Australia

AML / KYC

ASIC Starts 1st Civil Action on Best Interests Rule

By Samuel Riding | 10/06/2016

Regulator says financial adviser breached ‘best interests duty’ in selling life risk insurance.

AML / KYC

ASIC Consults on Fintech Sandbox

By Samuel Riding | 08/06/2016

Regulator proposes six-month licensing exemption, modified organisational competence requirements.

Market Infrastructure

ASIC Launches 3rd BBSW-rigging Case

By Samuel Riding | 08/06/2016

Securities regulator accuses NAB of ‘unconscionable conduct and market manipulation’.

ASIC Eases Path to New Tax Systems for Investment Trusts

By Samuel Riding | 03/06/2016

Managed trusts can change constitutions without holding members’ meetings.

Australia to Limit Payment System Surcharges

By Samuel Riding | 27/05/2016

Surcharges exceeding merchant costs to be barred on some payment systems.

Market Infrastructure

Credit Suisse Fined for Market Integrity Rule Breaches

By Samuel Riding | 20/05/2016

Australian unit fined USD50,000 for failure to have automated trading filters in place to prevent interference with market integrity.

Market Infrastructure

SSX to Develop Blockchain Settlement, Registration

By Samuel Riding | 20/05/2016

Sydney exchange’s system to be initially deployed across private markets platform.

AML / KYC

HSBC Accepts ASIC Undertaking on Structured Product Sales

By Samuel Riding | 18/05/2016

Bank required to remediate clients who may have received ‘deficient advice’.

AML / KYC

Australia Launches Tax Disclosure Consultation

By Samuel Riding | 04/05/2016

Government recommends adoption of OECD mandatory disclosure rules on base erosion, profit shifting.