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ASIC bans Gold Coast adviser, stay application refused

ASIC has banned Gold Coast-based financial adviser Jeneve Matai from providing financial services for four years. The banning took effect on 13 December 2022. Mr Matai applied to the Administrative Appeals Tribunal (AAT) seeking a review and stay of ASIC’s decision. The AAT refused the stay application on 22 February 2023 but no hearing date...

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ESMA issues its 2022 Corporate Reporting Enforcement and Regulatory Activities Report

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its 2022 Corporate Reporting Enforcement and Regulatory Activities Report, providing an overview of activities carried out by ESMA and enforcers on financial and non-financial information and European Single Electronic Format (ESEF) reporting. ESMA assesses how issuers comply with...

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ASIC consults on remaking ‘sunsetting’ class orders on IDPS and IDPS-like schemes

ASIC is seeking feedback from operators of investor-directed portfolio services (IDPS) and responsible entities of IDPS-like schemes on proposals to remake ‘sunsetting’ class orders. Consultation Paper 369 (CP 369) Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763] sets out ASIC’s proposals on: Class Order [CO 13/762] Investor-directed portfolio services provided through a...

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ESMA consults on position calculations for Trade Repositories

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on amendments to its Guidelines for Trade Repositories (TRs) on position calculation under EMIR. In the consultation, ESMA is seeking input from market participants, in particular TRs and authorities with access to EMIR data, on the extent...

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Fong Financial Planners pleads guilty to dishonest conduct

On 24 March 2023, Fong Financial Planners Pty Ltd pleaded guilty in the Perth Magistrates Court to three charges of dishonest conduct while carrying on a financial services business. In 2014, whilst serving as an authorised representative of AMP, Fong Financial Planners acted dishonestly by recording information it knew to be false on forms submitted...

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ESMA updates its guidance on product governance

The European Securities and Markets Authority (ESMA), the EU’s Financial Markets Regulator and Supervisor, has published its Final Report on Guidelines on MiFID II product governance guidelines. The main amendments introduced to the guidelines concern: the specification of any sustainability-related objectives a product is compatible with; the practice of identifying a target market per cluster...

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ASIC releases February 2023 financial adviser exam results

ASIC releases February 2023 financial adviser exam results ASIC has released exam results from the 20th Financial Advisers Exam cycle, held in February 2023. The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to...

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Tasman Resources and Eden Innovations writes down intellectual property assets following ASIC review

Tasman Resources Limited (Tasman) and Eden Innovations Limited (Eden) have written down their intellectual property assets by $9.3 million in their interim financial reports for the half-year ended 31 December 2022, after ASIC raised concerns. Tasman holds a controlling interest in Eden and, accordingly, Eden’s net assets are consolidated by Tasman. Following a review of...

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Criminal market abuse regime review completion

The FCA welcomes the Government’s statement on the completion of the criminal market abuse regime review. The Government is considering how to take forward the recommendations to strengthen the regime as part of the Future Regulatory Review program. It is a priority for us to raise standards across the firms we regulate, as market abuse...