Category: Press Releases

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....

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,...

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...

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...

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...

Mr Stuart Bayes was today found guilty of 2 offences of insider dealing, following an 8-week trial at Southwark Crown Court in a prosecution brought by the Financial Conduct Authority (FCA). Mr Bayes was employed as a site manager at UK plastic manufacturer, RPC Group Plc (RPC). Through his employment he obtained confidential information, known...

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...

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...

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...

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...