Author Archives: ETE

This week we’ve published Reducing and preventing financial crime an update on the progress we’ve made over the past 18 months, and a look at the challenge ahead, focusing on 4 areas in greater depth. I’d urge firms – as well as trade bodies, big tech companies, social media platforms, regulatory and enforcement partners – […]

ASIC has cancelled the Australian financial services licence (AFSL) held by Sydney-based Brava Capital Pty Ltd, previously known as Dayton Way Securities Pty Ltd between 2010 and August 2023. The licence cancellation took effect on 5 February 2024, after ASIC was notified by Brava Capital that it no longer provides financial services.

The Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct when offering its crypto-backed Earner product. From March 2022 to November 2022, Block Earner offered consumers the Earner product which allowed them to earn fixed yield returns from different crypto-assets. In one of the first decisions on the application of […]

The corporate regulator will hold directors accountable in areas of emerging consumer harm, writes ASIC Deputy Chair Sarah Court. The conduct of directors has long been of interest to ASIC. Directors’ duties and the high standards that they demand set the tone for corporate Australia. When these obligations are not met there can be significant […]

The Upper Tribunal has agreed not to suspend restrictions we placed on e-money firm Nvayo Limited. These are set out on our register and include restrictions on the business the firm can do. As is clear from the published judgment we have serious concerns about the firm and its compliance with anti-money laundering rules. In […]

In the quarter ending 31 December 2023, ASIC took action against nine self-managed superannuation fund (SMSF) auditors where we formed the view that conduct did not meet the required standards. This included concerns about compliance with auditing and assurance standards, independence requirements, registration conditions, or for not being a fit and proper person to remain […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is looking for candidates representing the interests of all types of financial markets stakeholders. The Securities and Markets Stakeholder Group (SMSG) is an important body for ESMA. It facilitates our consultation with stakeholders by providing technical advice on ESMA’s policies and […]

The European Securities and Markets Authority (ESMA) and National Competent Authorities are raising awareness of requirements established by the Market Abuse Regulation (MAR) which apply when posting investment recommendations on social media. They are also warning about the risks of market manipulation in such publications. When posting on social media, transparency and accuracy are key, […]

Joseph Cullia and Zoran Markovic, two Melbourne men allegedly involved in a sophisticated self-managed super fund (SMSF) scam targeting Australian investors, have appeared before the Melbourne Magistrates Court today charged with various criminal offences following an ASIC investigation. Mr Cullia, of Southbank, Victoria, has been charged with the following offences: Two charges of conspiracy to […]

From 16 February 2024, all relevant providers, including time-share advisers, must be registered with ASIC. Provisional relevant providers cannot be registered. Between 1 February 2024 and 5 February 2024, ASIC individually emailed relevant providers who were not registered as at 1 February 2024, reminding them of the requirement to be registered by their AFS licensee. […]