Author Archives: ETE

On 27 June 2024, the Administrative Appeals Tribunal (Tribunal) varied ASIC’s decision to ban Mr Christopher Betalli from providing financial services (21-358MR). On 1 May 2021, ASIC banned Mr Betalli from providing financial services for two years. Mr Betalli appealed ASIC’s decision to the Tribunal. The banning order was stayed on 24 June 2021 by […]

The Federal Court has declared a term used by PayPal Australia Pty Limited (PayPal) in its standard form contracts with small businesses to be unfair. The Court found that the term was unfair because its effect was to allow PayPal to retain fees that it had erroneously charged if the small business failed to notify […]

ASIC proposes to update the rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 (Instrument 2022/603), and Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) in view of Treasury’s revised long-term wage growth forecasts. Instrument 2022/603 exempts providers of superannuation calculators and retirement estimates (collectively referred to […]

ASIC today released the exam results from the 25th Financial Advisers Exam cycle, held in June 2024. The exam, conducted by the Australian Council for Educational Research (ACER) since inception, follows a rigorous process to ensure all candidates in each cycle are tested to the same standards. In the June exam cycle: 235 people sat […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has reappointed three current members to its Management Board. The appointments took place at the Board of Supervisors meeting on 3 July 2024. The members who have been reappointed are: Thorsten Pötzsch, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin); Rodrigo Buenaventura, Comisión Nacional del […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA) covering eight draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data […]

The registration for the 11th Joint Consumer Protection Day organised by the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) on 3 October 2024 in Budapest, Hungary is now open. Interested stakeholders can register until 2 September 2024. The event aims to unite thought leaders from consumer organisations, regulatory authorities, EU institutions, academia, […]

ASIC has disqualified former financial and insurance services industry director, Christian Oey, of Dural NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of three companies. Between May 1999 and November 2018, Mr Oey was the director of two companies in the financial services industry: Clickthru […]

The Administrative Appeals Tribunal (AAT) has varied ASIC’s decision to permanently ban Todd Karamian from providing financial services and carrying on a financial services business after he falsified his financial adviser exam result. The AAT varied the banning on 25 June 2024 from permanent to seven years. ASIC had permanently banned Mr Karamian after finding […]

Supervising the integrity of Australia’s equity markets is one of ASIC’s most important functions. A clean market that is fair, orderly, and transparent is critical to an efficient economy, writes ASIC Chair Joe Longo Supervising the integrity of Australia’s equity markets is one of ASIC’s most important functions. Our market is among the cleanest in […]