News & Analysis as of

Banking Sector Australia

White & Case LLP

Greenwashing and sustainability - a clear enforcement focus for regulators

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As the world continues its shift towards a low carbon economy and businesses seek to meet the expectations of potential investors, shareholders and customers, regulators continue to watch closely to ensure that claims are...more

Jones Day

Financial Institutions May See Scope 3 Reporting Relief Under ISSB Proposals

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The International Sustainability Standards Board (ISSB) proposed targeted amendments to IFRS S2 Climate-related Disclosures standard, followed by similar changes from the Australian Accounting Standards Board (AASB) to its...more

K&L Gates LLP

Australia: APRA Proposes Reforms to Strengthen Governance Standards

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The Australian Prudential Regulation Authority (APRA) has proposed reforms to strengthen core prudential standards and guidance on governance, currently set out in SPS 510 Governance, SPS 520 Fit and Proper, and SPS 521...more

K&L Gates LLP

Combatting Scams in Australia and the United Kingdom

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In response to the growing threat of financial scams, the Australian Government has passed the Scams Prevention Framework Bill 2025. The Scams Prevention Framework (SPF) imposes a range of obligations on entities operating...more

K&L Gates LLP

Australia's Proposed Scams Prevention Framework

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In response to growing concerns regarding the financial and emotional burden of scams on the community, the Australian government has developed the Scams Prevention Framework Bill 2024 (the Bill). Initially, the Scams...more

K&L Gates LLP

Australian Treasury Proposes New Consumer Data Right Rules for Non-Bank Lenders

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The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the...more

K&L Gates LLP

Guarding Against Fraud and Loss–What You Need to Know When Taking Security by Way of a Bank Guarantee

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Bank guarantees (BGs) are a very old invention yet remain one of the most common forms of security that are provided in respect of leasing and other property transactions. Despite their prevalence, there are a number of risks...more

K&L Gates LLP

General Insurance Policies: Tools of Financial Security or Instruments of Coercion and Control?

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The Centre for Women’s Economic Safety (CWES) has recently published Catherine Fitzpatrick’s second ‘Designed to Disrupt’ discussion paper titled ‘Reimagining general insurance products to improve financial security.’ The...more

A&O Shearman

How to De-bank Customers Legally and Fairly: Lessons from Beyond Bank

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Occurrences of de-banking have reportedly been increasing over the last decade1 as financial institutions seek to adapt to a changing regulatory and financial landscape. However taking such steps poses risks to financial...more

White & Case LLP

Overview of Switzerland’s 10th sanctions package in relation to Russia

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On 29 March and 20 April 2023, Switzerland adopted new measures against Russia, following those recently adopted by the EU as part of a tenth sanction package. More industrial, high-tech and aviation goods are now banned for...more

Jones Day

Australian Financial Services Regulatory Update | Q3–Q4 2022

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This edition of the Update covers: Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and Optus, the release of the inaugural Climate...more

K&L Gates LLP

HUB Talks: Payments Across the Globe Mini Series - Trends in Australia

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Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe mini-series. In this episode Jeremey...more

Jones Day

Australian Financial Services Regulatory Update - February 2021

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This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of APRA's policy and supervision priorities for 2021, the launch of APRA's Cyber Security Strategy 2020 – 2024,...more

A&O Shearman

Lender enforcement in Australia

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Australia is considered a creditor friendly jurisdiction, and has developed an effective legal framework for lenders to recover debts owed to them by distressed borrowers. There are a wide range of out-of-court and...more

Jones Day

Australian Financial Services Regulatory Update - September 2020

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This edition of the Update addresses: 1. Recent legal and regulatory developments which relate to licencing and regulatory relief, consumer protection, financial markets, anti-money laundering and capital and prudential...more

Jones Day

Australia Financial Services Industry Royal Commission Leads to Class Actions Boom

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Australia's landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that was conducted throughout 2018 and reported in early 2019 highlighted numerous examples of potential...more

K&L Gates LLP

Open Super in Australia: The Consumer Data Right Could Be Extended to the Superannuation Industry

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On 23 October 2019, the Senate Committee on Financial Technology and Regulatory Technology (Committee) published an issues paper regarding its comprehensive inquiry into fintechs and regtechs in Australia....more

Jones Day

Australian Financial Services Subject to Perfect Storm of Enforcement

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Recent strategies and initiatives announced by Australia's corporate and prudential regulators and the Australian government's release in August 2019 of its Financial Services Royal Commission Implementation Roadmap provide a...more

BCLP

How is Open Banking Regulated?

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In previous posts in our BankBCLP.com series on this topic, we’ve attempted to define “open banking” and the ways in which it is attracting increasing industry attention through open APIs. As our series continues, we describe...more

K&L Gates LLP

Senate Committee Publishes Report and Recommendations on Regulation of Australian Buy Now Pay Later Industry

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Following on from the Senate Hearings in January 2019, the Economic References Committee (Committee) published its Report on credit and financial services targeted at Australians at risk of financial hardship....more

A&O Shearman

Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry: Key Themes in the...

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The final report (the Report) of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released on 4 February 2019. The Report provides 76...more

K&L Gates LLP

Australian Buy Now Pay Later Businesses Discuss the Utility of Open Banking Regime

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On 22 January 2018, two of the largest ‘buy now, pay later’ businesses in Australia, Afterpay and Zip.co, appeared at a hearing before the Senate’s Economic References Committee. During the Senate hearing, both Zip.co and...more

Latham & Watkins LLP

UK Government’s First FinTech Sector Strategy Launched at the International Fintech Conference

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The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector. At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer,...more

Moore & Van Allen PLLC

Anti-Money Laundering and Bank Secrecy Act Update

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After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more

Jones Day

Australia's Banking Executive Accountability Regime: A Dangerous Bill

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The Situation: On 22 September 2017, the Australian Government released a draft bill for the introduction of a Banking Executive Accountability Regime ("Proposed BEAR") allowing only five working days for submissions....more

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