Australia

Securities / Derivatives

NZX Updates Rules on Director Independence

By Editors | 26/12/2024

Issuers wlll have to explain not only that a director is independent, but also why any potential conflicts identified were not disqualifying.

Enforcement

Australia Court Rules Against CFD Firms in Landmark Ruling

By Editors | 26/12/2024

The Court for the first time found that a licensee breached the law by offering services to customers outside of the country.

AML / KYC

Australia Reviews Tax Regulator Secrecy Exceptions

By Editors | 24/12/2024

Feedback is sought on allowing the ATO or TPB to share protected tax information for purposes such as fraud prevention.

Enforcement

FMA Says Westpac NZ Admitted to Overcharging 24,000 Customers

By Editors | 24/12/2024

The bank self-reported the issue, fully cooperated with the FMA’s investigation, and provided remediation to impacted customers.

Australia Publishes Ministerial Rules to Implement Global Minimum Tax

By Sanday Chongo Kabange | 23/12/2024

Treasurer Jim Chalmers said the ministerial rules will ensure multinational corporations operating in Australia pay their “fair share of tax”.

Market Infrastructure

Australia Considers Introduction of ‘Treating Customers Fairly’ Regime

By Manesh Samtani | 23/12/2024

Andy Schmulow talks to Regulation Asia about a project he is leading to investigate the introduction of a TCF regime in Australian financial services.

Fintech / Regtech

ASX Recovers from Worst Market Disruption in Four Years

By Editors | 23/12/2024

No trade settlements took place on Friday due to a “CHESS batch settlement delay”. Engineers had to work through the weekend to resolve the issue.

AML / KYC

FMA Launches Legal Action Against InvestNow for Breaching AML Rules

By Editors | 22/12/2024

The FMA said it considers failures by retail investment platform InvestNow to be “significant and, in some respects, systemic.”

Fintech / Regtech

Australia Proposes to Mandate Cash Acceptance for Essential Items

By Editors | 22/12/2024

Australia’s Treasury proposes to require certain types of businesses to accept cash, with potential limits on the mandate such as transaction caps or time limits.