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Larry Barreto and Tassib Hussain sentenced for mortgage fraud

Mr Barreto was sentenced to a total of 2 years’ imprisonment, suspended for 2 years, with 120 hours of unpaid work, for 11 counts of fraud by false representation and 2 counts of carrying on regulated activities without authorisation. Mr Hussain was sentenced to 16 months’ imprisonment, suspended for 2 years, with 120 hours of...

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Janet Cameron convicted and fined in Hobart Magistrates Court

Former director of Bellamy’s Australia Ltd Janet Heather Cameron, of Bicheno, Tasmania, has today been convicted and ordered to pay a total fine of $8,000 in the Hobart Magistrates Court following an investigation by ASIC. On 14 December 2023, Deputy Chief Magistrate Daly found Ms Cameron guilty of one count of failing to lodge a...

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ASIC wins first greenwashing civil penalty action against Vanguard

The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund. At a hearing before Justice O’Bryan on 8 March 2024, Vanguard admitted to engaging in conduct that was liable to mislead the public...

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ESMA clarifies application of certain MIFIR provisions, including volume cap

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a statement, including practical guidance supporting the transition and the consistent application of the revised Markets in Financial Instruments Regulation (MiFIR). The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser (SIs) regime; designated publishing entities...

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FCA finds concerns over insurers’ valuation of written-off or stolen vehicles

The Financial Conduct Authority (FCA) has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles. An FCA review has found evidence that suggests some firms are offering their customers less than their written-off or stolen vehicle is worth and, in some cases, are only increasing that offer when a customer...

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ESMA consults on rules for External Reviewers of EU Green Bonds

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a consultation on Draft Regulatory Technical Standards (RTS) related to the registration and supervision of external reviewers under the EU Green Bond Regulation (EuGB). ESMA’s proposals relate to the registration and supervision of entities interested in becoming external reviewers of EU...

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ESMA finalises first rules on crypto-asset service providers

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes the first Final Report under the Markets in Crypto-Assets Regulation (MiCA). The report, which aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and asafer environment for investors across the Union, includes proposals on:...

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ASIC brings first action against a director for failing to have a director identification number

ASIC has commenced the first prosecution action against a director for failing to comply with the obligation to have a director identification number (director ID). On 19 March 2024, a director appeared in the Downing Centre Local Court and was formally charged with one count of contravening section 1272C(1) of the Corporations Act 2001 by...

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Four individuals charged over suspected water scam

The FCA alleges that the individuals ran an unauthorised investment scheme, which defrauded investors out of £3.9 million. The FCA has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud by false representation. Robert Sweeney and David Simmons are also charged with money laundering. The 4 individuals...