The FCA has set out a package of measures designed to help strengthen the UK’s capital markets and position as a global and vibrant financial centre. Proposals for new public offers and admissions to trading regime Key to the package are proposed rules to establish the new Public Offers and Admissions to Trading Regime (POATRs),...
Author: EMA Investments
ASIC bans NSW adviser from providing financial services for five years and cancels the AFS licence held by his business
ASIC has banned NSW-based adviser Christopher Edward Luff from providing financial services for five years and has cancelled the AFS licence of his business, Build Your Wealth Pty Ltd (Build Your Wealth). Mr Luff was referred to an ASIC Delegate in relation to concerns about financial product advice he provided, his management of conflicts of...
FCA takes first enforcement action against firm enabling cryptoasset trading
CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers...
High Court approves plan to return WealthTek client assets and money
On 23 July 2024, Mr Justice Rajah in the High Court of Justice approved the Joint Special Administrators’ (JSAs) plan for returning client money and custody assets to WealthTek clients. This follows action taken by the FCA last year to protect clients from further harm after discovering serious regulatory and operational issues. The JSAs will...
New financial reporting and audit obligations for superannuation funds commence
On 1 July 2023, the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 came into force, extending the financial reporting and auditing obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act) to most registrable superannuation entities (funds). Superannuation trustees are now required to lodge audited financial reports for each fund within three...
EuropeFX director Pedro Sasso banned for five years
Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by ASIC from being a director of or controlling an entity that carries on a financial services business. EuropeFX was the corporate authorised representative (CAR) of former Australian financial services licensee, Union Standard International Group Pty Ltd (in liquidation)...
ASIC suspends Australian credit licence of John Adicho
ASIC has suspended Melbourne-based credit licensee John Adicho from engaging in credit assistance activities for a period of six months until 18 December 2024. Mr Adicho had been expelled from the Australian Financial Complaints Authority due to non-payment of fees, had failed to lodge six annual compliance certificates, and had failed to pay industry funding...
Annual ASIC insolvency data reveals increase in companies failing
ASIC’s annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011–12 and 2012–13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012. The current ratio...
ASIC sues COFCO International Australia Pty Ltd and COFCO Resources SA for futures market manipulation
ASIC has launched civil penalty proceedings in the Federal Court against COFCO International Australia Pty Ltd and COFCO Resources SA alleging the companies manipulated the ASX24 market for Eastern Australia Wheat futures January 2023 (WMF3) contracts. ASIC alleges COFCO manipulated contracts on 34 occasions between 17 January 2022 and 3 March 2022, placing orders shortly...
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