Author Archives: ETE

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has released today the Report ‘​From black box to open book?’. This report includes recommendations to assist issuers when preparing their annual financial statements. This Report provides: An overview of ESMA’s and National Competent Authorities’ (NCAs) observations regarding the first-time application […]

On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen). Next Gen’s licence was cancelled by ASIC after the Queensland Supreme Court ordered the company be wound up on 23 August 2024. ASIC has specified that Next Gen must continue its membership of […]

I am delighted that this event has been widened out to the whole wealth management sector, not just the PIMFA membership, and to see so many of you here and online today. That is hugely encouraging given the firms you represent support millions of clients in achieving their financial goals and manage almost a trillion […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued today its annual European Common Enforcement Priorities (ECEP) Statement for 2024 corporate reporting. ESMA and European enforcers will focus in 2025 on the following topics:  International Financial Reporting Standards (IFRS) financial statements: liquidity considerations and accounting policies; judgements, and […]

ASIC has commenced court proceedings alleging QBE Insurance (Australia) Limited (QBE) misled customers about the value of discounts offered on certain general insurance products. Between July 2017 and September 2022, QBE made statements and sent renewal notices promising discounts on premiums for a range of general insurance products, including home, contents and car insurance. ASIC […]

The FCA and the Practitioner Panel have published a report from our 2023/24 joint survey of FCA regulated firms. We have published the findings of the FCA and Practitioner Panel 2023/24 survey (PDF). The survey provides us with valuable feedback on how firms feel about the FCA’s performance. We use the results to get a […]

We have written to investors in Novus Black Fund UK Ltd (Novus Black Fund), an alternative investment fund based in the UK. Novus Black Fund is managed by MCI Global Investment Advisors Limited (MCI). UK regulations require this type of fund to have a regulated fund manager – known as an authorised alternative investment fund […]

ASIC has cancelled the Australian financial services (AFS) licence and Australian credit licence (credit licence) of Ultiqa Lifestyle Promotions Limited (in liquidation) (Ultiqa) following payment of compensation by the Compensation Scheme of Last Resort (CSLR). On 28 June 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Ultiqa, which Ultiqa failed to pay. […]

ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report. ASIC Chair Joe Longo said the report highlighted a range of key regulatory and enforcement outcomes focused on protecting consumers, reducing costs for businesses, and strengthening capabilities. ‘We have made significant progress with the program of transformation work we began three […]

On 21 October 2024, the ex-CEO of ACCE Australia Pty Ltd (ACCE), Grant Colthup, appeared in the Magistrates Court at Ipswich charged with one count of fraud contrary to section 408C of the Criminal Code 1899 (QLD) following an ASIC investigation in connection with a $2.2 million cryptocurrency transaction in July 2022. Between May 2019 […]