Australia

Enforcement

ASIC Consults on Second Use of Product Intervention Power

By Editors | 10/07/2020

ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.

Capital / Liquidity

APRA Outlines Expectations on Deferred Loan Management

By Editors | 09/07/2020

Deputy Chair John Lonsdale expects many banks will require an uplift in capabilities, processes and oversight to meet APRA’s expectations.

Securities / Derivatives

ASIC Directs Listed Firms to Disclose Covid-19 Impacts

By Editors | 09/07/2020

Firms should “tell the story” of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.

Capital / Liquidity

APRA Extends Regulatory Approach For Covid-19 Loan Deferrals

By Editors | 08/07/2020

APRA will also allow banks to treat loans restructured by 31 March 2021 as ‘performing’ for capital and regulatory reporting purposes.

Enforcement

ASIC Penalises Credit Suisse for Breaching Trading Rules

By Editors | 05/07/2020

Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.

Securities / Derivatives

Nearly 500,000 Australians Deplete Retirement Savings

By Editors | 05/07/2020

Industry Super Australia estimates that 480,000 Australians have wiped out their superannuation savings through the government’s early release scheme.

APRA Heatmap Having Desired Effect on Super Fees

By Editors | 02/07/2020

APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

Enforcement

SocGen Australia Pleads Guilty to Client Money Offences

By Editors | 02/07/2020

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

Fintech / Regtech

Australia Launches Open Banking Data Sharing Regime

By Editors | 01/07/2020

The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.