On 19 October 2023, ASIC suspended the Australian Financial Services (AFS) licence of financial services provider, Celtic Equities Management Pty Ltd for six months. ASIC surveillance found Celtic Equities Management failed to: lodge its financial statements and audit report for the financial years ended 30 June 2017 to 30 June 2022; pay its outstanding ASIC […]
Author Archives: ETE
EBA and ESMA consult on two sets of joint guidelines under MiCA
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today published a Consultation Paper on two draft Joint Guidelines covering suitability assessment of members of the management body, and suitability of shareholders and members with qualifying holdings of issuers of asset referenced tokens (ARTs) and of crypto-asset service provider (CASPs). The […]
ASIC bans former PwC partner from providing financial services for eight years
ASIC has banned former PwC Australia partner Peter-John Collins, of Sandringham, Victoria, from providing financial services or controlling an entity that carries on a financial services business for eight years. Mr Collins was an authorised representative of Australian financial services licensee PricewaterhouseCoopers Securities Limited from 1 March 2004 to 14 July 2006, and again from […]
ASIC and APRA release notes on fifth Superannuation CEO Roundtable
ASIC and APRA have released the public notes on the fifth Superannuation CEO Roundtable held on Wednesday 27 September 2023. The Roundtable was hosted by ASIC Senior Executive Leader Jane Eccleston and APRA Deputy Chair Margaret Cole. It was attended by 10 superannuation trustee CEOs and executives, representing a broad cross-section of the industry. The […]
ESMA conducts first annual assessment of Data Reporting Service Providers’ relevance for EU financial markets
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has performed the first annual assessment based on data collected in 2022. Through the assessment ESMA has established that two Data Reporting Service Providers (DRSPs) have exceeded the derogation thresholds. The concerned DRSPs would fall under ESMA’s direct supervision from 1 […]
AAT sets aside banning orders made against Dominique Grubisa
On 10 October 2023, the Administrative Appeals Tribunal (AAT) set aside ASIC’s decisions to ban Dominique Grubisa, the founder of DG Institute Pty Ltd, from engaging in credit activities and financial services. ASIC had previously banned Ms Grubisa for four years following findings that she claimed to hold Australian financial services and credit licences when […]
Reportable situations regime: ASIC modifies licensees’ obligations
ASIC has made ASIC Corporations and Credit (Amendment) Instrument 2023/589, which modifies the reportable situations regime so that licensees do not have to submit notifications about certain reportable situations from 20 October 2023. Under the reportable situations regime, Australian financial services (AFS) licensees and Australian credit licensees are automatically required to submit notifications to ASIC […]
Regulatory update at 33rd Annual Credit Law Conference
Check against delivery Good afternoon everyone. It’s a pleasure to be here with you at the 33rd Annual Credit Law Conference. As Australia’s conduct regulator for consumer credit, this forum is an important opportunity to speak to representatives from across the sector. So, I thank you for having me and look forward to any questions […]
ASIC releases first integrated financial reporting and audit surveillance report for 12 months to 30 June 2023
ASIC has today released findings from its first integrated financial reporting and audit surveillance program. As a result of ASIC’s surveillance, adjustments totalling $215 million were made to previously released financial information by ASX-listed companies and other large entities. Report 774 Annual financial reporting and audit surveillance report 2022–23 outlines findings related to insufficient disclosure […]
ESMA encourages preparations for a smooth transition to MiCA
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a letter and a statement to encourage preparations for a smooth transition to MiCA. In the letter addressed to the Economic and Financial Affairs Council (ECOFIN), ESMA Chair, Verena Ross, calls on Member States to designate without delay the […]