The FCA has recovered funds from an unauthorised deposit-taking scheme operated by Bright Managment Solution Limited [sic] and others. Investors will receive money back totalling £533,000 after the High Court granted a distribution order to the FCA. The FCA recovered the money from Bright, Soccer League International Limited, and three individual defendants, Mohammed Zakir Hussain, […]
Author Archives: ETE
FCA confirms anti-greenwashing guidance and proposes extending sustainability framework
Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest […]
Start preparing now: Early ASIC guidance on the mandatory climate disclosure regime
Check against delivery More than 6,000 entities will be required to report under new climate-related disclosure requirements in the next few years. They need to start preparing for the future, now. As I’ve said before, the growing interest in environmental, social, and governance (ESG) issues is driving the biggest changes to financial reporting and disclosure standards […]
No-action position on financial reporting obligations of special purpose financing subsidiaries and their guarantors
In response to stakeholder feedback, ASIC has adopted a no-action position on the financial reporting obligations of special purpose financing subsidiaries or other wholly-owned subsidiaries that issue debentures to sophisticated or professional investors, and their guarantors, that may have been relying on relief under ASIC Corporations (Wholly-Owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785). Under ASIC […]
Individual charged with investment fraud over unauthorised multimillion pound ‘Kube Trading’ scheme
The Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for 2 counts of fraud and 1 count of breaching the Financial Services and Markets Act 2000 (FSMA). Mr Maggs is alleged to have operated an unauthorised investment scheme called ‘Kube Trading’ which received around £2.67m from investors between […]
ESMA proposes changes to ELTIF Technical Standards
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has responded to the European Commission request on amendments to the European long-term investment fund (ELTIF) Technical Standards (RTS). In the letter ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail […]
Navigating the UK’s Digital Regulation Landscape: Where are we headed?
Introduction In 2000, the 4 biggest US corporations by market value were General Electric (founded in 1892), Exxon Mobil, drilling for oil since 1911, Pfizer producing medicines since 1849 and Citigroup with origins since 1812. The fifth was Microsoft founded in 1975. Today the top 5 are Microsoft, Apple, Alphabet (parent company of Google) Amazon […]
‘Big Tech a priority’ says FCA Chief Executive
In a speech delivered today, the FCA’s Chief Executive Nikhil Rathi announced the regulator’s plans to examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice for consumers and businesses. The speech at a Digital Regulation Cooperation Forum (DRCF) event outlined Nikhil Rathi’s […]
FCA looks for members for its advisory committee on secondary markets
The Financial Conduct Authority (FCA) is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022 and we are renewing the membership in line with our terms of reference. The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, […]
FCA cancels KBFS Financial Limited’s authorisation
We have cancelled the permissions of KBFS Financial Limited (KBFS), preventing them from providing any financial services. KBFS failed to engage with us in an open and cooperative way. KBFS also failed to pay redress awarded to former members of the British Steel Pension Scheme (BSPS) by the Financial Ombudsman Service. Our final decision notice […]