SECURITIES COMMISSIONS – AUSTRALIA

Watchdog backflips on super disclosure

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Original article by Michael Roddan
The Australian – Page: 22 : 27-Oct-17

The Australian Securities & Investments Commission has delayed the introduction of parts of its new fee disclosure rules for superannuation funds. ASIC has concluded that more work needs to be done on two elements of the rules, namely the treatment of investment platforms, and costs in relation to property investments. ASIC chairman Greg Medcraft said the rules as they had been originally proposed could have led to inconsistent treatment of asset classes, resulting in a less than "level playing field".

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, INDUSTRY SUPER AUSTRALIA PTY LTD, AMP LIMITED – ASX AMP

ASIC win on bank swap rate rigging

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Original article by Patrick Durkin, James Frost
The Australian Financial Review – Page: 1 & 4 : 24-Oct-17

The Australian Securities & Investments Commission’s case against Westpac, the ANZ, and National Australia Bank has been put on hold for two days. ASIC had accused the three banks of trying to rig the bank bill swap rate. However, the ANZ reported a day before the case was due to start that it had reached a settlement with ASIC, and it is understood that NAB may also do so. The deferment will allow ASIC’s deal with ANZ to be finalised and for it to be approved by the court. Outgoing ASIC chairman Greg Medcraft says the ANZ’s decision to settle the case vindicates its decision to pursue the case. It is believed that ANZ has agreed to pay a fine in the order of $A50 million.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HIGH COURT OF AUSTRALIA, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIO TINTO LIMITED – ASX RIO, GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY

Corporate penalties to be tripled

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Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 23-Oct-17

The Federal Government will give incoming Australian Securities & Investments Commission chairman James Shipton greater powers to impose penalties on companies that do the wrong doing. The changes stem from recommendations by an ASIC taskforce and David Murray’s Financial System Inquiry. Amongst other things, the ASIC taskforce suggested that penalties for corporate wrongdoing be increased from $A1 million to $A3 million. ASIC has long been concerned that the extent of the penalties it can impose do not match those available to other regulators such as the Australian Competition & Consumer Commission and AUSTRAC.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF FINANCE, HARVARD UNIVERSITY, CREDIT SUISSE (AUSTRALIA) LIMITED, THE GOLDMAN SACHS GROUP INCORPORATED, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS

Labor vetoes ASIC chair

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 10 : 13-Oct-17

Credit Suisse Australia chairman John O’Sullivan will not seek to become chairman of the Australian Securities & Investments Commission. He had been regarded as a leading contender to succeed Greg Medcraft, but he has cited "personal attacks" and insinuations by the Australian Labor Party for his decision to withdraw his candidacy. Labor had alleged that his appointment at ASIC would not be appropriate given his links to the Liberal Party and the so-called "Ute-gate" scandal in 2009. The Government in turn has argued that Medcraft was a former Labor party member and had been appointed by a Labor government without going through a formal selection process.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, OZCAR

Admitting guilt the clincher for rate-rig case

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Original article by Jonathan Shapiro, Patrick Durkin
The Australian Financial Review – Page: 13 & 18 : 11-Oct-17

The Australian Securities & Investments Commission’s case against three of the "big four" banks over allegations that they manipulated the bank bill swap rate will be heard by the Federal Court on 23 October. Some observers believe that the parties could reach a settlement before the case begins, although this would require the banks to admit that they had engaged in unconscionable conduct. Meanwhile, stock exchange operator ASX Limited has issued new guidelines regarding bank bill trading in the wake of the BBSW scandal.

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

ASIC still gathering evidence against CBA: Medcraft

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Original article by Michael Roddan
The Australian – Page: 21 : 15-Sep-17

The Australian Securities & Investments Commission will shortly commence legal action against three of the nation’s four major banks over allegation that they manipulated the bank bill swap rate. However, ASIC chairman Greg Medcraft has told parliament’s economics committee that it is still investigating the Commonwealth Bank over rigging of the BBSW. The bank is also being investigated by ASIC for possible breaches of its continuous disclosure obligations regarding the money-laundering scandal.

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, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, LIBERAL PARTY OF AUSTRALIA

ASIC eyes case against CBA board

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Original article by Anne Hyland
The Australian Financial Review – Page: 1 & 12 : 11-Aug-17

The Australian Securities & Investments Commission may be contemplating action against Commonwealth Bank of Australia directors in regard to its money-laundering problems. Lawyers suggest that there could be certain areas that ASIC could focus on when considering such action, including the level of the CBA’s disclosure concerning AUSTRAC’s allegations against it. CBA chair Catherine Livingstone has been told that the Federal Government is still considering its options in regard to what actions to take against the bank.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMINSURE, STORM FINANCIAL LIMITED, UNIVERSITY OF MELBOURNE

Banks may have to sell rivals’ products

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Original article by James Eyers
The Australian Financial Review – Page: 3 : 24-Apr-17

Australian Securities & Investments Commission chairman Greg Medcraft says the regulator may use soon-to-be acquired powers to restrict the scope of banks to cross-sell products. He was speaking at a financial technology forum in London. He said it is also possible that banks could be compelled to sell products offered by rivals under its "product intervention" powers.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, INTERNATIONAL MONETARY FUND, AUSTRALIAN BRITISH CHAMBER OF COMMERCE

ASIC raps banks for forex faults

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Original article by Michael Bennet
The Australian – Page: 13 & 18 : 22-Dec-16

National Australia Bank and the Commonwealth Bank have agreed to enforceable undertakings from the Australian Securities & ­Investments Commission regarding their wholesale spot foreign exchange businesses. It follows ASIC’s investigation into inappropriate conduct by foreign exchange traders at the two major banks. Three of the nation’s "big four" banks are also the subject of legal action over allegations that they manipulated the bank bill swap rate.

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

Shake-up in offing after response to ASX outage

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Original article by Daniel Palmer
The Australian – Page: 13 & 18 : 22-Dec-16

The Australian Securities & Investments Commission has released its final report on a review of the ASX’s computer system failure on 19 September 2016. Amongst other things, ASIC has questioned the ASX’s decision to put the market on "enquire" mode rather than respond to a request from rival stock exchange operator Chi-X to shift it to "adjust" mode. ASX MD Dom­inic Stevens says ASIC’s recommendations are being considered and some actions have already been taken in response to the outage.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CHI-X AUSTRALIA PTY LTD