The European Securities and Markets Authority (ESMA) the EU’s financial markets regulator and supervisor, has sent a letter to the European Parliament and Council raising concerns with proposed changes to the insider list regime in the Markets Abuse Regulation. The proposed changes, which were put forward by the European Commission in December 2022 as part...
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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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Senate Economics Legislation Committee Senate Estimates – Opening statement – 16 February 2023
Opening statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee Senate Estimates, 16 February 2023. Check against delivery I am pleased to appear before the Committee today. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioner Danielle Press, Chief Operating Officer Warren Day, Executive Director of Strategy Greg...
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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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How we can help consumers cope during the cost of living squeeze
Sheldon Mills Executive Director, Consumers, and Competition The FCA is working hard to make sure firms treat customers fairly during the cost of living pressures. The days may be getting lighter, but the nights are still far too long and sleepless for many as they contemplate the heavy burden of the cost of living. Rising...
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Restrictions placed on Nexus Independent Financial Advisers and Nexus Investment Managers
On 25 January 2023, we imposed a number of restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers preventing them from carrying out any regulated activities and restricting access to their assets due to concerns about the use of certain funds that appear to have been withdrawn by a senior individual in the firms....
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ASIC disqualifies director from managing corporations for five years after engaging in illegal phoenix activity
ASIC has disqualified Queensland-based director Aaron Luke Vasicek from managing companies for five years for his involvement in four failed companies. Between 2010 and 2018, Mr Vasicek was a director of: Tazzy Tyres Wholesale Pty Ltd (ACN 614 938 939) Tazzy Tyres Accessories Pty Ltd (ACN 142 192 032) Tazzy Tyres Retail Pty Ltd (ACN...
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ASIC cancels registration of 374 SMSF auditors
ASIC has canceled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. ASIC Commissioner Danielle Press said, ‘SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, which holds more than $865 billion in assets in over 600,000 funds. It is...
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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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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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