Author Archives: ETE

On 1 February 2024, the FCA working with the National Crime Agency (NCA) conducted a major operation to arrest 3 London based individuals on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime. More than 38 FCA and NCA officers were involved in the operation at the 3 residential […]

Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority (FCA), an increase of 17%, year-on-year. The FCA also published 2,285 alerts to help prevent consumers from losing their money to scams, up from 1,800 in 2022. After being given new powers by the Government, […]

The FCA has fined a former director of London Capital & Finance plc (LCF) £31,800 and banned him from working in financial services. Floris Jakobus Huisamen was responsible for compliance at LCF but recklessly signed off hundreds of financial promotions, which contributed to thousands of investors being misled. LCF marketed minibonds to retail investors. Financial […]

The former director of Reiwa-Capital, Russell Sandiford, has pleaded guilty to two counts of dishonest conduct in relation to a financial product contrary to section 1041G of the Corporations Act with section 1311, following an ASIC investigation. Between January 2020 and June 2022 Mr Sandiford obtained $440,909.71 from 74 clients on the basis of investing […]

ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud. The convictions related to Mr Sebo stealing funds from his client’s superannuation funds. Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from the financial services and credit industries if […]

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today withdrawn the authorisation of Euronext Paris SA (Euronext) as a Data Reporting Service Provider (DRSP) under the Markets in Financial Instruments Regulation (MiFIR). Euronext was authorised as both an Approved Reporting Mechanism and an Approved Publication Arrangement under MiFIR since 3 […]

Your one-stop-shop in the world of EU financial markets focused in January on the last ESMA consultation package related to the Markets in Crypto Assets Regulation (MiCA). We invited stakeholders to send their feedback on reverse solicitation and classification of crypto assets as financial instruments by 29 April 2024 and we have also launched a […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today issued a Public Statement providing market participants with clarity concerning their reporting requirements under RTS28, pending full application of the new rules under MiFID II. ESMA expects NCAs not to prioritise supervisory actions towards investment firms relating to the periodic […]

We are pleased that the Court has decided to approve the scheme. We understand that LFS expect to start making payments to scheme creditors as soon as possible, if there is no appeal of the Judge’s decision. Investors voted overwhelmingly in support of the scheme. The small minority have now had their representations fully considered […]

The Financial Conduct Authority (FCA) has today announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the FCA. The firms which have agreed to this action account for 80% of the GAP market. The regulator will carry out a second tranche of engagement with […]