New Zealand to Nearly Double FMA Funding Over Three Years

By Editors | 14/05/2020

The FMA’s funding is being increased over three years to minimise the burden on the financial sector entities who pay levies, where most of the new funding will come from.

Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.

Market Infrastructure

RBNZ Announces Expansion of Asset Purchase Programme

By Editors | 14/05/2020

The RBNZ’s bond-buying programme will be capped at NZ$60bn, up from the NZ$33bn announced in March. Government inflation-indexed bonds are also now included.

AML / KYC

ATO to Run Additional Checks to Prevent Superannuation Fraud

By Editors | 12/05/2020

Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.

Fintech / Regtech

ACCC, OAIC Outline Enforcement Approach to Data Rights Breaches

By Editors | 11/05/2020

A ‘strategic risk-based approach’ to compliance and enforcement has been adopted, focusing on building consumer confidence in the security and integrity of the Consumer Data Right system.

Market Infrastructure

Australia Defers All Royal Commission Commitments by Six Months

By Editors | 09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.

AML / KYC

Australian Police Launch Probe into Super Fund Early Release Fraud

By Editors | 07/05/2020

Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.

Capital / Liquidity

APRA: Banks May Amend Loan Terms Without Full Serviceability Test

By Editors | 07/05/2020

APRA says banks may allow borrowers to change their loan conditions without conducting a normal serviceability assessment, but that such an arrangement should not exceed 12 months.