Region: Australia

PRA removes dividend limits

The UK’s Prudential Regulation Authority has removed the “extraordinary guardrails” it imposed on dividend distribution during the pandemic, but has warned banks to exercise an “appropriate degree of caution”.

14 July 2021

TIGRR report targets EU-legacy regulation

A government taskforce formed to revamp UK regulation post-Brexit has recommended dumping EU rules for a less prescriptive common law approach – including a more aggressive transition to open banking, a hybrid CBDC and a “graduated” capital requirements regime for challenger banks.

21 June 2021

Australian banks deny “virtue signalling” on climate plans

Australia’s banking industry group has defended local big-four bank ANZ’s plans to reduce its exposure to carbon-intensive projects, as companies in the coal industry complain of the “growing trend” of banks to decline financing for new projects.

24 May 2021

APRA consults on remuneration guidance after rigidity complaints

Australia’s prudential regulator is consulting on the country’s remuneration guidance ahead of a prudential standard to be finalised later this year, as Dutch authorities also prepare to overhaul their remuneration rules.

04 May 2021

Cyber-attacks prompt third-party supply scrutiny in New York and New Zealand

An investigation into the 2020 SolarWinds attack has prompted the New York State Department of Financial Services to call for increased third-party supply scrutiny, while the Reserve Bank of New Zealand has published new guidance after suffering its own cybersecurity breach in January.

30 April 2021

Gibson Dunn recruits HSF Asia practice head in Hong Kong

The head of Herbert Smith Freehills' financial services regulatory practice in Asia has crossed over to Gibson Dunn & Crutcher, bringing three associates with him.

30 April 2021

Greensill and Archegos losses prompt Credit Suisse class action

Credit Suisse is facing a proposed class action in New York, over allegations it hid defects in its risk policies so it could extend excessive leverage to trade finance provider Greensill and family office Archegos Capital.

21 April 2021

Australian regulator tightens bank licence requirements as neobanks exit

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

Regulators dial back dividend and buyback restrictions

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

Australia guides on Libor conduct risk, Singapore maps out Sibor end

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

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