ASIC has disqualified Gene Robert Farrelly from managing corporations for five years due to his involvement in the failure of five companies. Since February 2012, Mr Farrelly was the director of five companies that entered liquidation: United Project Partners Pty Ltd (ACN 155 849 399) (UPP); Secure Holdings Qld Pty Ltd (ACN 162 409 181)...
Author: EMA Investments
Openmarkets pays record $4.5 million penalty, enters enforceable undertaking, former Head of Trading banned
Openmarkets Australia Limited (ACN 090 472 012) (Openmarkets) has paid the largest ever penalty imposed by the Markets Disciplinary Panel (MDP) of $4.5 million and entered into an enforceable undertaking in order to comply with an infringement notice issued by the MDP. Openmarkets has a history of compliance failures (including a 2017 MDP infringement notice) which...
We welcome the consultation on a new Code of Conduct for Environmental, Social and Governance data and ratings providers
As firms grow increasingly reliant on third party ESG data and ratings products, we support this industry-led solution to increase transparency and trust in this growing market. We are pleased to welcome the launch of the industry group’s consultation on a voluntary Code of Conduct. In 2022, we appointed the International Capital Market Association and...
Financial regulator sets out further reforms to improve markets and bolster competitiveness
A series of measures to help strengthen the UK’s leading position as a global and vibrant financial centre have been announced by the FCA. To help all investors make better, more timely decisions, the FCA is proposing to set up a consolidated tape (CT), so they can get clear and low-cost trading data. A CT...
ASIC acts to ensure better banking outcomes for Indigenous consumers
An ASIC review has found that some individuals in high-fee transaction accounts, including First Nations people, are paying up to $3000 in overdraw fees over a year. Banks need to do more to assist such customers to move into low-fee accounts. The Better Banking for Indigenous Consumers Project reviewed target market determinations (TMDs) for both...
City Credit Capital (UK) Ltd (CCCUK) enters administration
On 30 June 2023, Gary Paul Shankland and Jamie Taylor of Begbies Traynor (Central) LLP and Christopher Andersen of AABRS Limited were appointed as Joint Administrators of CCCUK following an application by CCCUK’s directors. CCCUK (FRN 232015) is a firm that provides Contracts for Difference for retail and professional clients. CCCUK was authorised in 2004....
FCA bans Paul Steel for unsuitable defined benefit transfer advice with £850k to be paid in redress
The FCA has banned Paul Steel of Estate Matters Financial Ltd (EMF) from working in financial services. He will also pay £850,000 to the Financial Services Compensation Scheme (FSCS). Mr Steel provided unsuitable advice to customers to transfer out of defined benefit pension schemes, including the British Steel Pension Scheme (BSPS). He also showed a...
Select AFSL, related companies and managing director penalised a combined $13.6 million
The Federal Court has imposed combined penalties of $13.5 million on Select AFSL Pty Ltd (Select), BlueInc Services Pty Ltd (BlueInc) and Insurance Marketing Services Pty Ltd (IMS) for engaging in unconscionable conduct and other contraventions of financial services laws when selling life, funeral and accidental injury insurance. The Court also imposed a penalty of...
ESMA publishes second overview of national rules governing fund marketing
The European Securities and Markets Authority (ESMA), the EU securities markets regulator and supervisor, has submitted to the European Parliament, the Council and the European Commission its second report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds. The key findings are the following: The transposition of...
The US dollar LIBOR panel has now ceased
This marks another critical milestone in the transition away from LIBOR. Overnight and 12-month US dollar LIBOR settings have now permanently ceased. 1-, 3- and 6-month US dollar LIBOR settings will continue to be published using a synthetic methodology until September 2024. The US dollar LIBOR bank panel ended on the 30 June 2023. This...
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