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Wellington Court Financial Services Limited has had its temporary permissions revoked. This means the firm can no longer conduct regulated activity in the UK.

We previously set out our expectations of firms in the Temporary Permissions Regime (TPR). If they missed their landing slot or failed to apply by 31 December 2022, we expected them to voluntarily cancel their temporary permissions. If this did not happen, we would act to cancel a firm’s permissions as the TPR should only be used by...

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FCA places restrictions on London Court Ltd

Our actions mean that London Court Ltd cannot conduct regulated activities for either new clients or new investments. It can however provide bond administration and ISA management services to existing clients and investments they already hold. Why have we taken this action? We are concerned that London Court Ltd has inadequate systems and controls in...

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Dean George Scook charged with stealing

Mr Dean George Scook, of Victoria Park, Western Australia has appeared in the Perth Magistrates Court charged with eleven counts of stealing as an officer of a company. ASIC alleges that on eleven occasions between 22 August 2018 and 24 June 2019, Mr Scook stole funds totalling $675,196 from Rock Mining Australia Pty Ltd. ASIC...

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ESMA consults on the potential impact of shortening the standard settlement cycle

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launches a Call for Evidence (CfE) on the shortening of the settlement cycle. Stakeholders are invited to provide their input by 15 December 2023. The Call for Evidence will help ESMA to assess the costs and benefits of a possible...

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ESMA publishes second consultation on crypto market rules

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a second consultation package under the Markets in Crypto-Assets Regulation (MiCA). Stakeholders are encouraged to provide their feedback to this consultation by 14 December 2023. In the documents published today, ESMA is seeking input on five sets of proposed...

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Shine Justice improves disclosure of unbilled disbursements and disbursements funding interest following ASIC review

Following an ASIC review, Shine Justice Limited (Shine) has significantly improved disclosure of the accounting for unbilled disbursements and disbursement funding interest in its 30 June 2023 financial report to provide clarity and transparency over these matters. Previously, Shine did not disclose either the interest expense on its disbursement funding facility or the interest it...

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ASIC bans former insurance adviser for three years

ASIC has banned former insurance adviser John Durant, of Gosford, NSW from providing financial services, controlling an entity that carries on a financial services business, or performing as an officer any function involved in the carrying on of a financial services business for three years, after finding that he is not a fit and proper...

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ESAs publish Joint Committee Work Programme for 2024

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) publishes today its Work Programme for 2024, outlining the areas of work and planned deliverables in 2024. During the year 2024, the Joint Committee will focus on the following areas: consumer and investor protection, operational resilience, financial conglomerates, and securitisation....

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Federal Court orders Provide Capital to produce documents

The Federal Court has ordered Provide Nominees Pty Ltd, trading as Provide Capital, to produce documents that it failed to produce, without reasonable excuse, in response to a notice issued by ASIC. ASIC sought the documents and subsequently the orders, as part of an ongoing investigation into Provide Capital. Provide Capital, an investment company, had...