Author Archives: ETE

To enhance the information exchange between supervisory authorities within the European Union, also across different parts of the financial sector, the ESAs have developed an ESAs F&P Information System. The Joint Guidelines clarify its use and how data can be exchanged. The Joint Guidelines aim to ensure consistent and effective supervisory practices within the European […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Consultation Paper (CP) on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3). The amending Regulation introduces a new requirement for EU counterparties active in certain derivatives […]

Vacation Finance Limited, trading as VFL Finance Solutions, was placed into administration on 20 November 2024. Dina Devalia and Frank Wessely of Quantuma Advisory Limited were appointed as joint administrators. Vacation Finance Limited provided finance for timeshares. The firm is no longer offering finance to new customers. The joint administrators will write to customers with […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Final Report on the Technical Advice for the European Commission on the Penalty Mechanism under the Central Securities Depositories Regulation (CSDR). The advice aims at incentivising all actors in the settlement chain to improve settlement efficiency, also in […]

The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) together with the European Central Bank (ECB), today released the results of the one-off “Fit-For-55” climate scenario analysis. Under the scenarios examined, transition risks alone are unlikely to threaten financial stability. However, when transition risks are combined with macroeconomic shocks, they can increase losses […]

The FCA is improving the accuracy of the market cleanliness statistic (MCS), used in its annual report to measure insider trading. The MCS is based on abnormal stock price movements before takeover offer announcements. In future, the FCA will: detect abnormal price movements that happen on the same day as an announcement because the price […]

ASIC has cancelled the Australian financial services licence (AFS licence) of DOD Bookkeeping Pty Ltd (in liquidation) (DOD) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR). On 29 March 2024, the Australian Financial Complaints Authority (AFCA) made a determination against DOD, which DOD failed to pay. Subsequently, on 23 October […]

Former Brisbane-based financial adviser Kristofer Ridgway has been charged with 26 counts of dishonest conduct in relation to the provision of financial services, contrary to sections 1041G and 1311(1) of the Corporations Act 2001 (Cth). It is alleged that Mr Ridgway facilitated investments on behalf of his clients in Steppes Alternative Asset Management and Trinus […]

The FCA has banned Mr Ari Harris from working in financial services. In July 2020, Mr Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to 3 years’ imprisonment in July 2022. Mr Harris and Reeds Motors Ltd (the firm), of which he […]

National Australia Bank (NAB) failed 345 of its customers at their most vulnerable when they applied for hardship support from the bank, according to documents filed by ASIC in the Federal Court today. ASIC alleges that between 2018 and 2023, NAB and its subsidiary AFSH Nominees Pty Ltd (AFSH) did not respond to 345 hardship […]