•    Westpac Banking Corporation has paid a penalty of A$127,250 to comply with an infringement notice issued by ASIC in response to an alleged breach of the market regulator's derivative transactions reporting rules. This is the first notice issued and penalty paid under these ASIC rules, which require counterparties to report derivative transaction and position information to derivative trade repositories. From 2 October 2013 to 30 April 2015, Westpac failed to report information on 112,556 reportable transactions as required under the ASIC rules.•    The Victorian Government has appointed Cassandra Kelly, currently deputy chair of the Board of the Treasury Corporation of Victoria, to the role of chair and Helen Thornton to the role of deputy chair of TCV, effective from 1 July 2017. This follows the resignation of previous chair Robert Hunt after more than seven years of service. Kelly has extensive experience advising on finance, risk, strategy and policy, is the co-founder and chair of corporate advisory Pottinger and an expert advisor to the G20/B20 on matters of digitalisation and health, and previously infrastructure, finance and growth. Thornton has extensive experience in risk management, audit, finance, strategy and corporate governance.  â€¢    South Australia's state-based version of the federal bank levy is unlikely to be the last tax increase for Australia's major banks, mortgagebusiness.com.au reports. The publication cites UBS analyst Jonathan Mott UBS warning that "although South Australia's levy of A$97 million across the majors and Macquarie is insignificant (at around 20 basis points of pre-tax profit) it is an outcome many investors had feared." It is possible other states will follow SA's lead and introduce further levies on the banks. Mott also points out that a similar bank levy introduced in the UK was subsequently raised nine times.•    Any Commonwealth Bank customer who is paying off the home they live in will receive a reduction of three basis points, effective from 7 July 2017. The new lower standard variable rate will be 5.22 per cent per annum. The CBA said around 80 per cent of owner-occupier customers are repaying principal and interest. A customer with a mortgage of A$350,000 will save $78 a year. Conversely, CBA's interest-only home loan customers will find making repayments just a bit more onerous, with the rates for owner-occupiers and investors set to increase by 30 basis points.