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ESAs to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from...

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FCA sets out findings against Link Fund Solutions

Link Fund Solutions (LFS) failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), according to findings published by the FCA. The FCA found that between 31 July 2018 and the fund’s suspension on 3 June 2019, LFS failed to manage the liquidity of the fund...

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ASIC consults on misconduct reporting guidance for external administrators and controllers

ASIC has today released a consultation paper on proposed updates to its regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct. The proposed updates provide greater clarity on ASIC’s expectations of external administrators and controllers’ compliance with the reporting obligations and ASIC’s approach to the reports it receives....

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ASIC action results in $1.25 million Court imposed penalty against AFSL ‘licensee for hire’ firm

Wholesale licensee Lanterne Fund Services Pty Ltd (Lanterne) has been ordered to pay a $1.25 million penalty by the Federal Court after it failed to comply with six of the general obligations of Australian financial services (AFS) licence holders. In proceedings brought by ASIC, the Court found Lanterne breached its AFS licence obligations between March...

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New way of paying for investment research proposed by the financial regulator

Analysis by the FCA shows that asset managers are largely getting the research they need under the current rules. However, the current options available to UK asset managers can be operationally complex and may, in some instances, favour larger asset managers. The current rules can also restrict UK asset managers’ ability to buy investment research...

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ASIC appeals Finder Wallet decision

ASIC has appealed the Federal Court’s decision to dismiss ASIC’s proceedings against Finder Wallet Pty Ltd for allegedly providing unlicensed financial services, breaching product disclosure requirements and failing to comply with design and distribution obligations in relation to its crypto-asset related product ‘Finder Earn’. ASIC had alleged that the Finder Earn product was a debenture....

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ESMA publishes outcome of first year of the DLT Pilot Regime

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a letter to the European Commission, the Parliament, and the Council (ECOFIN) providing an interim update on the DLT Pilot Regime. The letter provides an update on the status of applications received by national competent authorities (NCAs) to date,...

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ESMA consults on possible amendments to the Credit Rating Agencies Regulatory Framework

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a consultation on proposed amendments to Commission Delegated Regulation (EU) No 447/2012 and to Annex I of the Credit Rating Agencies Regulation (CRAR). The objective of the proposals is to ensure a better incorporation of ESG factors in the credit rating...

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Former Sydney financial adviser charged with dishonest conduct

Sydney-based former financial adviser David Valvo appeared before the Downing Centre Local Court on 2 April 2024 charged with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd. ASIC alleges that between 23 July 2019 and 15 January 2020 Mr Valvo acted dishonestly when...