Australia

Wolfsberg Group FAQs on negative news screening

On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading

Financial Services monthly wrap-up: April 2022

By Jon Ireland, Ray Giblett (AU), Stephen Lee, Merren Taylor, Remy Michelson, Timothy Chan (AU) and Stephanie Moss on May 11, 2022 Posted in Australia, Financial Services, funds management, Funds management, General, Insurance, Superannuation

The month of April saw the release of the ASX’s consultation paper ‘Enhancing the ASX Investment Products Offering’, as well as the publication by APRA and ASIC of the latest data pertaining to claims and disputes outcomes for life insurance. April also saw ASIC extend the relief from certain dollar disclosures in PDSs for litigation … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

FSB launches consultation on supervisory and regulatory approaches to climate-related risks

By Simon Lovegrove (UK) on May 3, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 29 April 2022, the Financial Stability Board (FSB) issued a report setting out certain recommendations that are intended to assist supervisory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and promote consistent approaches across sectors and jurisdictions. The report: Examines supervisory and regulatory reporting … Continue Reading

IOSCO report on issues and considerations of market data in secondary equity markets

By Simon Lovegrove (UK) on April 29, 2022 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Securities, Securities, Securities, Securities, Securities, Securities, The Netherlands, United Arab Emirates, United Kingdom, United States

On 28 April 2022, the International Organization of Securities Commissions (IOSCO) published a report setting out some issues and considerations for regulators when reviewing the regulation of market data. The report provides feedback on IOSCO’s earlier consultation report ‘Market Data in the Secondary Equity Market’ and offers the following considerations that regulators may find helpful … Continue Reading

Report on the state of effectiveness and compliance with the FATF standards

By Simon Lovegrove (UK) on April 25, 2022 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

Monthly Global FinTech regulatory updater

Financial Services monthly wrap-up: March 2022

By Ray Giblett (AU), Jon Ireland, Merren Taylor, Stephen Lee and Timothy Chan (AU) on April 13, 2022 Posted in Australia, Funds management, General, Insurance, Uncategorized

The month of March saw developments in relation to major legislative initiatives and regulatory consultations. Notably, the Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 passed both Houses of Parliament and Amended Regulations pertaining to both Foreign Acquisitions and Takeovers and the CCIV framework were registered. ASIC also opened up industry consultation on the AFS … Continue Reading

Happy Easter to our readers

To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading

IOSCO seeks feedback on market liquidity issues affecting corporate bond markets under stress and good practices concerning ETFs

On 6 April 2022, the International Organisation of Securities Commissions (IOSCO) published a report, Corporate bond markets – drivers of liquidity during COVID-19 induced market stresses. The report analyses the work of the IOSCO working group on corporate bond market liquidity, which was tasked with analysing the corporate bond market microstructure, resilience and liquidity provision … Continue Reading

FSB welcomes smooth transition from LIBOR

On 5 April 2022, the Financial Stability Board (FSB) issued a statement welcoming the smooth transition away from LIBOR at the end of last year. The FSB also reminds firms that given the significant use of USD LIBOR globally, they should have plans in place to ensure their preparedness for the cessation of the USD … Continue Reading

FSB work programme for 2022

On 31 March 2022, the Financial Stability Board (FSB) published its work programme for 2022. Priority areas for the FSB include: Supporting international cooperation and coordination on current financial stability issues. Against the backdrop of the Russia-Ukraine conflict and its economic impacts, the FSB is reinforcing its forward-looking monitoring to identify, assess and address new … Continue Reading

Stars don’t align for casino as it is left out of pocket once again

By Ray Giblett (AU) and Timothy Chan (AU) on March 27, 2022 Posted in Australia, General, Insurance

Another COVID-19 insurance case comes to a close, at least for now, with the Full Federal Court handing down its decision in Star Entertainment Group Limited v Chubb Insurance Australia Ltd [2022] FCAFC 16. The Full Federal Court also handed down its decision in the second business interruption test case appeal. For our related articles: … Continue Reading

COVID-19 test case #2: The sequel to ‘A dry cleaner, dentist, travel agent, personal trainer, café owner and friends walk into a bar…’

By Ray Giblett (AU) and Timothy Chan (AU) on March 27, 2022 Posted in Australia, General, Insurance

The sequel to the business interruption second test case is now here. On Monday, the Full Federal Court handed down its decision in the second business interruption test case appeal. The decision is an appeal from the judgment of Justice Jagot in relation to various business interruption insurance claims. The Full Federal Court also handed … Continue Reading

Crypto regulation is coming…what does this mean for insurance?

By Ray Giblett (AU) and Timothy Chan (AU) on March 27, 2022 Posted in Australia, General, Insurance

Following the recommendations of the Senate Select Committee on Australia as a Financial and Technology Centre, Treasury has released a consultation paper on licensing and custody requirements for Crypto Asset Secondary Service Providers (CASSPrs). Consultation is currently open and will close on 27 May 2022. What is the consultation about? The consultation relates to approaches to … Continue Reading

NGFS acknowledges that nature-related risks could have significant macroeconomic and financial implications

By Simon Lovegrove (UK) on March 25, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 24 March 2022, the Network for Greening the Financial System (NGFS) issued a statement on nature-related financial risks. Among other things the statement notes that on the basis of available scientific evidence, the NGFS is of the view that nature-related risks, including those associated with biodiversity loss, could have significant macro-economic implications, and that … Continue Reading

Regulation Around the World focusing on horizon scanning – out now

What’s on the regulatory horizon for financial services firms? In the latest instalment of our Regulation Around the World series we focus on horizon scanning with members of our global financial services team exploring some of the key upcoming regulatory trends. Our global updater focussing on horizon scanning is accompanied by further analysis in our … Continue Reading

Beyond Sanctions – new financial services hub

By Simon Lovegrove (UK) on March 22, 2022 Posted in Africa, Asia, Australia, Beyond Sanctions: Key considerations for financial services firms, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Our financial services and regulation team have launched the ‘Beyond Sanctions’ insights hub, highlighting the broader issues that financial services firms will need to consider, above and beyond the immediate concerns and challenges arising from the economic sanctions. Visit our hub to find out more.… Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

FSB report – FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability

On 21 March 2022, the Financial Stability Board (FSB) published a report regarding FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability. The main outcome of the report was that the COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of … Continue Reading

Basel Committee newsletter on AI and machine learning

By Simon Lovegrove (UK) on March 17, 2022 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 16 March 2022, the Basel Committee on Banking Supervision issued a newsletter on artificial intelligence (AI) and machine learning (ML). Among other things the Basel Committee mentions that it is working to develop further insights into AI and ML and its discussions are focusing on the following areas: The extent and degree to which … Continue Reading

Financial Services monthly wrap-up – February 2022

By Simon Lovegrove (UK) on March 17, 2022 Posted in Australia, Funds management, General, Insurance

Towards the end of February, APRA and ASIC continued to be active. In particular, both regulators released various consultation papers, draft guidance and FAQs for industry. Notably, APRA released a discussion paper on increasing superannuation data transparency and a note to APRA-regulated entities on managing compliance risk. ASIC also remade class order relief permitting insurers … Continue Reading

IOSCO 2022 sustainable finance work plan

By Simon Lovegrove (UK) on March 15, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 14 March 2022, the International Organization of Securities Commissions (IOSCO) published its work plan to develop sustainable finance. Among other things IOSCO plans to review the soon-to-be-published IFRS International Sustainability Standards Board (ISSB) Exposure Drafts of proposed climate and general sustainability disclosure requirements, as well as the final standards when they are produced. The … Continue Reading