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The Australian Securities and Investments Commission (ASIC) has reported on its assessment of the markets operated by Bloomberg Tradebook Australia Pty Ltd (BTA). ASIC has made recommendations to improve BTA’s arrangements for governance, supervision and enforcement, and systems and controls. More information is available in Report 634 Market assessment report: Bloomberg Tradebook Australia Pty Ltd …

ASIC assessment of Bloomberg Tradebook Australia Pty Ltd Read More »

The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks[1]. The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks …

European Securities and Markets Authority and ASIC to co-operate on benchmarks Read More »

Max Kiattisak Eung, of Tempe, New South Wales, has been sentenced in the District Court of NSW today to three years imprisonment to be served by way of an intensive corrections order for two offences of obtaining financial advantage by deception of $166,500. In June 2018, ASIC permanently banned Mr Eung from providing financial services …

Former NAB financial adviser sentenced Read More »

ASIC notes the decision by Generation Development Group Limited (Generation) to change disclosures relating to its controlled life insurance company, General Life Limited (Generation Life), in its financial report for the year ended 30 June 2019. Generation has shown the assets, liabilities, revenues and expenses of its 100% owned Generation Life subsidiary on a line-by-line …

Generation Development Group changes life business disclosures Read More »

ASIC has banned Kyle Marshall, of Varsity Lakes, Queensland, from providing financial services for three years. ASIC found Mr Marshall had not complied with financial services laws and lacked fundamental knowledge and competency relevant to providing financial services. Mr Marshall was an authorised representative of Sentinel Private Wealth Pty Ltd (In Liquidation) (Sentinel) and a …

Managing director of Gold Coast financial group banned from providing financial advice for three years Read More »

ASIC notes the decision of iSignthis Limited to restate its funds held on behalf of merchants in its financial report for the half-year ended 30 June 2019. Following ASIC inquiries, iSignthis Ltd [ASX code: ISX] decreased the funds held on behalf of merchants classified as current assets and current liabilities by $6.3 million to $2.3 …

iSignthis restates funds held on behalf of merchants Read More »

ASIC has used its product intervention power to ban a model of lending in the short term credit industry which has been found to cause significant consumer detriment. In its first deployment of this power ASIC targeted a particular business model where a short term credit provider and its associate charged fees under separate contracts. …

ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending Read More »

ASIC has filed an appeal with the Full Federal Court of Australia against the decision of the Honourable Justice Perram regarding ASIC’s allegations against Westpac Banking Corporation (Westpac) for contraventions of responsible lending provisions of the National Consumer Credit Protection Act 2009 (Credit Act). On 1 March 2017, ASIC commenced Federal Court proceedings alleging, during …

ASIC to appeal Westpac responsible lending Federal Court decision Read More »