The cancellation took effect on 28 July 2025 and was announced by ASIC on Thursday. ASIC explained that under section 915B(3)(e) of the Corporations Act 2001, it has the authority to suspend or cancel an AFS licence where a licensee has not paid levies imposed under the ASIC Supervisory Cost Recovery Levy Act 2017, including…
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The Australian Securities and Investments Commission (ASIC) found that between 2021 and 2024, MWL operated a so-called “low cost advice project” using referrals from telemarketers, leading more than 750 clients to invest $155 million in Shield. ASIC said MWL failed to act in clients’ best interests, used misleading statements of advice, and had undisclosed bonus…
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According to FINRA, between January 2018 and December 2021 the firm’s written supervisory procedures were not reasonably designed to ensure compliance with federal securities law requirements. The regulator explained that under Rule 15c2-8(b) of the Securities Exchange Act of 1934, firms must provide customers expected to participate in an IPO with a preliminary prospectus at…
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PISCES, or the Private Intermittent Securities and Capital Exchange System, will allow buyers and sellers of shares in private companies to trade on an intermittent basis. It is the world’s first regulated private stock market and will operate initially within the FCA’s financial markets infrastructure sandbox before a permanent regime is finalised in 2030. Simon…
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The case centred on two ASX announcements made by TerraCom in February and April 2020, along with an open letter published in the Australian Financial Review and The Australian in March 2020. In these communications, the company claimed that allegations made by a whistleblower were false and that its employees had been independently cleared. TerraCom…
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The Australian Securities and Investments Commission (ASIC) said Equity Trustees oversaw the investment of about A$160 million in retirement savings into Shield across 2023 and 2024. The fund had “no track record,” ASIC said, and thousands of members ultimately saw their balances reduced. ASIC Deputy Chair Sarah Court said: “Instead of acting as an effective…
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The companies said in a press release that the collaboration expands their partnership from blockchain to AI-enabled global cash management, aiming to cut foreign exchange costs and improve risk management for Ant International and its clients. Both companies are participants in the Monetary Authority of Singapore’s PathFin.ai programme, which seeks to advance AI adoption in…
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The purchase price is comprised of $135 million at closing, which is expected in the fourth quarter of this year, subject to certain closing conditions, and up to an additional $65 million in potential future earn-outs. The transaction includes intelliflo’s U.S. subsidiaries, RedBlack and intelliflo Portfolio. The company said intelliflo's US-based subsidiaries will be established…
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Revenue and other income rose 33 per cent year-on-year to HK$14.08 billion, while profit attributable to shareholders climbed 39 per cent to HK$8.52 billion. The exchange operator said core business revenue grew 34 per cent, supported by record volumes in the cash equities and stock options markets, alongside higher depository fees and increased net investment…
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Between April 2020 and August 2023, USBI reportedly did not submit 42 SARs because it applied an incorrect monetary threshold when assessing suspicious transactions. The firm used the $25,000 reporting threshold applicable to banks instead of the $5,000 threshold required for broker-dealers. FINRA added that as a result, activity involving account intrusions, identity theft and…
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