•    The government has drafted regulations and provided explanatory material to amend the levies in the industry funding framework for the Australian Securities and Investments Commission. Under this funding model, ASIC's costs of regulation are borne by those that have created the need for it. Amendments include establishing new industry subsectors for crowd-sourced funding intermediaries and financial benchmark administrators; and creating separate industry subsectors for small and large credit rating agencies. Submissions are due by 14 May 2018.•    Law firm Quinn Emanuel Urquhart & Sullivan is investigating a class action against Australian financial services giant AMP, which has admitted to lying to customers and regulators and has lost A$1 billion in shareholder value since early March. QE intends to pursue the class action with backing from Burford Capital, a global finance firm. The firms said the conduct admitted at the Royal Commission is starkly at odds with AMP's responsibilities and shareholders' legitimate expectations, requiring redress so that AMP's shareholders could recover the value that has been lost.•    New Zealand Commerce and Consumer Affairs Minister Kris Faafoi told interest.co.nz he wants to see "more momentum" from Payments NZ on open banking with the hope that it will have the technology and standards ready by the end of this year. Although he says he is happy with the work to date by Payments NZ, Faafoi has not ruled out forcing New Zealand's banks to proceed with open banking if they do not move fast enough of their own accord. He told interest.co.nz he was watching very closely to ensure contracts between the banks and third parties are reasonably standardised, warning banks they will need to agree on the shape of such contracts to make sure fintechs have "fair and reasonable access" to data.