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ESMA publishes 2023 data on cross-border investment activity of firms

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, together with the National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services during 2023. The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA. The main findings include: A total of around...

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Big banks to refund millions in fees to low-income customers following ASIC report

Bank customers on low incomes, including First Nations customers, will be refunded over $28 million dollars after a first-of-its-kind ASIC review revealed four Australian banks systemically charged high fees to those customers who could least afford it. ASIC’s Report 785 Better banking for Indigenous Consumers (REP 785) found that the ANZ, Bendigo and Adelaide Bank,...

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What companies and registered schemes should know about virtual-only meetings

Companies (including corporate collective investment vehicles (CCIVs)) and registered schemes can hold virtual-only meetings of members if expressly required or permitted by their constitutions. For the 2024 annual general meeting (AGM) season, companies should ensure their constitutions have been amended if they wish to hold virtual-only meetings of members. The Government has appointed an independent...

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Court sets dates for ‘finfluencer’ trials

Trials have been scheduled after the FCA charged 9 individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. On 11 July 2024 at a plea and trial preparation hearing at Southwark Crown Court, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou and Scott Timlin each pleaded...

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ASIC and APRA issue final rules and information for the Financial Accountability Regime

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry, and takes effect for the insurance and superannuation industries from 15 March 2025....

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ESMA publishes Statement on use of collateral by NFCs acting as clearing members

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today issued a public statement on deprioritising supervisory actions linked to the eligibility of uncollateralized public guarantees, public bank guarantees, and commercial bank guarantees for Non-Financial Counterparties (NFCs) acting as clearing members, pending the entry into force of EMIR 3.

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ASIC successful in first DDO case against Firstmac

The Federal Court today found that Firstmac Limited breached the new design and distribution provisions by failing to take reasonable steps that would have resulted in, or would have been reasonably likely to have resulted in, the distribution of one of its investment products being consistent with its target market determination (TMD) for the product....

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ASIC cancels AFS licence of Accumulus Capital Pty Ltd

ASIC has cancelled the Australian credit licence of Accumulus Capital Pty Ltd (Accumulus). The Australian credit licence was cancelled because Accumulus had failed to pay ASIC Industry Funding Levies (levies) and related late payment penalties within 12 months after the due date for payment. Accumulus had also not engaged in credit activities since the licence...

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ESMA publishes latest edition of its newsletter

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in June on ESMA’s Final Report on Greenwashing, the 2023 Annual Report and other important updates in the realm of the Regulation on...