Author Archives: ETE

Industry concerns AFMA cited concerns on behalf of industry that the amended UCT regime would apply to certain sophisticated participants in financial markets who are not consumers or small businesses intended to be covered by the UCT regime. Following consultation with Treasury, AFMA and industry participants, ASIC has granted a limited class no-action position. No-action […]

Aryn Hala of Redbank Plains, Queensland, has been charged with nine offences of carrying on a financial services business without a licence under 911A (1) of the Corporations Act 2001 (Cth) following an ASIC investigation. The maximum penalty for each offence is five years imprisonment. The charges follow an ASIC investigation into conduct by Mr […]

The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) unanimously decided to dismiss the appeal brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) and to therefore confirm the ESMA decision to withdraw its recognition. The application was brought […]

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have issued a joint letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) about their Financial Accountability Regime (FAR) obligations. ASIC and APRA recognise the banking industry may require additional time to finalise compliance with the […]

The FCA and Practitioner Panel survey is being sent to a sample of regulated firms, to gather their feedback on how we are doing in regulating the industry. The survey is carried out on our behalf by Verian (formerly known as Kantar Public), an independent social research organisation. They will send the survey to all […]

Former Ralan Group managing director William O’Dwyer has been sentenced to immediate imprisonment after pleading guilty to six offences of obtaining a financial advantage by deception contrary to section 192E of the Crimes Act 1900 (NSW). On 2 February 2024, the District Court of NSW sentenced Mr O’Dwyer to four years imprisonment with a non-parole […]

Check against delivery My name is Alan Kirkland and I’m an ASIC Commissioner joining you from Sydney. I am joined by Nathan Bourne, the Senior Executive Leader of our Credit, Banking and General Insurance team within ASIC’s Regulatory & Supervision Division. At the risk of stating the obvious, the issues being examined by this inquiry […]

ASIC has accepted a court enforceable undertaking from buy now, pay later provider Elevare Pay Easy Pty Ltd, trading as Elepay. Elepay offers funding to property owners for expenses relating to the preparation of their property for sale, including home improvements and renovation, design and marketing. Elepay’s buy now, pay later products do not include […]

Check against delivery Good morning to you all. Thank you for the invitation to be here today. This is an important audience for ASIC to engage with about our enforcement priorities in the superannuation sector for the year ahead. Before I turn to those priorities, I should acknowledge that this month marks the five- year […]

Pre-hedging practices in Australia Pre-hedging is a practice that occurs in financial markets and can help the effective functioning of markets by facilitating trades that could otherwise significantly impact market pricing. ASIC acknowledges that pre-hedging has a role in markets, including in the management of market intermediaries’ risk associated with anticipated client orders and may […]