ASIC has been given the power to approve in writing the form that life insurance memorandums of transfer should take. Accordingly, ASIC has approved the current version of ‘Form 2 – Memorandum of transfer for assigning rights under a life policy’ (the Form) in Schedule 4 of the Life Insurance Regulations 1995 (LI Regulations) as […]
Author Archives: ETE
High Court allows the FCA to pause civil case against WealthTek LLP
The FCA will focus on investigating suspected criminal offences by Mr Dance, having secured a 12-month pause in our civil case over serious regulatory breaches. On 1 March 2024, following an application by the FCA, His Honour Judge Baumgartner sitting as a judge of the High Court granted a 12-month pause in our civil case […]
ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2024. The calculations made available include: the liquidity assessment as per Articles 1 to 5 of CDR 2017/567; the determination […]
3-month synthetic sterling LIBOR – 1 month to go
It is now 1 month until the 3-month synthetic sterling LIBOR setting ceases permanently on 28 March 2024. This is the last remaining synthetic sterling LIBOR setting, and its end marks another critical milestone in the transition away from LIBOR. In November 2022, we announced that we intend to continue to require IBA to publish […]
Financial regulator finds wholesale data market can be improved
The FCA has today published the findings of its wholesale data market study, which examined competition in the markets for credit ratings data, benchmarks and market data vendor services. The regulator has ruled out a significant intervention because of potential unintended consequences, such as on the availability and quality of data, in a market relied […]
ASIC successfully appeals ACBF and Youpla misrepresentations case
The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case. ASIC Deputy Chair Sarah Court said: ‘ASIC brought […]
ASIC obtains bankruptcy orders against social media finfluencer Tyson Scholz
ASIC has successfully sought sequestration orders in the Federal Court of Australia against social media finfluencer Tyson Robert Scholz. The effect of the orders is to make Mr Scholz bankrupt. ASIC sought the sequestrations orders after Mr Scholz failed to pay costs ordered by the Federal Court of Australia relating to proceedings brought by ASIC […]
ASIC issues Urban Rampage with interim stop order over concerns of financial harm to First Nations consumers
ASIC has made an interim stop order preventing Coral Coast Distributors (Cairns) Pty Ltd (CCD) from having customers at its Urban Rampage retail stores enter agreements to pay for goods on credit through Centrepay deductions. ASIC is concerned that the consumers in CCD’s target market are low income recipients of Centrelink benefits, residing in remote […]
ASIC secures interim travel restraint orders against former Blockchain Global director
ASIC has secured interim travel restraint orders against former Blockchain Global Limited (in liquidation) director Liang Guo, also known as Allan Guo. The orders, which amongst other things prevent Mr Guo from leaving or attempting to leave Australia until 20 August 2024 or until further order, were made by the Federal Court after an application […]
ASIC issues infringement notice to Melbourne Securities for greenwashing
Melbourne Securities Corporation Limited (Melbourne Securities) has paid $13,320 to comply with an infringement notice issued by ASIC in which ASIC alleged it made misleading statements regarding its Bloom Climate Impact Fund (Bloom Fund). From March 2022 to June 2023, Melbourne Securities, as trustee and responsible entity of the Bloom Fund, made statements in the […]