The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes the first Trends, Risks, and Vulnerabilities (TRV) Report of 2023. Overall, risks in ESMA’s remit remain high, and investors should be prepared for further market corrections. Verena Ross, Chair, said: “Financial markets remained remarkably stable in 2H22, despite the...
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ESMA report finds EU MMF industry at close to €1.5tn
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published its inaugural market report on European Union (EU) Money Market Funds (MMF). With this report, ESMA provides for the first time a comprehensive market-level view of EU MMFs, based on supervisory information collected by National Competent Authorities (NCAs) and...
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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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Don George Evans sentenced for conspiring to manipulate Quantum shares
On 31 January 2023, Don George Evans of Woodlands, Western Australia, was sentenced in the Supreme Court of Western Australia to 12 months’ imprisonment. Mr Evans will be released immediately upon entering into a recognisance of $5000, to be of good behaviour for two years. Mr Evans was sentenced for conspiring with former Quantum Resources...
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Former Perth adviser sentenced for making unauthorised client transactions
On 31 January 2023, former financial adviser John Wertheimer was convicted and sentenced in the Perth District Court for one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorized to do so and one count of engaging in dishonest conduct about a financial service....
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ESMA issues Opinion on the trading venue perimeter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the Final Report on the Opinion on the trading venue perimeter, providing guidance on when certain systems and facilities qualify as multilateral and therefore should seek authorization as a trading venue. The opinion builds on the MiFID II...
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Financial Advisers Register now displays whether financial advisers can provide tax (financial) advice
From 1 February 2023, ASIC’s Financial Advisers Register (FAR) publicly displays whether relevant providers can provide tax (financial) advice services. To provide tax (financial) advice services to retail clients, relevant providers must meet certain requirements. ASIC’s Financial Advisers Register (FAR), published on Moneysmart, now displays whether a relevant provider (that is, a person who is...
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FCA confirms appointment of Chair of the Payment Systems Regulator
We have confirmed the appointment of Aidene Walsh as Chair of the Payment Systems Regulator for a three-year term. Aidene has been the interim chair of the PSR since April 2022. The appointment was made by the FCA Board with the approval of the Treasury. Richard Lloyd OBE, Interim Chair of the FCA, said: ‘I...
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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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