ASIC has commenced civil penalty proceedings in the Federal Court against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers. ASIC alleges that Bit Trade failed to comply with the design and distribution obligations for the margin trading product it offers Australian customers on the Kraken exchange. ASIC’s case focuses on...
Author: EMA Investments
Home » Archives for EMA Investments » Page 251
Post
FCA sets out initial findings on bank account access and closures
The FCA has published the findings of its initial data exercise on bank account access and closures. The information supplied by banks, building societies and payment companies suggests that no firm closed an account between July 2022 and June 2023 primarily because of a customer’s political views. The Payment Accounts Regulations ban banks or building...
Post
Interactive Brokers pays $832,500 penalty for ‘negligent’ and ‘reckless’ conduct
Market participant Interactive Brokers Australia Pty Ltd (ACN 166 929 568) (Interactive Brokers) has paid a penalty of $832,500 to comply with an infringement notice from the Market Disciplinary Panel (MDP). The outcome follows the MDP finding that Interactive Brokers was ‘negligent’ in its failure to identify suspicious trading conducted by one of its clients....
Post
ASIC extends date for financial adviser registration requirement
ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024. The reason for the further extension is that the Treasury Laws Amendment...
Post
ESAs warn of risks resulting from a fragile economic outlook
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty, and call for vigilance...
Post
ASIC releases August 2023 financial adviser exam results
ASIC has released exam results from the 22nd Financial Advisers Exam cycle, held in August 2023. The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to the same standard. In this exam cycle:...
Post
Review of later-life mortgages finds poor advice and misleading promotions
In a review of later life mortgage firms, the Financial Conduct Authority has worked with the largest firms to improve their advice processes and prompted the removal or amendment of almost 400 misleading promotions. A later life mortgage is the most popular type of equity release catered to homeowners who want to release money tied...
Post
ASIC consults on insolvent trading guidance
ASIC has released Consultation Paper 372 Guidance on insolvent trading safe harbour provisions: Update to RG 217 seeking feedback on our proposed updates to Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217). CP 372 is seeking feedback on ASIC’s proposed approach to: updating existing guidance to include information about when...
Post
FCA bans Keith Dickinson and Andrew Allen for British Steel Pension Scheme advice failings, with £155k to be paid in compensation
The FCA found that between June 2015 and December 2017, Mr Dickinson provided pension transfer advice, which Mr Allen signed off, that was unsuitable. Mr Dickinson and Mr Allen will pay £70,000 and £85,606, respectively, to the Financial Services Compensation Scheme (FSCS) to contribute towards the compensation owed to Mansion Park’s customers. The FSCS has...
Post
New screening checks required to approve financial adverts
Firms approving financial marketing for unregulated firms will have to demonstrate they have the necessary skills and expertise to approve adverts. Those signing them off must understand the product, to ensure the promotion is accurate and fairly balances risk and reward. Previously, any firm authorised by the FCA could approve promotions on behalf of firms...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.