ESAs to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from…

079April 11, 2024April 11, 2024

FCA sets out findings against Link Fund Solutions

Link Fund Solutions (LFS) failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), according to findings published by the FCA. The FCA found that between 31 July 2018 and the fund’s suspension on 3 June 2019, LFS failed to manage the liquidity of the fund…

081April 11, 2024April 11, 2024
In News

Improving regulatory guidance for registered liquidators

Check against delivery Good afternoon everyone. It’s great to be here today – thank you to ARITA for inviting ASIC to be a part of your national conference. I would like to begin by acknowledging the traditional owners and custodians of the land on which we meet today, the Yugambeh people. I pay my respects…

088April 11, 2024April 11, 2024

ASIC consults on misconduct reporting guidance for external administrators and controllers

ASIC has today released a consultation paper on proposed updates to its regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct. The proposed updates provide greater clarity on ASIC’s expectations of external administrators and controllers’ compliance with the reporting obligations and ASIC’s approach to the reports it receives….

00April 11, 2024April 11, 2024

ASIC action results in $1.25 million Court imposed penalty against AFSL ‘licensee for hire’ firm

Wholesale licensee Lanterne Fund Services Pty Ltd (Lanterne) has been ordered to pay a $1.25 million penalty by the Federal Court after it failed to comply with six of the general obligations of Australian financial services (AFS) licence holders. In proceedings brought by ASIC, the Court found Lanterne breached its AFS licence obligations between March…

076April 11, 2024April 11, 2024

Federal Court winds up retail OTC derivative issuer Prospero Markets Pty Ltd

The Federal Court has ordered that Prospero Markets Pty Ltd (Prospero) be wound up on just and equitable grounds and that liquidators be appointed following an application by ASIC. ASIC applied for these orders because it holds a broad range of concerns regarding the management of Prospero’s business, including in relation to compliance with its…

081April 11, 2024April 11, 2024
In News

The ESAs launch first recruitments to set up DORA joint oversight team

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published three vacancy notices in the context of the Digital Operational Resilience Act (DORA). This announcement comes as part of the establishment of a fully integrated team within the 3 ESAs (joint oversight team) to carry out the oversight of critical third-party providers (CTPPs)…

085April 10, 2024April 11, 2024

New way of paying for investment research proposed by the financial regulator

Analysis by the FCA shows that asset managers are largely getting the research they need under the current rules. However, the current options available to UK asset managers can be operationally complex and may, in some instances, favour larger asset managers. The current rules can also restrict UK asset managers’ ability to buy investment research…

082April 10, 2024April 11, 2024
In News

Improving picture for personal finances, but many still struggling

The regulator found 7.4m people were struggling to pay bills and credit repayments in January 2024, down from 10.9m in January 2023. This is still higher than the 5.8m recorded in February 2020, before the cost of living squeeze began. As the FCA confirms stronger protections for borrowers, the regulator is reminding those in financial…

082April 10, 2024April 11, 2024
In News

AAT reinstates Cameron Lindsay Duncan’s liquidator registration with conditions

Following an application to the Administrative Appeals Tribunal (AAT) for review of a liquidator’s Disciplinary Committee’s decision, the AAT has decided that Cameron Lindsay Duncan’s liquidator registration should be reinstated, subject to conditions, for such time as he remains a non-resident of Australia. Mr Duncan applied to the AAT for a review of the Committee’s…

081April 10, 2024April 11, 2024