Region: Australia

Prudential roundup: Australia proposes capital adequacy updates

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

Australian regulator slams “immature and reactive” Westpac for persistent risk failures

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

Australian regulator rolls back remuneration overhaul after industry outcry

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

Community round-up: Promotions at Ashurst and FinCEN

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

Australian regulator responds to scrutiny with revamped risk framework

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

New Australian regulatory sandbox set to come online

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

Prudential round-up: Fed sets new capital requirements as APRA’s reform programme resumes

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

Australia relaxes, Europe extends, Singapore introduces dividend restrictions

Australian regulators have announced a relaxation on dividend restrictions imposed at the beginning of the covid-19 crisis – while their European counterparts have extended them until next year, and Singaporean regulators have called on banks to cap dividends for the first time.

29 July 2020

Australia’s ASIC outlines product intervention powers

The Australian Securities and Investments Commission will be able to penalise financial products “likely to result in significant consumer detriment” with outright bans, promotional restrictions, and with restrictions to certain classes of consumer, under newly-released guidelines.

17 June 2020

HSBC reports potential money laundering violations in Australia

HSBC’s Australian arm has disclosed possible anti-money laundering violations to the country’s financial intelligence agency.

21 April 2020

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