ASIC is alerting investors about an impersonation scam using email and cold-calling tactics Scammers are making fake offers of 30% discounts on bills and loan repayments Unless you are dealing directly with the service provider, discount billing and upfront payment offers are often scams. Background Scammers are using free email services to falsely impersonate a...
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Temporary permissions removed if firms failing to apply for authorisation
Lyonnaise de Banque has had its temporary permissions revoked, meaning that the firm can no longer conduct a regulated activity in the UK. This is the first time that a firm in the Temporary Permissions Regime (TPR) has lost its permissions for missing its landing slot and failing to apply for authorization in a timely...
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HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking
The joint regulatory oversight committee, a cross-authority committee responsible for, among other things, thinking about the future vision and governance of open banking, has published a joint statement. The committee is co-chaired by the FCA and the Payment Systems Regulator (PSR), with HM Treasury and the Competition and Markets Authority (CMA) as members. Open banking...
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ASIC industry funding: Annual dashboard and summary of variances
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...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.