The European Securities and Markets Authority (ESMA), the Finnish Financial Supervisory Authority (FSA) and the Hellenic Capital Market Commission (HCMC) welcome the recent inclusion in the Euribor panel of OP Corporate Bank and National Bank of Greece. The two banks join the group of credit institutions that contribute to Euribor under its revised methodology, which […]
Author Archives: ETE
Start of DPE regime on 3 February and end of publication of Systematic Internalisers data
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, reminds market participants that the new regime for the reporting of Over the Counter (OTC) transactions for post-trade transparency purposes becomes fully operational on 3 February 2025. ESMA also informs stakeholders that the quarterly publication of systematic internalisers (SI) data will […]
Progress on the FCA’s case against care home investment scheme
We welcome a positive outcome for investors, following our High Court proceedings over collective investment schemes. We brought a High Court claim against Lupton Fawcett LLP in respect of work undertaken for the Qualia Group of companies by a former member of the firm in and around 2016. In our claim, we alleged that Lupton […]
ASIC permanently bans former financial adviser David Eduardo Cubilla
ASIC has made two orders permanently banning Calamvale based financial adviser David Eduardo Cubilla following his conviction of fraud. The conviction related to Mr Cubilla stealing funds from a client’s superannuation account. Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services and engaging in […]
Firstmac ordered to pay $8 million in penalties for failing to comply with its design and distribution obligations
The Federal Court has ordered Firstmac Limited to pay $8 million in penalties for failing to meet its design and distribution obligations (DDO). In ASIC’s first civil penalty action against a distributor involving DDO breaches, the Court found Firstmac contravened section 994E(3) of the Corporations Act when it failed to take reasonable steps that would […]
FCA and PSR set out next steps for open banking
Next steps for open banking will include a new independent company to drive forward variable recurring payments. Open banking is a UK success story with over 11.7 million active users and over 22.1 million open banking payments made monthly. There was significant progress in developing open banking in 2024, thanks to voluntary funding from 20 […]
FCA review finds gaps remain in brokers’ money laundering defences
The FCA has found wholesale brokers need to enhance their systems, controls, risk awareness and training to guard against money laundering. The FCA focused on wholesale brokers in its review because of the important role they play in capital markets in facilitating deals. The regulator also engaged with other market participants to understand wider risks, […]
ASIC’s Moneysmart encourages Australians to stick to their financial goals in 2025
Getting on top of your finances is one of the most common new year’s resolutions set by Australians with more than half (52%) setting a financial goal for 2025, according to new research from ASIC’s Moneysmart. The research revealed that while more than half of those surveyed plan to set a financial goal, only about […]
Financial Conduct Authority places restrictions on Arthur Temlett
The FCA has taken action to protect consumers by stopping Arthur Temlett, trading as Abacus Insurance Consultants, from carrying out any regulated activities, including acting as an insurance broker. The FCA is concerned that Abacus Insurance, which was based in Dumfries and Galloway, may have been selling home/motor insurance and not passing premium payments on […]
New governance structure for transition to T+1 settlement cycle kicks off
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, the European Commission (EC) and the European Central bank (ECB) launched today a new governance structure to support the transition to the T+1 settlement cycle in the European Union. Following ESMA’s report with recommendations on the shortening of the settlement cycle, […]