Original article by Adam Creighton
The Australian – Page: 21 : 15-Aug-19
The Australian Competition & Consumer Commission is believed to be launching an investigation into the exit fees charged by share registry providers Computershare and Boardroom. This follows a complaint by fellow provider Automic, which stated to the ACCC in December that competition in the share registry sector was being stifled by the ‘exit fees’ that Computershare and Boardroom were charging clients who wanted to shift their business. A Computershare spokesperson has stated that it does not engage in anti-competitive practice.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COMPUTERSHARE LIMITED – ASX CPU, BOARDROOM LIMITED, AUTOMIC
Original article by Patrick Durkin
The Australian Financial Review – Page: 10 : 14-Aug-19
The Australian Competition and Consumer Commission is close to launching five cases against Google and Facebook in the aftermath of its digital platforms inquiry. The cases are understood to involve alleged breaches of consumer, competition and privacy laws, with ACCC chairman Rod Sims saying on 13 August that Facebook and Google must comply with Australia’s laws if they wish to do business here. He said a decision on whether to proceed with the five cases would be made before the end of 2019.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FACEBOOK AUSTRALIA PTY LTD, GOOGLE AUSTRALIA PTY LTD
Original article by Andrew White
The Australian – Page: Online : 14-Aug-19
The Federal Court has dismissed claims by the Australian Securities & Investments Commission that Westpac had breached the responsible lending rules. ASIC’s case against Westpac had been closely observed by lenders, with the responsible lending rules being used by banks to determine a borrower’s ability to repay a loan. In rejecting ASIC’s case against Westpac, Justice Federal Court judge Nye Perram stated Westpac should not be automatically compelled to consider a borrower’s declared living expenses, and should be free to make use of spending benchmarks.
FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC
Original article by Lilly Vitorovich
The Australian – Page: 25 : 5-Aug-19
The final report of the Australian Competition & Consumer Commission’s inquiry into digital platforms has received strong support from the global media industry. News Media Alliance CEO David Chavern says the US government should hold a similar inquiry into the market power of digital players such as Google and Facebook. Meanwhile, the UK News Media Association’s deputy CEO Lynne Anderson says the federal government should act quickly on the ACCC’s recommendations.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NEWS MEDIA ALLIANCE, NEWS MEDIA ASSOCIATION, GREAT BRITAIN. COMPETITION AND MARKETS AUTHORITY, EUCLID LAW
Original article by Leo Shanahan
The Australian – Page: 24 : 29-Jul-19
Australian Competition & Consumer Commission chairman Rod Sims says the proposed code of conduct for digital platforms would be compulsory, and any breaches of the code would attract large penalties. He adds that the code would result in new sources of revenue for media companies, and argues that in many ways digital platforms are publishers and should therefore be treated like publishers. The code of conduct is amongst the recommendations in the ACCC’s final report on its inquiry into digital platforms.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, FACEBOOK AUSTRALIA PTY LTD, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY
Original article by Cliona O’Dowd, Michael Roddan
The Australian – Page: 17 & 21 : 18-Jul-19
Australian Prudential Regulation Authority chairman Wayne Byres concedes that regulating superannuation funds is more problematic than banks, as the latter are not subject to capital requirements. Ian Fryer of Chant West says APRA will be much more proactive in regulating the super industry in the wake of its capability review, adding that increased regulatory attention may accelerate consolidation in the sector. Cbus also anticipates merger activity in the sector as underperforming funds come under greater scrutiny.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CHANT WEST FINANCIAL SERVICES PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, INDUSTRY SUPER AUSTRALIA PTY LTD
Original article by Michael Roddan
The Australian – Page: 17 & 21 : 17-Jul-19
A report has concluded that an overhaul of the Australian Prudential Regulation Authority’s internal culture and regulatory approach is needed. Former Australian Competition & Consumer Commission chairman Graeme Samuel headed the capability review, which was undertaken in the wake of the Hayne royal commission. APRA and the federal government have accepted all of the review’s recommendations, which include increased oversight of banks and superannuation funds.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RESERVE BANK OF NEW ZEALAND, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION
Original article by James Fernyhough, James Thomson
The Australian Financial Review – Page: 1 & 21 : 12-Jul-19
The Australian Prudential Regulation Authority has imposed additional capital requirements on Westpac, the ANZ Bank and National Australia Bank following its review of their culture, governance and accountability self-assessments. They will have to set aside an extra $500m of capital until their customer remediation programs are completed and they have addressed all of the issues that emerged in their self-assessments. The increased capital requirements will have a slight impact on the three banks’ common equity tier 1 capital ratios.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
Original article by Jonathan Shapiro, James Fernyhough
The Australian Financial Review – Page: 19 : 10-Jul-19
The Australian Prudential Regulation Authority has scaled its near-term target for the amount of capital the nation’s banks will be required to hold. APRA had initially proposed that banks would have to increase their total capital by 4-5 percentage points by January 2024, but it has reduced this to three percentage points in response to industry feedback. However, it will require banks to meet the higher target in the longer-term.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, MOODY’S INVESTORS SERVICE INCORPORATED
Original article by James Frost
The Australian Financial Review – Page: 1 & 20 : 31-May-19
The Australian Prudential Regulation Authority is expected to soon announce that smaller banks will have to hold less capital in terms of supporting their mortgage lending. This will enable them to offer cheaper home loans and higher deposit rates, making them more competitive with the larger banks. APRA’s announcement will follow shortly after the Reserve Bank’s June meeting, when it is widely expected to reduce official interest rates to 1.25 per cent.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ, SUNCORP GROUP LIMITED – ASX SUN, CITIGROUP PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE