SECURITIES COMMISSIONS – AUSTRALIA

ASIC’s Shipton warns banks to restore trust – or else

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Original article by Joyce Moullakis, James Eyers
The Australian Financial Review – Page: 1 & 12 : 6-Apr-18

Australian Securities & Investments Commission chairman James Shipton has urged banks to adopt standards that are comparable with those of a "genuine profession". He says that if they cannot do this themselves, then ASIC is quite prepared to impose further regulations on them. His comments come during the course of the banking royal commission, which is tipped to be quite critical of the sector when it hands down its findings.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, MORGAN STANLEY AUSTRALIA LIMITED

CBA executive was warned of possible BBSW investigation

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 19 & 23 : 9-Mar-18

The Federal Court has released documents filed by the Australian Securities & Investments Commission in its case against the Commonwealth Bank of Australia for allegedly manipulating the bank bill swap rate. The documents show that CBA executives and employees had discussed influencing the BBSW as far back as 2001. Amongst other things, CBA executive Paul Bennett told former treasurer Lyn Cobley in 2011 that "aggressive" behaviour in the BBSW market by a rival bank could attract regulatory scrutiny.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, PIMCO AUSTRALIA PTY LTD, HSBC AUSTRALIA HOLDINGS PTY LTD

ASIC expands rate-rigging case at CBA

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Original article by Patrick Durkin
The Australian Financial Review – Page: 11 : 27-Feb-18

The Australian Securities & Investments Commission is now alleging that Commonwealth Bank traders tried to manipulate the interbank lending rate on six occasions. It had previously only contended that such manipulation had occurred on three dates. National Australia Bank and the ANZ Bank have already paid fines to settle their cases with ASIC, while Federal Court Justice Jonathan Beach is expected to soon hand down his decision in regard to ASIC’s case against Westpac.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Firms sidestep AGM protest votes

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Original article by Andrew White
The Australian – Page: 19 : 30-Jan-18

The Australian Securities & Investments Commission has released the results of its review of the latest AGM season. ASIC found that there was a decline in the number of "first strikes" issued against company boards over their remuneration reports, although here was an increase in the number of votes against individual directors. Shareholder-generated resolutions relating to climate change and human rights were tabled at eight AGMs, but attracted an average of just six per cent of "for" votes.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

ASIC slams banks over funds failure

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Original article by Michael Roddan
The Australian – Page: 15 & 18 : 25-Jan-18

A review of the financial advice industry by the Australian Securities & Investments Commission has focused on the four major banks and AMP, which collectively dominate the sector. The review concluded that there is a high level of non-compliance with laws requiring financial advisers to act in the best interests of their clients, with a majority of financial advisers recommending the banks’ own financial products rather than other ones on their approved product list. Financial planners will be subject to greater transparency with regard to approved product lists as a result of the review.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, FINANCIAL SERVICES COUNCIL, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN GREENS, AUSTRALIAN CONSUMERS’ ASSOCIATION

Westpac legal team casts doubt on ASIC evidence

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Original article by James Frost
The Australian Financial Review – Page: 19 : 15-Dec-17

Closing arguments in the Australian Securities & Investment Commission’s bank bill swap rate rigging case against Westpac continue to be heard in the Federal Court. Matthew Darke SC, appearing for Westpac, told the court that it was wrong for ASIC to claim that the evidence it had presented was "gilt edged". He added that many of the comments of Westpac traders that were recorded on tapes and transcripts are open to interpretation. A decision on the case could potentially by delayed until April 2018.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

NAB traders didn’t read swap rate rules

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Original article by James Frost
The Australian Financial Review – Page: 18 : 14-Nov-17

Former National Australia Bank trader Brock Johnson has admitted that he was not aware of the rules governing the bank bill swap rate (BBSW). NAB, like the ANZ Bank, has settled with the Australian Securities & Investments Commission over allegations that they tried to rig the BBSW, but ASIC is still pursuing its case against Westpac over the matter. Johnson has told the Federal Court that he had not read the Australian Financial Markets Association’s rules concerning the BBSW.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED

Westpac in so deep it ‘fixed rate pricing’

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Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 1-Nov-17

The Federal Court has heard a series of recorded conversations in which Westpac staff allegedly discussed strategies for manipulating the bank bill swap rate. The taped conversations were part of the Australian Securities & Investments Commission’s evidence against the bank, which has elected to contest the allegations of market manipulation rather than agree to a settlement. Other evidence tendered in court by ASIC included email messages from Westpac staff and the minutes from Australian Financial Markets Association meetings.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Westpac takes on ASIC alone over rate rigging

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Original article by James Frost, Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 31-Oct-17

Westpac has elected to let the courts decide whether allegations of rigging the bank bill swap rate have any foundation. National Australia Bank and the ANZ, which were also alleged by the Australian Securities & Investments Commission of rigging the BBSW, have agreed to a settlement over the issue. The case against Westpac will begin in the Federal Court on 31 October, with the case likely to run until the end of the year.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Westpac takes BBSW case down to the wire

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Original article by Sally Patten, Jonathan Shapiro
The Australian Financial Review – Page: 4 : 30-Oct-17

National Australia Bank has joined the ANZ Bank in reaching a settlement with the Australian Securities & Investments Commission over rate-rigging allegations. The NAB is understood to have agreed to make a total payment of $A50 million, of which $A10 million would be seen as a penalty and $A20 million would go towards ASIC’s legal costs. The remaining $A20 million would be donated to a consumer protection fund. Westpac, the third bank involved in the bank bill swap rate case, is believed to be still considering whether it should challenge ASIC’s allegations in court.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA