Australian Securities and Investments Commission (ASIC)

Australian regulator proposes next steps on regtech

ASIC, the Australian regulator, will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a ‘hackathon’ later this year to help identify roadblocks to the successful and rapid take-up of the sector. The initiatives are among a range of proposals covered in Report 523 ASIC’s …

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Australia embrasses sandbox approach with world-first licensing exemption for FinTechs

ASIC has today released class waivers to allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC Commissioner John Price said, ‘ASIC’s ‘fintech licensing exemption’ is unique. No other major jurisdiction has implemented a class waiver which allows eligible businesses to notify the regulator …

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Australian bank must conduct independent compliance review following breaches and $4.5m penalty

The Australian Securities and Investments Commission (ASIC) has published a statement with regard to imposing additional measures for ANZ as a result of several shortcomings, which had already resulted in a financial penalty for $4.5 million. Following concerns raised by ASIC, the Australia and New Zealand Banking Group (ANZ) has agreed to an independent review …

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Australian regulator imposes additional licence conditions on investment bank

The Australian regulator ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Macquarie Bank Limited (Macquarie). The additional conditions were imposed on Macquarie following an investigation by ASIC into a series of breach reports lodged by Macquarie relating to breaches of the client money provisions of the Corporations Act, between March 2004 …

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Australian regulator accuses bank of rate fixing

The Australian Securities and Investment Commission (ASIC) has today commenced legal proceedings in the Federal Court in Melbourne against the Australia and New Zealand Banking Group Limited (ANZ) for unconscionable conduct and market manipulation in relation to the ANZ’s involvement in setting the bank bill swap reference rate (BBSW) in the period March 2010 to May …

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