Australia

Market Infrastructure

RBA Proposes Financial Penalties for Slow NPP Adoption

By Editors | 14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

AML / KYC

AUSTRAC Orders Audit of Afterpay’s AML Compliance

By Editors | 14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Capital / Liquidity

APRA Issues First Round Response to Bank Capital Consultation

By Editors | 14/06/2019

The new framework will impose higher capital charges by applying higher risk weights on mortgage loans that are seen as more risky, especially interest-only or investor loans.

Enforcement

Commonwealth Financial Planning Completes Enforceable Undertaking

By Editors | 13/06/2019

ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.

Market Infrastructure

Australia: Think Tank Calls for Reduced Regulatory Red Tape

By Editors | 12/06/2019

Between five Australian regulatory agencies, over 75,000 pages of regulatory materials have been published, compared to only 9500 pages of enabling legislation.

Capital / Liquidity

RBA Says Banks Can Hold More Govt Securities to Meet LCR

By Editors | 10/06/2019

Banks can increase the proportion of government securities they hold to meet prudential liquidity requirements.

Enforcement

Macquarie Securities Penalised for Submitting Incorrect Regulatory Data

By Editors | 03/06/2019

Over 4 years, approximately 42 million orders containing incorrect or omitted regulatory data were submitted to ASX and Chi-X.

Crypto / Digital Assets

ASIC Updates Guidance for ICO, Crypto-Asset Issuers

By Editors | 02/06/2019

The guidance tells issuers how to determine whether an ICO or crypto-asset is considered a financial product, and which Australian laws would apply.

Capital / Liquidity

APRA Warns of Capital Charges for FIs with Poor Culture

By Editors | 24/05/2019

APRA says it may apply additional capital requirements to regulated institutions with material weaknesses in their governance and management of non-financial risks.