Day: September 6, 2023

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the annual update of its Reporting Manual on the European Single Electronic Format (ESEF). ESMA updated the ESEF Reporting Manual to provide technical improvements, such as: clarifying the formats of images embedded in the xHTML document; updating Data Type …

ESMA updates the European Single Electronic Format Reporting Manual Read More »

Acting to fight crime Black bin liners stuffed with £700,000. An international deal for PPE kit. A widow transferring money to her online love interest… What do these cases all have in common? They all had links to financial crimes and should have raised suspicious activity reports. In the first case, despite bulging black bin …

Calibrating controls to build confident markets Read More »

The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn its charges against Peter Challis, the former Chief Executive Officer of WAW Credit Union Co-Operative Limited (CEO). Following an ASIC investigation, Mr Challis was charged with one count of failing to discharge his duties in good faith in the best interests of a corporation (refer 18-309MR). …

Charges against former credit union CEO withdrawn Read More »

The Federal Court has ordered a $1.2 million penalty against ACBF Funeral Plans Pty Ltd (in liquidation) (ACBF) for misrepresenting the sale and promotion of funeral expense insurance to Aboriginal people. The Court found that ACBF represented to ACF plan holders that they would receive a lump sum payment of their chosen benefit amount, when …

ACBF Funeral Plans penalised $1.2 million by Federal Court Read More »

ASIC is taking aim at the broad distribution of over-the-counter (OTC) derivatives and other high-risk retail products after a recent targeted review found significant room for improvement in how they meet their design and distribution obligations (DDO). ASIC Deputy Chair Karen Chester said, ‘ASIC is disappointed that some high-risk retail product issuers have changed little …

ASIC takes aim at the distribution of OTC derivatives and other high-risk products to retail clients Read More »