ASIC has released our 2021-22 annual dashboard outlining our regulatory costs by sector and subsector under the industry funding model (IFM). We have also published details about the variance between our estimated and actual costs by subsector. 2021-22 levies under the IFM are based on our actual regulatory costs for each subsector and invoices for...
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PROVIDES GUIDANCE FOR SUPERVISION OF CROSS-BORDER ACTIVITIES OF INVESTMENT FIRMS
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a Supervisory Briefing to ensure convergence across the European Union (EU) in the supervision of the cross-border activities of investment firms. The free provision of services in the EU rests on the supervision of the home NCA and on...
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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 the November edition of its Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets features an update on the memorandums of understanding (MoUs) between ESMA and non-EU authorities responsible for CCPs and a statement...
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ESAS PUBLISH JOINT ADVICE TO THE EU COMMISSION ON THE REVIEW OF THE SECURITISATION PRUDENTIAL FRAMEWORK
The three European Supervisory Authorities (EBA, EIOPA, and ESMA – ESAs) today published a joint advice in response to the European Commission’s October 2021 call for advice on the review of the prudential securitization framework. The ESAs welcome the current review as an opportunity to assess the performance of the current framework and support the...
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ASIC sues McPherson’s and its former CEO alleging continuous disclosure and directors’ duties breaches, misleading statements
ASIC has commenced proceedings in the Federal Court against health, beauty, and wellness company McPherson’s Limited (ASX: MCP) for allegedly breaching its continuous disclosure obligations and engaging in misleading or deceptive conduct during capital raising in late 2020. On 20 October 2020, McPherson provided earnings guidance to the ASX forecasting growth in profit before tax...
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ASIC commences proceedings against OnePath Life alleging utmost good faith breach
ASIC has commenced proceedings in the Federal Court against insurance company OnePath Life Limited (OnePath Life), alleging it failed to comply with its duty to act with utmost good faith during claims handling. This is the first time ASIC is seeking financial penalties for a breach of this duty, following the introduction of new civil...
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Support available for mortgages as interest rates rise
Interest rates have been rising since December 2021. But the recent rise, coupled with the higher cost of living, may mean you’re worried about how to support yourself and your family. If you’re looking for a new mortgage you might be worried about whether you’ll be accepted by lenders. If you’d like advice on a...
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Former financial advisor Ashley Grant Howard convicted for fraud
Ashley Grant Howard, of Hobart, Tasmania has been convicted, after pleading guilty before the Downing Centre Local Court, to two charges of using false documents to obtain a financial advantage or cause a financial disadvantage. Between July 2013 and April 2014, Mr. Howard used false off-market transfer forms to transfer shares in GPS Alliance Holdings...
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ASIC suspends AFS licence of Quantum Funds Management Limited
ASIC has suspended the Australian financial services (AFS) license of Quantum Funds Management Limited (QFML) until 15 October 2023. QFML is the responsible entity of the following registered managed investment schemes: Quantum Mortgage Trust (ARSN 095 909 096) Quantum Residential Property Trust (ARSN 1695 569 335) Quantum USA Residential Property Fund (ARSN 150 434 138),...
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ASIC takes civil penalty action against American Express Australia in first court case alleging breaches of design and distribution obligations
ASIC has commenced proceedings in the Federal Court against American Express Australia Limited (Amex), in ASIC’s first civil penalty case alleging breaches of design and distribution obligations. The case concerns two credit cards issued by Amex that were co-branded with retailer David Jones (the credit cards). Under the design and distribution obligations, Amex was required...
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