Category: Regulation

Regulation
January 16, 2018 BY Valentina Kirilova

Breakaway Finance Group offers enforceable undertaking to cancel AFS license

The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Breakaway Finance Group Pty Ltd (Breakaway) to cancel their Australian Financial Services (AFS) license. The EU also includes Breakaway's sole director, Mr Mark Roberts, who will remove himself from the industry for at least two years. Following an ASIC surveillance into…

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FCA warning
January 16, 2018 BY Valentina Kirilova

FCA warns against Skyblue Capital firm

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company Skyblue Capital. Skyblue Capital is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated activities which…

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Canadian Securities Administrators CSA
January 15, 2018 BY Valentina Kirilova

CSA issues statement following rescission of the Cole Memorandum

On October 16, 2017, the Canadian Securities Regulator (CSA) has published Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities. The notice outlined a disclosure-based approach to highlight risks facing issuers with U.S. marijuana-related activities and reflected the existence of a U.S. federal government forbearance approach (per the Cole Memorandum) to the enforcement of federal laws…

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FCA warning
January 15, 2018 BY Valentina Kirilova

FCA warns against EasyPro Loans firm

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company EasyPro Loans. EasyPro Loans is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated activities which…

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Regulation
January 12, 2018 BY Valentina Kirilova

ASIC acts against Melbourne-based financial services and credit business

The Federal Court of Australia informed that it has made interim orders restraining Financial Circle Pty Ltd (Financial Circle) from engaging in a number of activities including carrying on a financial services business, providing financial advice or entering into credit contracts. ASIC commenced proceedings in the Federal Court against Financial Circle on 15 December 2017…

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Advanced Markets Ltd signs up to FX Global Code of Conduct
January 12, 2018 BY Valentina Kirilova

AFMA announces launch of FX Global Code Register for Australia

The Australian Financial Markets Association (AFMA) has launched a Public Register for Statements of Commitment to the FX Global Code (the Code) by participants in the wholesale Australian foreign exchange market. The AFMA Register is supported by ACI Australia. AFMA and ACI Australia are currently accepting Statements of Commitment from market participants for uploading to…

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January 12, 2018 BY Valentina Kirilova

NFA to require per-trade disclosures on Forex transactions

The Commodity Futures Trading Commission (CFTC) has recently approved NFA's amendments to NFA Compliance Rules 2-36 and 2-43. The amendments apply to forex dealer members (FDM) and will be effective on April 5, 2018. Required disclosures to be made on a per-trade basis The amendments to NFA Compliance Rule 2-36 provide retail forex customers with…

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