The Financial Conduct Authority (FCA) has authorized the first Long Term Asset Fund (LTAF). The LTAF is a new category of an open-ended authorized fund designed to invest efficiently in long-term assets. The FCA enabled the innovation by creating a new regulatory regime which came into force in 2021. Sarah Pritchard, Executive Director of Supervision, Policy...
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To collect Treasury’s economic crime levy (Anti-Money Laundering) from July
The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime. The levy will be collected for the Government by HM Revenue and Customs (HMRC), the FCA, and the Gambling Commission. The ECL will apply to AML-regulated businesses including: credit institutions financial institutions auditors, insolvency practitioners, external accountants, and tax...
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Driving success through embracing equity
Sarah Pritchard Executive Director, Markets How we all have a role to play in creating a more inclusive world. We do not all start at the same place Equity – this year’s focus for International Women’s Day – means creating an inclusive world; one where we recognize that not everyone starts from the same place....
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Bank of England, FCA, PRA and PSR conduct 2022 review of Memorandum of Understanding for payment systems in the UK
The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Payment Systems Regulator (PSR) have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK. The Financial Services (Banking Reform Act)...
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FCA takes further action against unregistered crypto ATMs in East London
The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector. In a joint operation with the Metropolitan Police, the FCA inspected several sites, using its enforcement powers. Mark Steward, Executive Director of Enforcement and Market Oversight...
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Holdings restates revenue and improves business risk disclosure following ASIC review
N1 Holdings Limited (N1H) has restated its 2022 revenue in its financial report for the half year ended 31 December 2022, following ASIC’s review of N1H’s financial report for the year ended 30 June 2022. As part of its financial reporting surveillance program, ASIC raised concerns about N1H’s treatment of loan establishment fees and the...
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Emeco writes down value of a trade receivable and improves business risk disclosure
Following inquiries by ASIC, Emeco Holdings Limited (Emeco) has recorded a specific expected credit allowance of $22.9 million in its half-year financial report for the period ending 31 December 2022. Emeco recognized a $22.9 million expense to a specific expected credit loss allowance in its Interim Financial Report for the half-year ended 31 December 2022....
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IDP Education adjusts contingent liability disclosure following ASIC review
IDP Education Limited (IDP) has adjusted its disclosure of a contingent liability in its financial report for the half-year ended 31 December 2022, following ASIC’s review of its financial report for the year ended 30 June 2022. IDP’s estimate of the contingent liability, which relates to Goods and Services Tax (GST) matters in dispute with...
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ESMA and ACER update Memorandum of Understanding to strengthen cooperation
The European Securities and Markets Authority (ESMA) and the EU Agency for the Cooperation of Energy Regulators (ACER) have signed an updated Memorandum of Understanding (MoU) which strengthens collaboration between the two institutions. The MoU notably incorporates new cooperation areas under the market correction mechanism (MCM) Regulation and benchmarks related to the energy sector. It...
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CYSEC Board Decision
Announcement date: 06.03.2023 Board decision date: 05.12.2022 Regarding: Maxiflex Ltd Legislation: The Investment Services and Activities and Regulated Markets Law Subject: Withdrawal of CIF license Ruling: The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on its meeting of 5th December 2022, decided to withdraw the Cyprus Investment Firm authorization of Maxiflex Ltd (‘the Company’),...
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