Region: Australia

Less than half of Australian banks assessing emissions, APRA’s Byres says

The head of Australia’s prudential regulator has criticised banks for not keeping to climate guidance, as the country elects new leadership in what was dubbed the “climate election”.

01 June 2022

Financial services licensees need to manage cyber risk, Australian court rules

An Australian court has ruled for the first time that cybersecurity risks should be included in financial service licensees’ risk management obligations.

16 May 2022

ASIC’s “why not litigate” era nears its end

Australia’s securities regulator has completed one of the final pieces of litigation to come out of the Royal Commission on misconduct.

09 February 2022

Crédit Agricole secures Australian licence, Ashurst advising

French bank Crédit Agricole has become one of the few foreign banks to operate in Australia, receiving a licence that will see the bank expand into lucrative Asian finance.

05 January 2022

ASIC fines Westpac A$113 million in “unprecedented” multiple proceedings

A “disappointed” Australian Securities and Investments Commission has launched six civil penalty proceedings against Westpac – the first time the regulator has ever brought multiple proceedings against a single respondent – just months after the securities regulator brought in its “game changer” post-Royal Commission misconduct reforms.

02 December 2021

APRA changes capital requirements, favours small banks

Australia’s new bank capital framework has introduced a two-tier system with simplified requirements for small banks – but while the regulator says it won’t be asking big banks to raise more capital, Macquarie says it nevertheless anticipates a A$2.2 billion hit to its capital surplus.

01 December 2021

Australia’s rule-free climate risk guidelines fall short, critics say

Australia’s newly-released guidance on managing climate change risks doesn’t go far enough, environmental groups have said, criticising the lack of prescribed rules.

29 November 2021

APRA outlines climate stress tests as experts cast doubt over process

Australia’s prudential regulator has released details of the climate assessments the country’s largest banks are currently conducting, as environmental campaigners liken the regulator’s existing climate-related stress testing guidance to similar models that preceded the 2008 financial crisis.

06 September 2021

“More skin in the game”: Australian regulator finalises remuneration overhaul

Australia’s prudential regulator has confirmed new remuneration rules for the banking sector, after revising more prescriptive plans for the application of risk and conduct requirements.

02 September 2021

Fieldfisher hires from BNY Mellon; Ashurst appoints in Sydney

A Bank of New York Mellon managing counsel has joined Fieldfisher's London office, while Ashurst has continued the expansion of its finreg practice with a new partner hire in Sydney.

19 August 2021

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