The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of its Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in March on various important topics such as the Market Correction Mechanism (MCM) and our cooperation with ACER –...
Author: EMA Investments
Restrictions placed on Mrs Lisa Campbell
On 3 April 2023, we imposed a number of conditions on the approval of Mrs Lisa Campbell as a senior manager of Campbell & Associates Independent Financial Advice Limited. These conditions prevent Mrs Campbell from performing any activity for which she has approval, without the FCA’s written consent. We have taken this action because of...
Federal Court finds current and former officers of Linchpin and Endeavour breached duties
The Federal Court has found four current and former directors of Endeavour Securities (Australia) Ltd (in liquidation) (Endeavour) and Linchpin Capital Group Ltd (in liquidation) (Linchpin) breached their duties as officers of a responsible entity of a registered managed investment scheme and did not act in the best interests of members. ASIC Deputy Chair Sarah...
ASIC sues Auto & General Insurance Company for alleged unfair contract terms in insurance
ASIC has commenced the first proceedings alleging unfair contract terms in an insurance contract. The case involves standard form home and contents insurance contracts issued by Auto & General Insurance Company Limited (Auto & General). ASIC alleges that since 5 April 2021, a contract term requiring customers of Auto & General to notify it ‘if...
FCA announces decision on synthetic US dollar LIBOR
In November 2022, we consulted on proposals to require the continued publication of 1-, 3- and 6-month synthetic US dollar LIBOR after 30 June 2023 when the US dollar LIBOR panel is due to cease. In line with that consultation, we have decided to require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA), to continue the...
Charges against David Mark Anderson withdrawn
On 30 March 2023, the Commonwealth Director of Public Prosecutions (CDPP) withdrew charges against David Mark Anderson. Mr Anderson had been facing 27 charges of fraud (19-126MR). The prosecution had alleged that between 18 June 2012 and 21 September 2015, Mr Anderson, while a director of Octaviar Investment Holdings No 3 Pty Ltd (OIH3), dishonestly...
Samuel Tessa sentenced for obtaining property and financial advantage by deception
On 30 March 2023, Samuel Trubnik Tessa was sentenced to two years and 10 months imprisonment, with a non-parole period of one year and eight months. Mr Tessa was found guilty of five counts of obtaining property by deception and two counts of obtaining financial advantage by deception, relating to the sale of false business...
ASIC and IOSCO report on combatting retail market misconduct
The International Organization of Securities Commissions (IOSCO) has today published a report calling for greater international collaboration and cooperation to combat cross-border scams, greenwashing, misconduct, and fraud. ASIC Chair Joe Longo said, ‘Scams, misconduct, and harmful practices targeting retail investors do not respect borders. ASIC co-chaired the task force that wrote the report and supports...
ESMA provides guidance for supervision of copy trading services
The European Securities and Markets Authority (ESMA) the EU’s financial markets regulator and supervisor, publishes today a supervisory briefing on firms offering copy trading services, in accordance with its objective of fostering investor protection and actively promoting supervisory convergence across the Union. This briefing includes guidance on the qualification of copy trading services as an...
ESMA issues Statement on the Derivatives Trading Obligation
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Public Statement on the DTO in the context of the migration of credit default swap contracts out of ICE Clear Europe. The objective of this statement is to support the orderly migration of positions from ICE Clear...
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