Author Archives: ETE

The FCA has banned Martin Sarl from working in the financial services industry and fined him £5,021 for acting without honesty and integrity. Between 7 November 2017 and 24 October 2019, Mr Sarl, who was the sole director at Perry Prowse (Insurance Consultants) Ltd, failed to pass clients’ premiums to insurers, meaning that some customers […]

On 2 July 2024, Central Markets Investment Management Limited (CMIM) entered creditors’ voluntary liquidation. Dominik Thiel-Czerwinke and Louise Donna Baxter of Begbies Traynor (Central) LLP were appointed as joint liquidators. CMIM (firm reference number (FRN 475828)) has entered creditors’ voluntary liquidation. CMIM is a regulated firm that provides contracts for difference for retail and professional […]

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) (the EBA, ESMA and EIOPA) unanimously decided that the appeal brought by NOVIS against the European Insurance and Occupational Pensions Authority (EIOPA) is admissible. The appeal was brought in relation to the EIOPA decision not to grant access to documents, which were […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has signed a Memorandum of Understanding (MoU) with the British Columbia Securities Commission and updated its list of recognised third-country central counterparties (TC CCPs) under the European Markets Infrastructure Regulation (EMIR). On 8 August 2024, ESMA recognised CDS Clearing and Depositary […]

The Financial advice update is a round-up of regulatory developments and issues affecting financial advice. It covers all areas of financial advice regulation and includes a broad range of content relevant to Australian financial services (AFS) licensees who are advice licensees and financial advisers. The topics of this update are: maintaining accurate records on the […]

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 focuses in July on the latest developments in relation to the Regulation on the Markets in Crypto-Assets (MiCA) and the Digital Operational Resilience Act (DORA). […]

Pension savers stand to benefit from a new proposed framework designed to shift the focus from costs to long-term value, and ultimately deliver better retirement savings. The FCA, the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) aim to implement a joint framework for workplace defined contribution schemes. The joint framework would […]

ASIC recently placed an interim stop order on an entitlement offer (Offer) made under a prospectus lodged with ASIC on 27 June 2024 (Prospectus) by Rhinomed Limited (Rhinomed). ASIC was concerned that the Prospectus did not adequately disclose all the required information under section 710 of the Corporations Act, including, but not limited to: historical […]

Fewer than one in 10 liquidators have adopted a simplified liquidation process when winding up companies with debts not exceeding $1 million, even though liquidations may be eligible, a new report from ASIC has found. Report 789 Review of simplified liquidations: 2021 – 2023 (REP 789) shows that adopting a simplified liquidation process is uncommon, […]

ASIC proposes to extend the operation of three legislative instruments for a further five years: Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice, ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801. ASIC has assessed that these instruments, which […]