Author: EMA Investments

The FCA plans to take another significant step in its work to combat illegal and non-compliant financial promotions. The proposals for new social media guidance will modernise the information firms should use when promoting financial products or services online. For example, the FCA is consulting on extending its guidance to reflect the current ways social...

ASIC has disqualified Matthew John Reid, from Brown Hill, Victoria, from managing corporations for four years due to his involvement in the failure of three companies. Between 27 June 2017 to 18 October 2021, Mr Reid was a director of: BMT Contracting Pty Ltd ACN 620 035 565; BMT Communications Pty Ltd ACN 620 036...

ASIC has been successful in its action against Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHF Solutions), with the Federal Court finding that both companies engaged in credit activities without holding an Australian credit licence. ASIC also obtained permanent injunctions against Cigno and BHF Solutions to protect consumers. The decision follows a series...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its follow-up report to the peer review on certain aspects of the compliance function under MiFID I. The report shows that, overall, the National Competent Authorities (NCAs) assessed improved their practices following the 2017 peer reviews findings and...

The FCA has fined Bastion Capital London Limited (in liquidation) £2,452,700 for serious financial crime control failings in relation to cum-ex trading. They failed to manage the risk of being used to facilitate fraudulent trading and money laundering. Between January 2014 and September 2015 Bastion executed trading to the value of approximately £49bn in Danish...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its first consultation package under the Markets in Crypto-Assets Regulation and invites comments from stakeholders by 20 September 2023. In this first of three consultation packages, ESMA is seeking input on proposed rules for crypto-asset service providers (CASPs), in...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is today releasing the Final Report on the feedback received to the 2022 Call for Evidence on pre-hedging. ESMA concludes that pre-hedging is a voluntary market practice which might give rise to conflicts of interest or abusive behaviours. Whereas ESMA does...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a Public Statement on the sustainability disclosure expected to be included in prospectuses. The statement sets out ESMA’s expectations on how the specific disclosure requirements of the Prospectus Regulation in relation to sustainability-related matters in equity and non-equity prospectuses...