The FCA and PSR Boards have appointed Alison Potter as chair of the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA and the PSR. Committee members are selected based on their ability to make independent decisions […]
Author Archives: ETE
ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR). The Report assesses both entity and product-level Principal Adverse Impact (PAI) disclosures under the SFDR. These disclosures aim at showing the negative impact of financial institutions’ […]
ASIC sues Oak Capital alleging unconscionable conduct designed to avoid the National Credit Code
ASIC has commenced proceedings against Oak Capital (Oak Capital Mortgage Fund Ltd and Oak Capital Wholesale Fund Pty Ltd) for allegedly engaging in unconscionable conduct to avoid the National Credit Code. ASIC alleges that from 7 March 2019 to 4 October 2023, Oak Capital made up to 47 loans totalling over $37 million under a […]
ASIC disqualifies NSW director for five years
ASIC has disqualified Constandinos Ganatzos, of Brighton-Le-Sands, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of 21 companies. At the time of ASIC’s decision, the 21 companies owed a combined total of $71,144,235 to unsecured creditors, including $21,727,914 owing to the Australian Taxation Office, $1,285,894 […]
ASIC suspends three high volume SMSF auditors connected to a SMSF administration provider
ASIC has suspended the registration of three self-managed superannuation fund (SMSF) auditors for one year. ASIC determined auditors Wuzhao Fang, Huiting Li, and Xuan Wu breached independence requirements by auditing thousands of SMSF clients from a single referral source, who is a SMSF administration provider. The SMSF administration provider offers online SMSF setup and administration, […]
ASIC releases FY 2023–24 financial reporting and audit report and launches auditor independence surveillance
ASIC has today released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. ASIC Commissioner Kate O’Rourke said: ‘Auditors play an important role in our capital markets and in decisions in our […]
ASIC Annual Forum program announced, limited registrations remain
ASIC has released the full program for the ASIC Annual Forum and dinner to be held on 14–15 November 2024 in Sydney. The event brings together leading business, regulatory and consumer representatives to consider the financial challenges that impact our diverse nation under the theme Bridging generations: Regulating for all Australians. This year’s Forum includes presentations […]
ASIC Annual Forum program announced, limited registrations remain
ASIC has released the full program for the ASIC Annual Forum and dinner to be held on 14–15 November 2024 in Sydney. The event brings together leading business, regulatory and consumer representatives to consider the financial challenges that impact our diverse nation under the theme Bridging generations: Regulating for all Australians. This year’s Forum includes presentations […]
ASIC warns governance gap could emerge in first report on AI adoption by licensees
ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC’s first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite […]
The ESAs finalise rules to facilitate access to financial and sustainability information on the ESAP
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published the Final Report on the draft implementing technical standards (ITS) regarding certain tasks of the collection bodies and functionalities of the European Single Access Point (ESAP). The ESAP is foreseen in Level 1 legislation to be a two-tier system, where information […]