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WARNING

The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity that has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017. • metexo.com • inforexeu.com • et-fx.com...

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Short Term Finance Ltd enters Creditors Voluntary Liquidation

On 19 January 2023, Short Term Finance Ltd entered creditors’ voluntary liquidation. Michael Solomons and Milan Vuceljic of Moorfields Advisory Ltd were appointed Joint Liquidators. Short Term Finance Ltd is a high-cost lender based in Birmingham. It offered customers home-collected cash loans of between £100 and £300, with a maximum repayment term of 16 weeks....

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Home finance companies and directors to pay $150,000 for failing to cooperate with AFCA

Home finance companies General Commercial Group Pty Ltd (formerly known as Urban Commercial Group) and Eden Capital (Australia) Pty Ltd (formerly known as Southside Lending) have each been penalised $50,000 by the Federal Court for failing to cooperate with the Australian Financial Complaints Authority (AFCA). General Commercial director Dale Brendan Heremaia and his son, Eden...

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ESMA ANALYSES PRELIMINARY EFFECTS OF MARKET CORRECTION MECHANISM ON EU NATURAL GAS DERIVATIVE MARKET

The report describes the structure and main participants in the EU natural gas derivative market. It focuses on market indicators aimed at assessing the potential effects of the adoption of the MCM. Based on available data at this point in time, ESMA has not identified significant impacts resulting from the adoption of the MCM Regulation...

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ESMA TEMPORARILY DISABLES SUBMISSIONS TO OPEN CONSULTATIONS AND HEARINGS

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, will launch its revamped website on Tuesday, 24 January 2023. To allow a smooth transition and prevent the loss of any submissions, all open consultations and hearings will be temporarily closed for new entries between 22 January at 18:00 CET and...

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British Steel pension redress scheme legal challenge

A legal challenge has been made against our decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members. The challenge has been made by a number of pension advisory firms that are members of the British Steel Action Group and advised by FS Law (also known as FS Legal Solicitors...

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Thematic review of retirement income advice

This review is a piece of discovery work to explore how financial adviser firms deliver retirement income advice and assess the quality of outcomes consumers get. What has prompted this work The introduction of the Government’s pension freedom reforms has changed how consumers access their retirement savings. Given the wider range of retirement options available,...

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ESMA PUBLISHES LATEST EDITION OF ITS NEWSLETTER

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 on the launch of the new visual identity. ESMA is all about fostering the effectiveness and stability of EU...

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23-008MR Midway Limited pays $33,000 infringement notice penalty for alleged continuous disclosure breach

Australian wood-fibre processor and exporter Midway Limited has paid a $33,000 infringement notice over ASIC concerns that it failed to comply with its continuous disclosure obligations. ASIC issued the infringement notice following an investigation into announcements made by Midway on the Australian Securities Exchange (ASX). ASIC alleges that on 11 February 2022, Midway became aware...

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Michael Nascimento sentenced for failing to pay confiscation order

Michael Nascimento has been sentenced to an additional almost four years in prison for failing to pay a confiscation order made against him. In 2018, Mr Nascimento was sentenced to 11 years’ imprisonment for his role in a £2.8 million investment fraud, where he was convicted with five associates of defrauding investors through a series...