Australia

Fintech / Regtech

Australia Considers Opening ‘Write’ Access Under Open Banking

By Editors | 24/01/2020

The government will consider expanding the consumer data right to allow ‘write’ access by entities other than banks, similar to how the EU’s PSD2 operates.

Market Infrastructure

Australia Proposes Broad Extension of Financial Accountability Regime

By Manesh Samtani | 24/01/2020

FAR will replace BEAR and apply to insurers, superannuation entities, financial holding companies and eventually ASIC licensees, with higher penalties for breaches.

Enforcement

CFTC Penalises Australian Firm for Spoofing by Former Trader

By Editors | 23/01/2020

The CFTC has ordered Propex Derivatives to pay $1mn, comprising restitution, disgorgement, and a civil monetary penalty. The DOJ has also entered a deferred prosecution agreement with the firm.

Securities / Derivatives

ASIC to Audit Broker Sales of Listed Investment Funds

By Editors | 14/01/2020

ASIC is reviewing whether sales commissions paid by fund managers to brokers or financial advisers to sell funds compromise the best interests of investors.

AML / KYC

AUSTRAC, UK Gambling Commission Sign Anti-Financial Crime MOU

By Editors | 13/01/2020

The signing of the MOU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five, on top of 93 MOUs it has with financial intelligence units.

Market Infrastructure

Demand for Stablecoin, CBDC Not Yet Established: RBA

By Editors | 13/01/2020

A retail CBDC could ultimately hurt commercial banks, as it would translate to a fall in deposits and a reduction in the availability of funds for lending to households and businesses, the RBA says.

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Securities / Derivatives

ASX Consults on Changes to Trade Cancellation Policy

By Editors | 09/01/2020

ASX proposes to amend its trade cancellation policy for ASX 24 options and for the 20 Year Bond Futures contract to provide participants greater flexibility.

Australian Banks Offer Emergency Relief to Bushfire Victims

By Editors | 05/01/2020

The services being offered by ABA member banks to help customers include fee waivers, loan repayment deferrals, and additional financing to help cover cash flow shortages.