Author Archives: ETE

New research from the FCA shows that there has been a significant increase in the use of buy-now-pay-later (BNPL). The news comes as the FCA has secured further changes to potentially unfair and unclear contract terms for unregulated BNPL firms. The data, which is part of the FCA’s Financial Lives research, shows that 27% of […]

We are partnering with regulators across the world as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, a collaborative initiative with the financial industry that explores fund and asset tokenisation use cases, and decentralised finance. The FCA joins MAS, Singapore’s central bank, the Financial Services Agency of Japan (FSA), and the Swiss Financial […]

ASIC has released its second publication on information lodged under the reportable situations regime. Over 16,000 reports were made to ASIC by financial services and credit licensees under the regime between 1 July 2022 and 30 June 2023. The publication shows little improvement has been made in key areas of concern that ASIC highlighted in […]

ESMA publishes today an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of the markets in financial instruments directive (MiFID II). Specific focus is given to the impact of the UK’s withdrawal from the EU, given its pivotal role in equity markets. The European market structure […]

Following an investigation by ASIC, two financial services companies have been charged in separate proceedings with multiple criminal offences relating to the failure to lodge financial accounts with ASIC. APC Securities Pty Ltd, formerly known as McFaddens Securities Pty Ltd, and Brava Capital Pty Ltd, formerly known as Dayton Way Securities Pty Ltd, appeared in […]

We have reviewed the findings of the initial independent report, commissioned by NatWest, into decisions on potential account closures and data protection breaches. This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement. These include: the firms’ processes, systems and controls around how they consider […]

ASIC has prosecuted 100 individuals from 1 January 2023 to 30 June 2023 for failing to assist registered liquidators. These prosecutions follow the failure of company officers and other individuals to comply with key governance obligations to provide registered liquidators with access to company books and submit a report on company activities and property (ROCAP) […]

ASIC has obtained interim orders from the Federal Court freezing the funds and assets of Australian Financial Services licensee Brite Advisors Pty Ltd (Brite). ASIC’s application for these orders was made because ASIC is concerned that: the current financial position of Brite is unknown, as Brite has failed to lodge with ASIC its financial statements […]

ASIC has signed the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU), an international supervisor cooperation and information exchange agreement. The IAIS MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. To become a signatory to the MMoU, applicants undergo a rigorous […]

ASIC has disqualified Anthony Murray and his son, Danny Luke Murray, of Martinsville, NSW, from managing corporations for 4 years, after their involvement in two failed companies. Between 2007 and 2019, Anthony Murray was a director of two failed companies: MKD Custom Stainless & Design Pty Ltd (ACN 615 206 025) (de-registered) (MKD); and Site […]