ASIC has released a new legislative instrument ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147. It replaces [CO 13/721] ASIC Corporations (Relief to facilitate quotation of exchange traded funds on the AQUA Market) 13/721 ([CO 13/721]) which was due to sunset on 1 April 2024. The new legislative instrument extends the […]
Author Archives: ETE
Review of firms’ treatment of customers in vulnerable circumstances
Under the Consumer Duty, firms should act to deliver good outcomes for all customers, including those with characteristics of vulnerability. We will conduct a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances, and share our findings by the end of 2024. This is in line […]
Convicted money launderer meets confiscation order after imprisonment for failure to pay
Money launderer and ex-solicitor, Dale Robert Walker (64), has fully satisfied his confiscation order after being sentenced to 62 days’ imprisonment for previously failing to pay his order. We prosecuted Mr Walker in April 2015 and he was convicted of: aiding and abetting the carrying on of an unauthorised regulated activity in the UK without […]
ASIC cancels AFS licence of Suetonius Wealth Management Pty Limited
On 11 March 2024, ASIC cancelled the Australian Financial Services (AFS) licence of Sydney based financial services provider, Suetonius Wealth Management Pty Limited (Suetonius). ASIC had suspended Suetonius’ AFS licence from 17 November 2023 to 28 February 2024, to give the provider the opportunity to lodge its financial statements and audit reports for the years […]
ASIC update on internal dispute resolution data collection for new reporting requirements
As part of new data reporting requirements, between 1 January and 29 February 2024, over 8,600 financial firms were due to report internal dispute resolution (IDR) data to ASIC for the first time. ASIC extended the submission window to 14 March to allow firms more time to complete this, understanding it is the first time […]
Silverbird Global Limited (SGL) enters special administration
SGL provides foreign exchange and payment services to corporate clients and is also an Electronic Money Directive (EMD) Agent for The Currency Cloud Limited (TCCL) which can distribute or redeem electronic money (e-money) and provide certain payment services on behalf of an e-money institution. SGL is authorised by the FCA to provide payment services under the […]
Federal Court finds Finder Earn product was not a financial product
The Federal Court has found that Finder Wallet Pty Ltd did not provide unlicensed financial services in relation to crypto-asset related product Finder Earn. ASIC alleged that the Finder Earn product was a debenture. This is because customers deposited money with Finder Wallet on the understanding that their money would be repaid, together with a […]
ASIC and APRA release a cross-industry information package on the Financial Accountability Regime
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks from 15 March 2024 and one year later for the insurance and superannuation […]
ASIC acts against 15 SMSF auditors performing in-house audits
ASIC has imposed conditions on the registration of 13 self-managed superannuation fund (SMSF) auditors and accepted voluntary cancellations of two SMSF auditors after independence concerns were raised. The 15 SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO) following a review of audit firms that undertook both accounting and auditing work for […]
Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness
Introduction I usually open speeches with a joke or anecdote. Some of you – who have heard my jokes before – will be relieved to hear not today. We have too much to get through. At the FCA, we are keen to build a deeper, more open relationship with the market and the analyst community. […]