Author Archives: ETE

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in June on important topics such as the launch of the ESMA Data Strategy 2023-2028, the release of the […]

The Financial Conduct Authority has reviewed liquidity management in asset managers and found that firms need to increase their focus on liquidity risk. As things stand, gaps observed in liquidity management could lead to a risk of investor harm. Asset managers need to manage liquidity effectively. Doing so is vital so investors are able to […]

On 28 June 2023, a liquidator disciplinary committee (the Committee) decided that Richard Ernst Auricht’s registration as a liquidator should be cancelled. ASIC’s referral to the Committee alleged Mr Auricht was not a fit and proper person to be registered as a liquidator, as he had failed to carry out adequately and properly his duties […]

As firms grow increasingly reliant on third party ESG data and ratings products, we support this industry-led solution to increase transparency and trust in this growing market. We are pleased to welcome the launch of the industry group’s consultation on a voluntary Code of Conduct. In 2022, we appointed the International Capital Market Association and […]

ASIC has disqualified Edoardo Perlo of Fortitude Valley, Queensland, from managing corporations for four years, after his involvement in three failed companies. Mr Perlo was a director of three companies between 2015 and 2020: Casa Gusto Pty Ltd (ACN 141 576 703) (de-registered) (‘Casa’); SMC Drummoyne Pty Ltd (ACN 600 533 140) (‘SMC’); and Popina […]

ASIC has disqualified Gene Robert Farrelly from managing corporations for five years due to his involvement in the failure of five companies. Since February 2012, Mr Farrelly was the director of five companies that entered liquidation: United Project Partners Pty Ltd (ACN 155 849 399) (UPP); Secure Holdings Qld Pty Ltd (ACN 162 409 181) […]

Openmarkets Australia Limited (ACN 090 472 012) (Openmarkets) has paid the largest ever penalty imposed by the Markets Disciplinary Panel (MDP) of $4.5 million and entered into an enforceable undertaking in order to comply with an infringement notice issued by the MDP. Openmarkets has a history of compliance failures (including a 2017 MDP infringement notice) which […]

A series of measures to help strengthen the UK’s leading position as a global and vibrant financial centre have been announced by the FCA. To help all investors make better, more timely decisions, the FCA is proposing to set up a consolidated tape (CT), so they can get clear and low-cost trading data. A CT […]

An ASIC review has found that some individuals in high-fee transaction accounts, including First Nations people, are paying up to $3000 in overdraw fees over a year. Banks need to do more to assist such customers to move into low-fee accounts. The Better Banking for Indigenous Consumers Project reviewed target market determinations (TMDs) for both […]

The Federal Court has imposed combined penalties of $13.5 million on Select AFSL Pty Ltd (Select), BlueInc Services Pty Ltd (BlueInc) and Insurance Marketing Services Pty Ltd (IMS) for engaging in unconscionable conduct and other contraventions of financial services laws when selling life, funeral and accidental injury insurance. The Court also imposed a penalty of […]