The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a consultation on Draft Regulatory Technical Standards (RTS) related to the registration and supervision of external reviewers under the EU Green Bond Regulation (EuGB). ESMA’s proposals relate to the registration and supervision of entities interested in becoming external reviewers of EU […]
Author Archives: ETE
ESMA finalises first rules on crypto-asset service providers
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes the first Final Report under the Markets in Crypto-Assets Regulation (MiCA). The report, which aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and asafer environment for investors across the Union, includes proposals on: […]
ESMA launches the third consultation under MiCA
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes its third consultation package under the Markets in Crypto-Assets Regulation (MiCA). In the consultation package, ESMA is seeking input on four sets of proposed rules and guidelines, covering: Detection and reporting of suspected market abuse in crypto-assets (RTS). Policies […]
ASIC brings first action against a director for failing to have a director identification number
ASIC has commenced the first prosecution action against a director for failing to comply with the obligation to have a director identification number (director ID). On 19 March 2024, a director appeared in the Downing Centre Local Court and was formally charged with one count of contravening section 1272C(1) of the Corporations Act 2001 by […]
Update for consumers on Philips Trust Corporation
We provide an update for consumers on our work relating to the administration of Philips Trust Corporation. A significant number of consumers were affected when the Philips Trust Corporation (PTC) went into administration in April 2022. This case has been very distressing for those who have lost money. While PTC itself was not regulated by […]
Four individuals charged over suspected water scam
The FCA alleges that the individuals ran an unauthorised investment scheme, which defrauded investors out of £3.9 million. The FCA has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud by false representation. Robert Sweeney and David Simmons are also charged with money laundering. The 4 individuals […]
ESMA fines Scope EUR 2,197,500 for breaches of conflict of interest obligations
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has fined Scope Ratings GmbH (Scope) a total of EUR 2,197,500, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that Scope fell short of the CRA Regulation’s requirements on handling conflicts of […]
ASIC secures travel restraint orders against Mansa Group directors
ASIC secured travel restraint orders against current and former directors within the Mansa Group, Krishnakumar Sitaram Agrawal and Shashikumari Krishnakumar Agrawal. The orders, issued on 18 March 2024, include restrictions on Mr and Mrs Agrawal from leaving or attempting to leave Australia until 31 August 2024 or until further order is made. Both Mr and […]
Federal Court finds Auto & General Insurance Company did not include an unfair contract term in its insurance contracts
The Federal Court has today found that a term requiring policy holders to notify Auto & General Insurance Company Limited (Auto & General) of any changes to their home and contents is not unfair under the ASIC Act. ASIC alleged that the term was unfair as ASIC considered it: imposes an obligation on customers to […]
Managing Director of Dubber Corporation restrained from leaving Australia
ASIC has secured interim travel restraint orders against Stephen Vincent McGovern, Managing Director and CEO of Dubber Corporation Limited, and Mark Madafferi, solicitor and principal of North Melbourne law firm, Christopher William Legal. The orders which prevent Mr McGovern and Mr Madafferi from leaving or attempting to leave Australia until 13 September 2024 or until further orders, […]