Author: EMA Investments

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry. The FAR will impose a strengthened responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, and national competent authorities (NCAs) completed an analysis of the cross-border provision of investment services during 2022. The increase in the cross-border provision of financial services has benefits for consumers and firms, as it fosters competition, expands the offer available to...

What happens to my insurance policy? If you bought your insurance through MCE Insurance Limited, they acted as your insurance broker and you are insured by Sabre Insurance Company Limited FRN 202795 (‘Sabre Insurance’). Sabre Insurance are not affected by this administration and your policy is still in force. I need to amend my policy,...

ASIC has cancelled the Australian financial services (AFS) licence held by FTX Australia Pty Ltd (FTX Australia), effective from 14 July 2023. The terms of the cancellation include provisions that, until the end of 12 July 2024: FTX Australia may provide limited financial services that relate to the termination of existing derivatives with clients; and...

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its 2022 reports on the use by National Competent Authorities (NCAs) of sanctions under the Undertakings for Collective Investments in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD). The pattern evidenced by the reports throughout the years (since...

ASIC has issued an interim stop order on Clearview Life Assurance Limited’s (Clearview Life) Clearview ClearChoice Income Protection Cover and Accidental Income Protection Cover (Income Protection Cover). The stop order relates to two underlying products. ASIC issued the stop order because of deficiencies in the target market determination (TMD). This follows ASIC’s recent interim stop...

A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). The covenant, which came into effect...