Category: Press Releases

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published their joint Final report on the draft Regulatory Technical Standards (RTS) specifying how to determine and assess the conditions for subcontracting information and communication technology (ICT) services that support critical or important functions under the Digital Operational Resilience Act (DORA). These...

The FCA has set out a package of measures designed to help strengthen the UK’s capital markets and position as a global and vibrant financial centre. Proposals for new public offers and admissions to trading regime Key to the package are proposed rules to establish the new Public Offers and Admissions to Trading Regime (POATRs),...

ASIC has banned NSW-based adviser Christopher Edward Luff from providing financial services for five years and has cancelled the AFS licence of his business, Build Your Wealth Pty Ltd (Build Your Wealth). Mr Luff was referred to an ASIC Delegate in relation to concerns about financial product advice he provided, his management of conflicts of...

CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers...

Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by ASIC from being a director of or controlling an entity that carries on a financial services business. EuropeFX was the corporate authorised representative (CAR) of former Australian financial services licensee, Union Standard International Group Pty Ltd (in liquidation)...

ASIC has suspended Melbourne-based credit licensee John Adicho from engaging in credit assistance activities for a period of six months until 18 December 2024. Mr Adicho had been expelled from the Australian Financial Complaints Authority due to non-payment of fees, had failed to lodge six annual compliance certificates, and had failed to pay industry funding...

ASIC has launched civil penalty proceedings in the Federal Court against COFCO International Australia Pty Ltd and COFCO Resources SA alleging the companies manipulated the ASX24 market for Eastern Australia Wheat futures January 2023 (WMF3) contracts. ASIC alleges COFCO manipulated contracts on 34 occasions between 17 January 2022 and 3 March 2022, placing orders shortly...

Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new FCA rules. From 18 September, banks and building societies will need to: assess cash access and understand if additional services are needed, when changes are being made to...

ASIC’s latest market cleanliness report has shown Australia’s equity markets continue to operate with a high level of integrity and remain consistently among the cleanest in the world. ASIC Chair Joe Longo said, ‘Clean financial markets are essential for the financial wellbeing of Australians and fundamental to an efficient economy. They enable business to raise...

ASIC continues to take enforcement action against company directors whose actions unfairly impact small businesses with the disqualification of seven directors in the 1 April to 30 June 2024 quarter. Some of the directors who received the maximum allowable disqualification of five years had also engaged in illegal phoenix activity and used company funds to...