ASIC has cancelled the Australian financial services licence held by Macgill Financial Services Pty Ltd ACN 096 357 630 (Macgill Financial Services) on 29 November 2024, after finding it has ceased to carry on a financial services business. ASIC may suspend or cancel an AFS licence, by giving written notice, if the licensee ceases to […]
Author Archives: ETE
ASIC cancels AFS licence of Patrick Joseph O’Neill
ASIC has cancelled the Australian financial services licence held by Patrick Joseph O’Neill on 9 November 2024, due to Mr O’Neill’s failure to comply with licence obligations. The Corporations Act imposes obligations on Australian financial services licensees. Mr O’Neill has not complied with the obligations to be a member of an external dispute resolution scheme, […]
Lead auditor of Greensill Group suspended by Companies Auditors Disciplinary Board until June 2026
Registered company auditor Joseph John Santangelo will not be able to audit companies until June 2026 after the Companies Auditors Disciplinary Board (CADB) found that he failed to carry out or perform adequately and properly the duties of an auditor in conducting the group audits of the financial statements of the entity comprising Greensill Capital […]
Ex-Vocus chair Vaughan Bowen found not guilty of insider trading
Former Vocus Group Limited chair Vaughan Bowen has been acquitted of insider trading charges following a nearly five-week trial in the Melbourne County Court. A jury found Mr Bowen, of Brighton, Victoria, not guilty of two counts of insider trading relating to Mr Bowen’s disposal of more than 5.5 million Vocus shares on 4 June […]
ASIC highlights focus areas for 31 December 2024 financial reports
ASIC is urging directors, preparers of financial reports and auditors to be aware of the enduring and ongoing focus areas in its proactive surveillance of financial reports for the year ending 31 December 2024. ASIC Commissioner Kate O’Rourke said, ‘We have highlighted matters that require the most judgement and use of estimates as these areas […]
ESMA consults on Technical Advice on Listing Act implications
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched a consultation to gather feedback following changes to the Market Abuse Regulation (MAR) and Market in Financial Instruments Directive II (MiFID II) introduced by the Listing Act. Regarding MAR, ESMA is inviting feedback on: a non-exhaustive list of […]
ESMA appoints Carlo Comporti as a new member to its Management Board and reappoints the Chairs of its Standing Committees
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has appointed Carlo Comporti, Commissione Nazionale per le Società e la Borsa (CONSOB), as a new member to its Management Board. The election took place at the Board of Supervisors meeting on 11 December 2024, in order to replace outgoing member, […]
Millions of people could get more support with their pensions under new proposals
The FCA has set out proposals for extra support for millions of UK savers to help them make better decisions about their pensions. This is part of a wider review of how the boundary between advice and guidance on investments operates, which is underway to help make sure consumers are better supported. Making sure consumers […]
Kraken crypto exchange operator to pay $8 million following ASIC enforcement action
Legal proceedings launched by ASIC have seen the Australian operator of the Kraken crypto exchange ordered to pay $8 million for unlawfully issuing a credit facility to more than 1100 Australian customers. From October 2021, Bit Trade Pty Ltd, which operated the Kraken exchange, had offered its customers a ‘margin extension’ product without a target […]
Former Director and CEO of Bananacoast Credit Union sentenced for dishonest conduct
Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been sentenced to 18 months’ imprisonment after being found guilty of four dishonesty offences. Following a four-week trial in the Brisbane District Court, on 12 November 2024 a jury found Mr Kingston guilty of the following offences which occurred between […]