Author Archives: ETE

Check against delivery After a series of wars and revolutions, the economic climate is unstable. Inflation means the currency has been losing value for decades, with salaries barely keeping pace. In response, distrust of the standardised currency has led many people to look at alternative forms of payment, deliberately outside reliance on state standards. But […]

The FCA has fined Equifax Ltd (Equifax) £11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime. In […]

The Federal Court today found Australia and New Zealand Banking Group Limited (ANZ) breached continuous disclosure laws when undertaking a $2.5 billion institutional share placement in 2015 by failing to disclose a material shortfall in placement subscriptions allocated to underwriters. The landmark case reaffirms the importance of the continuous disclosure rules to maintain market integrity. […]

ASIC continued its strong focus on enforcement action in the last financial year, driving positive outcomes for consumers and small businesses, and maintaining trust and integrity in Australia’s financial system. Releasing ASIC’s 2022–23 Annual Report, Chair Joe Longo said ASIC actively litigated and sought significant penalties to address misconduct. ‘Our enforcement action resulted in 35 […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is today publishing a supervisory briefing on circuit breakers, which provides a comprehensive overview of supervisory expectations regarding the calibration of circuit breakers implemented by trading venues (TVs). The supervisory briefing outlines several principles that national competent authorities (NCAs) should enforce […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launches a public consultation on the revision of the Delegated Regulation regarding fees charged to Tier 1 third country central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR). The aim of this consultation is to gather stakeholders’ views on […]

Check against delivery I am pleased to appear before the Committee today and to provide this short opening statement. My name is Warren Day and I’m the Chief Executive Officer of ASIC joining you from Melbourne. I am joined by our General Counsel, Chris Savundra, Executive Director, Greg Yanco, and Senior Executive Leader, Kate Metz […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets and securities regulator, today publishes two articles on decentralised finance (DeFi), one on developments and risks in the EU market and another on a methodology for the categorisation of smart contracts. These articles highlight important risks to consumers, new forms of market abuse, and […]

The Financial Conduct Authority (FCA) has censured London Capital & Finance (LCF) for its unfair and misleading financial promotions of minibonds. The FCA does not consider it appropriate to impose a financial penalty on the firm as it is insolvent and in administration. To do so would only divert funds that the administrators may use […]

ASIC has taken action against 11 self-managed superannuation fund (SMSF) auditors, where conduct has fallen short and they have breached their obligations, in the quarter ending 30 September 2023. This included breaches of auditing and assurance standards, independence requirements and registration conditions. ASIC Deputy Chair Sarah Court said, ‘SMSF auditors have a critical role in […]