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ESAs call for enhanced supervision and improved market practice on sustainability-related claims

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published their Final Reports on Greenwashing in the financial sector. See ESMA, EBA, and EIOPA reports. ESAs coordinated approach on greenwashing risks In their respective reports the ESAs reiterate the common high-level understanding of greenwashing as a practice whereby sustainability-related statements, declarations, actions, or...

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Court relieves Block Earner from liability to pay a penalty for offering unlicensed crypto-related product ‘Earner’

The Federal Court has relieved Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services when it offered its crypto-related Earner product. The Court found Block Earner’s contraventions to be serious. However, the Court relieved Block Earner from liability to pay a penalty on the basis, among other things, that...

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ESAs publish templates and tools for voluntary dry run exercise to support the DORA implementation

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published templates, technical documents and tools for the dry run exercise on the reporting of registers of information in the context of Digital Operation Resilience Act (DORA) announced in April 2024. The materials published today include: templates for the registers of information with...

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ASIC permanently bans Melbourne director from financial services and credit activities

ASIC has made two orders permanently banning Melbourne-based former director Christopher David Nairn from the financial services and credit industries. Mr Nairn falsified numerous documents by forging his clients’ signatures which enabled him to misappropriate more than $650,000 in client funds. ASIC found Mr Nairn’s conduct was illustrative of a person who lacks the honesty,...

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ASIC suspends AFS licence of Aurora Funds Management Limited

ASIC has suspended the Australian financial services (AFS) licence of Aurora Funds Management Limited (Aurora) (AFSL 222110) until 20 September2024. Aurora is the responsible entity of 6 registered managed investment schemes, the Aurora Absolute Return Fund (ARSN 110 303 430); HHY Fund (ARSN 112 579 129); Aurora Property Buy-Write Income Trust (ARSN 125 153 648);...

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ASIC disqualifies NSW director for five years

ASIC has disqualified Andrew Liam Parry of Wentworth Falls, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of four companies. Between June 2014 and July 2023, Mr Parry was the director or officer of four companies that entered liquidation of: On Solar Aus Pty Ltd,...

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Intelligent Money Ltd enters administration

Intelligent Money Ltd (Intelligent Money) is a self-invested personal pension (SIPP) operator authorised and regulated by the FCA. On 28 May 2024, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators. The joint administrators are qualified insolvency practitioners. Action taken prior to the appointment of the administrators...

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Former Queensland financial adviser Brett Gordon banned following fraud conviction

ASIC has permanently banned former Sunshine Coast financial adviser Brett Andrew Gordon from providing financial services and engaging in credit activities after he was convicted of fraud offences. Mr Gordon was a financial adviser and director of Refocus Financial Group Pty Ltd. Between 2015 and 2018, he dishonestly used funds deposited by clients for property...

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ESMA reports on the application of MiFID II marketing requirements

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a combined report on its 2023 Common Supervisory Action (CSA) and the accompanying Mystery Shopping Exercise (MSE) on marketing disclosure rules under MiFID II. ESMA, together with the National Competent Authorities (NCAs), finds that globally, marketing communications (including advertisements)...

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Firms to recommence GAP insurance sales following FCA action

The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. Firms that...