NAB makes regulatory commitment
National Australia Bank (NAB) will submit a number of reports to the Australian Securities and Investments Commission (ASIC) as part of its efforts to repair the damage caused by the foreign exchange options scandal that enveloped the company earlier this year.
ASIC said in an announcement today that it had received an “enforceable undertaking” from NAB, committing the bank to steps including providing the regulator with a series of externally audited reports on issues such as how NAB identifies and records breaches of ASIC rules, and the way it selects “responsible officers” to monitor the enforcement of these regulations.
The bank will also give ASIC copies of reports it submits to the Australian Prudential Regulation Authority (APRA).
NAB’s commitment to ASIC follows promises from the bank’s senior management to comply with the findings of investigations into the trading fiasco by PricewaterhouseCoopers (PWC) and APRA.
“We are now working hard to implement initiatives in the PWC report and the requirements of both APRA and ASIC,” said John Stewart, NAB’s chief executive.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Why bank stablecoin projects get stuck in the sandbox
Five years ago, a wave of banks launched stablecoin projects, but most never got beyond the testing phase
Banks fear US cross-product capital relief will fall short
Proposal to treat repo as futures for SA-CCR may not do enough to support UST clearing mandate
AI governance rules coming soon, says CFTC chair
Selig doesn’t want to stifle innovation, but says trading or advice algos will need guardrails
For Esma the supervisor, people power will be prime
Industry hopes to avoid people risk during transition, with help from national authorities
Basel III endgame: overall relief hides winners and losers
G-Sibs gain from surcharge reform while AOCI hits regional banks
One thing missing from US Basel III proposal: a deadline
Without a deadline, risk teams will struggle to secure resources to begin implementation projects
In simplifying credit risk models, EBA could compound capital costs
Skipping hard yards of internal ratings-based approach might trip higher capital charges and implementation costs
Change fatigue could dim EBA’s credit risk simplicity drive
Revisions may be kept to a minimum as short-term implementation burden weighs on banks
