Category: Press Releases

ASIC has today cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance). The licence cancellation was effected today in response to a request to cancel received from Binance yesterday. Following the cancellation: with effect from 14 April 2023, clients will not be able to increase derivatives...

The FCA has started criminal proceedings against 4 individuals for conspiracy to commit fraud and for conspiracy to carry out regulated activity without authorisation, against 2 of those individuals for money laundering, against 1 of those individuals for possession of false identity documents and perverting the course of justice offences. The FCA alleges that over...

In the second year of its 3-year strategy, the FCA plans to accelerate 4 areas of its work over the next 12 months through further investment and increased resources. In its Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets,...

The Federal Court has found four current and former directors of Endeavour Securities (Australia) Ltd (in liquidation) (Endeavour) and Linchpin Capital Group Ltd (in liquidation) (Linchpin) breached their duties as officers of a responsible entity of a registered managed investment scheme and did not act in the best interests of members. ASIC Deputy Chair Sarah...

ASIC has commenced the first proceedings alleging unfair contract terms in an insurance contract. The case involves standard form home and contents insurance contracts issued by Auto & General Insurance Company Limited (Auto & General). ASIC alleges that since 5 April 2021, a contract term requiring customers of Auto & General to notify it ‘if...

On 30 March 2023, Samuel Trubnik Tessa was sentenced to two years and 10 months imprisonment, with a non-parole period of one year and eight months. Mr Tessa was found guilty of five counts of obtaining property by deception and two counts of obtaining financial advantage by deception, relating to the sale of false business...

The International Organization of Securities Commissions (IOSCO) has today published a report calling for greater international collaboration and cooperation to combat cross-border scams, greenwashing, misconduct, and fraud. ASIC Chair Joe Longo said, ‘Scams, misconduct, and harmful practices targeting retail investors do not respect borders. ASIC co-chaired the task force that wrote the report and supports...

ASIC has banned Gold Coast-based financial adviser Jeneve Matai from providing financial services for four years. The banning took effect on 13 December 2022. Mr Matai applied to the Administrative Appeals Tribunal (AAT) seeking a review and stay of ASIC’s decision. The AAT refused the stay application on 22 February 2023 but no hearing date...

ALT Financial Group Ltd ACN 609 449 194 has been convicted on multiple charges, including failing to lodge annual financial reports with ASIC, and fined a total of $123,000. The fine is one of the largest handed down for these breaches and reflects the seriousness of the offences and the potential impact it may have...

The European Securities and Markets Authority (ESMA), the EU’s Financial Markets Regulator and Supervisor, has published its Final Report on Guidelines on MiFID II product governance guidelines. The main amendments introduced to the guidelines concern: the specification of any sustainability-related objectives a product is compatible with; the practice of identifying a target market per cluster...