Trevor William King of Sydney, New South Wales, was sentenced in Parramatta Local Court on 10 February 2023 to a 14-month intensive corrections order after making false documents to obtain a financial advantage, contrary to s253(b)(ii) of the Crimes Act 1900 (NSW). Between 2 July 2013 and 12 May 2016, Mr. King created 74 false documents in support...
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Former Legacy Iron Ore managing director sentenced for stealing
On 9 February 2023, Sharon Kia Le Heng of Perth, Western Australia, was convicted and sentenced in the Perth District Court for stealing $725,639.50 from Legacy Iron Ore Limited (Legacy), a publicly listed entity. Ms. Heng was sentenced to three years imprisonment, wholly suspended for two years. Ms. Heng was the founding director of Legacy...
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ASIC cancels licence of Family Wealth Strategy Pty Ltd
ASIC has canceled the Australian financial services (AFS) license of Family Wealth Strategy Pty Ltd (489148). The license was canceled on the basis that Family Wealth Strategy Pty Ltd is no longer carrying on a financial services business. ASIC may cancel an AFS license held by an individual or corporate entity if the person or...
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calls for improved material business risk disclosure in annual reports
ASIC reminds company directors to ensure material business risks are adequately disclosed in annual reports, to better inform shareholders and prospective investors. ASIC’s ongoing financial reporting surveillance program and subsequent inquiries of a selection of 2022 annual reports have led to a further four listed entities disclosing material business risks. This follows five entities providing...
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ESMA sees high risks amid fragile markets
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes the first Trends, Risks, and Vulnerabilities (TRV) Report of 2023. Overall, risks in ESMA’s remit remain high, and investors should be prepared for further market corrections. Verena Ross, Chair, said: “Financial markets remained remarkably stable in 2H22, despite the...
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WARNING
The Cyprus Securities and Exchange Commission (‘CySEC’) informs the investment public that the website below does not belong to an entity registered with CySEC’s register as Crypto Asset Service Provider, as provided by article 61E of the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 20071 , as amended. • www.ims-crypto.com
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ESMA report finds EU MMF industry at close to €1.5tn
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published its inaugural market report on European Union (EU) Money Market Funds (MMF). With this report, ESMA provides for the first time a comprehensive market-level view of EU MMFs, based on supervisory information collected by National Competent Authorities (NCAs) and...
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How to organise a COO
Speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, delivered at the Armstrong Wolfe COO Summit 2023: Non-financial Risk Emily Shepperd Speaker: Emily Shepperd, Chief Operating Officer and Executive Director of Authorisation Event: Armstrong Wolfe COO Summit 2023: Non-financial Risk Delivered: 7 February 2023 Note: This is the published version of the...
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British steel pension scheme misleading offers – update
On 26 January we set out concerns about an emerging practice where some firms were making unsolicited offers to former BSPS members, ahead of the redress scheme which begins on 28 February. Under the scheme, firms will have to review the advice they gave and pay redress to those who lost money because of unsuitable...
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Don George Evans sentenced for conspiring to manipulate Quantum shares
On 31 January 2023, Don George Evans of Woodlands, Western Australia, was sentenced in the Supreme Court of Western Australia to 12 months’ imprisonment. Mr Evans will be released immediately upon entering into a recognisance of $5000, to be of good behaviour for two years. Mr Evans was sentenced for conspiring with former Quantum Resources...
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