ASIC has appealed the Federal Court’s decision to dismiss ASIC’s proceedings against Auto & General Insurance Company Limited (Auto & General) regarding an alleged unfair contract term under the ASIC Act. ASIC alleged that a term in Auto & General house and contents insurance policies: required policyholders to notify Auto & General if ‘anything’ changes...
ESAs consult on technical standards for joint examination teams under DORA
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched today a public consultation on the draft Regulatory Technical Standards (RTS) on the conduct of oversight activities in relation to the joint examination teams under the Digital Operational Resilience Act (DORA). The primary goal of the draft RTS is to lay out the criteria...
ASIC insolvency data shows increase in companies failing
ASIC’s latest insolvency data for the nine-month period from 1 July 2023 to 31 March 2024, released today, shows an increase in the number of Australian companies failing. During the period, 7,742 companies entered external administration, a 36.2% increase on the previous corresponding nine-month period ending 31 March 2023. Out of these external administrations, construction...
Technology in the professional toolkit
Check against delivery Before I begin, I would like to acknowledge the traditional owners and custodians of the land on which we meet today, the Wurundjeri people of the Kulin nation, and pay my respects to their Elders past, present and future. I extend that respect to Aboriginal and Torres Strait Islander people here today....
NGS Crypto Companies
ASIC is conducting an investigation into blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Limited (a company domiciled in Hong Kong) (together, the NGS Companies) and their officers, employees, agents, representatives, or associated entities. ASIC’s investigation arose from concerns including that: the NGS Companies received funds from Australian investors...
Changes to the Executive Leadership Team
The Australian Securities and Investments Commission today confirmed a number of changes to its senior executive leadership team. Chief Executive Officer ASIC Chair Joe Longo has accepted a request from the Commonwealth Director of Public Prosecutions for ASIC CEO Warren Day to join the CDPP on secondment as the Director’s Executive Officer, effective 1 June...
ASIC obtains Federal Court orders appointing receivers over digital currency assets of blockchain mining companies
ASIC has commenced civil proceedings against blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd (NGS Companies) and the sole directors of those respective companies, Brett Mendham, Ryan Brown and Mark Ten Caten. On 10 April 2024, the Federal Court made orders appointing Anthony Connelly, Kathy Sozou, and Jamie...
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...
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)...
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...
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