The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the second batch of policy products under the Digital Operational Resilience Act (DORA). This batch consists of four final draft regulatory technical standards (RTS), one set of Implementing Technical Standards (ITS) and 2 guidelines, all of which aim at enhancing the […]
Author Archives: ETE
ESAs establish framework to strengthen coordination in case of systemic cyber incidents
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) will establish the EU systemic cyber incident coordination framework (EU-SCICF), in the context of the Digital Operational Resilience Act (DORA), that will facilitate an effective financial sector response to a cyber incident that poses a risk to financial stability, by strengthening the coordination […]
ESMA consults on firms’ order execution policies under MiFID II
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a consultation on draft technical standards specifying the criteria for how investment firms establish and assess the effectiveness of their order execution policies. The objective of the proposed technical standards is to foster investor protection by enhancing investment firms’ […]
Donre Advisory Limited enters liquidation
On 11 July 2024, the directors of Donre Advisory Limited (Donre Advisory) appointed Sean Bucknall and Andrew Hosking of Quantuma Advisory Limited (Quantuma) as joint liquidators. Donre Advisory (firm reference number (FRN) 513993) has entered creditors’ voluntary liquidation (CVL). It was previously known as Basi & Basi Financial Planning Limited. The firm advised on and […]
ESMA publishes 2023 data on cross-border investment activity of firms
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, together with the National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services during 2023. The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA. The main findings include: A total of around […]
Former BitConnect promoter John Bigatton convicted for providing unlicenced financial advice
John Bigatton, the Australian promoter of BitConnect, has been convicted by the Sydney District Court of providing unlicenced financial advice contrary to s911B(1) of the Corporations Act 2001. He was released on a recognisance to be of good behaviour for three years. BitConnect was a financial services business and online crypto platform which required investors […]
PSR and FCA launch joint call for information on big tech and digital wallets
The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) are seeking views on the benefits and risks digital wallets bring to people and businesses. The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. With Apple Pay, Google […]
Big banks to refund millions in fees to low-income customers following ASIC report
Bank customers on low incomes, including First Nations customers, will be refunded over $28 million dollars after a first-of-its-kind ASIC review revealed four Australian banks systemically charged high fees to those customers who could least afford it. ASIC’s Report 785 Better banking for Indigenous Consumers (REP 785) found that the ANZ, Bendigo and Adelaide Bank, […]
ESAs consult on Guidelines under the Markets in Crypto-Assets Regulation
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCA), establishing templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification. To support market participants and supervisors […]
What companies and registered schemes should know about virtual-only meetings
Companies (including corporate collective investment vehicles (CCIVs)) and registered schemes can hold virtual-only meetings of members if expressly required or permitted by their constitutions. For the 2024 annual general meeting (AGM) season, companies should ensure their constitutions have been amended if they wish to hold virtual-only meetings of members. The Government has appointed an independent […]