Retail lending, investments, and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to 95% of the FCA’s interventions with authorized firms. The FCA highlighted that it had seen several cases involving unauthorized firms and individuals seeking to take advantage of the rising cost of living. During...
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22-292MR ASIC disqualifies Queensland director for two years
ASIC has disqualified Michael Higgs of the Sunshine Coast, Queensland, from managing corporations for two years due to his involvement in the failure of two companies. From July 2015 Mr Higgs was the director of two companies which entered liquidation: Tropic Landscapes Pty Ltd (ACN 624 604 413) (Tropic Landscapes); and Tropic Developments Pty Ltd...
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ACER and ESMA enhance cooperation to strengthen oversight of energy and energy derivative markets
The EU Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) are strengthening their cooperation to further improve information exchange and avoid potential market abuse in Europe’s spot and derivative markets. The two EU agencies have a long-established cooperative relationship considering the interlinkages between spot and derivative energy...
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22-275MR Totem Wealth financial adviser permanently banned from providing financial services
ASIC has permanently banned Totem Wealth Pty Ltd director James Carlos Reynolds, of Robina, Queensland, from providing financial services. From 2017 to the time of banning, Mr Reynolds was the sole director of Totem Wealth, an advisory firm that purported to offer ‘lifestyle’ financial advice. In banning Mr Reynolds, ASIC found that his conduct demonstrated...
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22-254MR Court overturns 20-year ban against James Mawhinney, reinstates interim injunctions
The Full Federal Court has allowed an appeal by James Mawhinney to overturn a 20-year ban restraining him from advertising investments and raising funds from the public through financial products. Mr Mawhinney is the director of various companies in the Mayfair 101 Group. On 19 April 2021, the Federal Court granted the restraining order against...
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22-248MR Former Victorian director sentenced after making false statement to ASIC
Van Nguyen, of North Melbourne, Victoria, has been sentenced after pleading guilty to making a false or misleading statement in a form to ASIC. Mr Nguyen lodged a form with ASIC to voluntarily deregister Melcorp Fabrics Pty Ltd (21-338MR) when he was aware that Melcorp Fabrics had outstanding liabilities. On 1 September 2022, Mr Nguyen...
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Russian war adds uncertainty and volatility to EU financial markets
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes the second Trends, Risks and Vulnerabilities (TRV) Report of 2022. The Russian war on Ukraine against a backdrop of already-increasing inflation has profoundly impacted the risk environment of EU financial markets, with overall risks to ESMA’s remit remaining at its highest...
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PUBLIC STATEMENT
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has announced its recognition of two central counterparties (CCPs) established in the United States (U.S.) as Tier 1 CCPs under the European Market Infrastructure Regulation (EMIR). These are the Fixed Income Clearing Corporation (FICC) and the Options Clearing Corporation (OCC). ESMA, on 27...
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FCA announces funeral plan providers likely to be authorised
The Financial Conduct Authority (“FCA”) has published a list of providers it intends to authorize when the pre-paid funeral plans industry comes under its regulation from 29 July. There are 24 firms on the list, including the largest funeral plan providers. Together these firms hold approximately 87% of existing customer plans. The FCA is still...
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ESMA reports on supervision of costs and fees in investment funds
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a report on the Common Supervisory Action (CSA) on costs and fees for investment funds, that was carried out with National Competent Authorities (NCAs) during 2021. ESMA highlights, in the Report, the importance of supervision in ensuring investors are not charged...
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