Day: August 7, 2024

ASIC recently placed an interim stop order on an entitlement offer (Offer) made under a prospectus lodged with ASIC on 27 June 2024 (Prospectus) by Rhinomed Limited (Rhinomed). ASIC was concerned that the Prospectus did not adequately disclose all the required information under section 710 of the Corporations Act, including, but not limited to: historical …

Stop order revoked after ASIC intervention on Rhinomed Limited Prospectus Read More »

Fewer than one in 10 liquidators have adopted a simplified liquidation process when winding up companies with debts not exceeding $1 million, even though liquidations may be eligible, a new report from ASIC has found. Report 789 Review of simplified liquidations: 2021 – 2023 (REP 789) shows that adopting a simplified liquidation process is uncommon, …

ASIC reports low take up of simplified liquidations since 2021 reforms Read More »

ASIC proposes to extend the operation of three legislative instruments for a further five years: Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice, ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801. ASIC has assessed that these instruments, which …

ASIC proposes to extend the operation of three legislative instruments Read More »

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) (the EBA, ESMA, EIOPA), unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible. The appeal was brought in relation to the EIOPA Chairperson’s decision not to start an …

ESAs’ Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority Read More »

Between April 2015 and November 2019, H2O failed to carry out proper due diligence on investments relating to the Tennor Group of companies owned by Lars Windhorst, or other companies he introduced. The investments were high risk and hard to sell. The FCA also found that H2O did not have adequate policies or procedures or …

H2O will pay €250 million to investors following FCA investigation Read More »

The FCA will increase its floor space by nearly 5,000 square feet of its 6 Queen Street office – an additional 35%. The refurbishment project will begin late summer, and the new space will open in the autumn. Nikhil Rathi, chief executive at the FCA said: ‘We have really benefitted from having a base in …

FCA announces further expansion of Leeds office, creating more jobs in the region Read More »

The regime, introduced in October 2023, followed detailed consultation and a change in legislation. This review looked at how firms are implementing personalised risk warnings, the 24-hour cooling off period, client categorisation and appropriateness assessments. What our review found We recognise this is the first set of rules for all crypto firms marketing to UK …

FCA helps improve crypto firms’ compliance with new marketing rules Read More »