ASIC has disqualified Mr Craig Simpson Turnbull from managing corporations for five years due to his involvement in the failure of two companies. Between 27 November 2007 and 25 May 2022, Mr Turnbull was a director of: 53/53 Pty Ltd ACN 128 659 807; and Next Gen Operations Pty Ltd ACN 604 881 085. Both...
Author: EMA Investments
ASIC builds on regtech innovation initiative into poor market disclosure
Key points ASIC will work with a regtech entity to develop a proof of concept for a proposed solution to the market disclosure challenge. This is part of the Australian Government sponsored program – the Business Research and Innovation Initiative (BRII) Regulatory Technology Round. The BRII RegTech Round aims to assess the potential of regtech...
US dollar LIBOR panel – 1 month to go
FCA issues final messages before the important end-June 2023 deadline. It is now 1 month until the US dollar LIBOR panel ends on 30 June 2023. This is the last remaining LIBOR panel and its end marks another critical milestone in the transition away from LIBOR. In November 2022, we consulted on our proposals for...
Amended rules for transparency calculations to start applying on 5 June 2023
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today informs stakeholders that the amended RTS 1 and RTS 2, under MiFIR, will start applying on 5 June 2023. Some of the amendments will have an impact on the transparency calculations for equity, equity-like and non-equity instruments. Change of the...
ASIC to extend date for financial adviser registration requirement
Key points ASIC is extending the date by which financial advisers must be registered to 1 October 2023. After the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 has passed into law ASIC will issue regulatory guidance, conduct webinars, and open the registration portal to commence accepting applications for registration. ASIC will extend the...
Joint statement from FCA, PRA and Bank of England on the government’s proposed amendments to the CCP run-off regime
The FCA and the PRA are responsible for the supervision of regulated banks to which certain central counterparties (CCPs) provide services. The Bank of England is responsible for the supervision of CCPs in the UK. The FCA, the PRA and the Bank of England (the regulators) welcome HM Treasury’s statement and the government’s proposed amendments...
Former listed company director charged with failing to disclose interests and providing false information to ASX
Former Copper Strike Limited director, Mr Harry Hatch (Hatgikyriazis), of North Melbourne, Victoria, has appeared in the Melbourne Magistrates Court charged with multiple offences relating to his time as director of the listed company. Mr Hatch has been charged with: three counts of failing to take reasonable steps to comply with disclosing his interests in...
ASIC signs MoU with the National Offshore Petroleum Safety and Environmental Management Authority
ASIC has signed a new Memorandum of Understanding (MoU) with the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), regarding mutual assistance in the supervision and oversight of offshore oil and gas companies in Australia. Through the MoU, ASIC and NOPSEMA express their willingness to cooperate with each other in the interest of fulfilling...
ESMA highlights risks arising from investment firms providing unregulated products and services
The European Securities and Markets Authority (ESMA, the EU’s financial markets and securities regulator, today issued a public statement to warn investors of risks that arise when investment firms offer both regulated and unregulated products and/or services. Retail investors often rely solely on the reputation of an investment firm which makes them susceptible to overlooking...
Lenders to pay out up to £47m in redress to borrowers in difficulty
The FCA has worked with almost 100 lenders on how they treat borrowers in financial difficulty and has sought significant improvements from many of them. Issues identified included not adequately tailoring support to individual circumstances, failing to respond appropriately to customers with characteristics of vulnerability, and not effectively engaging with customers about money guidance and...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.