Australia’s prudential regulator has proposed tightening its banking licence regime to ensure “long term sustainability” from new entrants, as two challenger banks announce their exit from the country’s banking sector less than two years after gaining their permits.
23 March 2021
US, UK and Australian regulators are dialling back calls for dividend and buyback restrictions issued at the outset of the covid-19 pandemic – while the European Central Bank has revised its outright suspension even as it encourages banks to continue forgoing distributions until September.
21 December 2020
Singapore’s financial regulator has announced a timeframe for its transition away from the Sibor benchmark, as the Australian Securities and Investments Commission (ASIC) urges banks to ensure their risk frameworks are flexible enough to handle the transition away from Libor.
18 December 2020
Australia’s prudential regulator has proposed changes to its capital adequacy framework as part of its delayed Basel III implementation, while its British counterpart has pressed ahead with plans for simplified recovery plan obligations for some banks, despite predictions they promise firms only “limited” cost savings.
09 December 2020
Australia’s prudential regulator has threatened the country’s third-largest lender Westpac with court action if it does not address its “immature and reactive” risk culture and unclear accountability framework, days after ordering the bank to raise its cash reserves in light of a failure to meet prudential requirements.
03 December 2020
Australia’s prudential regulator has rolled back its plans to radically reshape its remuneration framework, after being told its introduction of a cap on financial measures for variable remuneration was a “blunt instrument” that undermined boards’ roles in setting structures.
12 November 2020
Ashurst has named two new partners in its London and Sydney offices, while the US Financial Crimes Enforcement Network has appointed a new associate director to lead its policy division.
20 October 2020
Australia’s prudential regulator has introduced a fresh supervisory framework to include non-financial risks for banks, a year after the government released a report calling for the body to “reset” its regulatory approach.
06 October 2020
Australia’s securities regulator has issued guidelines to assist with its new “enhanced” regulatory sandbox, which is set to come online next week.
26 August 2020
The US Federal Reserve has announced new capital requirements for large banks, as Australia’s prudential regulator resumes licence issuing and its post-Royal Commission policy programme, which had been suspended during the covid-19 outbreak.
14 August 2020
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