Brokerage Author

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) 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 an EIOPA Report assessing the valuation of Euroins’ technical provisions. Euroins requested …

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

We set out the basis for our joint review of the Advice Guidance Boundary with the Treasury. The starting point builds on feedback from industry and consumer groups and this information will help shape and govern the joint review which was announced as part of the Edinburgh Reforms. The review aims to ensure that consumers …

Advice Guidance Boundary Review Read More »

Mr Mudasir Mohammed Naseeruddin has pleaded guilty to two counts of dishonest conduct and two counts of failing to discharge his duties as a director in the best interests of a company. Mr Naseeruddin encouraged investors to rollover their superannuation monies into newly created self-managed superannuation funds and to lend those funds to his two …

Former director pleads guilty to dishonest conduct and misuse of position Read More »

ASIC has suspended the Australian financial services (AFS) licence of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024. ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence. NWQ provides portfolio management services …

ASIC suspends AFS licence of NWQ Capital Management Pty Ltd Read More »

ASIC Chair Joe Longo has welcomed the establishment of a new Advisory Group to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues. Importantly, this includes input into the governance of the ASX CHESS replacement project. Appointment of Independent Chair On 2 August, Mr Longo hosted a roundtable, comprised of a small …

ASIC welcomes the establishment of an ASX Advisory Group and the appointment of Alan Cameron AO as Independent Chair Read More »

ASIC has commenced proceedings in the Federal Court against online investment platform, eToro Aus Capital Limited (eToro), regarding its contract for difference (CFD) product. ASIC is alleging breaches of design and distribution obligations and of eToro’s licence obligations to act efficiently, honestly and fairly. The case focuses on the appropriateness of eToro’s target market, and …

ASIC sues eToro in its first design and distribution action to protect consumers from high-risk CFD products Read More »

Former company director Shaobo Hu, of Melbourne, Victoria, has been sentenced to a 12-month good behaviour bond after being convicted for providing false information to the ATO. The sentence followed Ms Hu pleading guilty on 28 July 2023 to one charge of attempting to obtain a financial advantage from a Commonwealth entity. Ms Hu was …

Former Victorian café owner sentenced to good behaviour bond Read More »