Category: Regulation

In its 2024 assessment, FINMA confirmed that the emergency plans for Zürcher Kantonalbank (ZKB) and Raiffeisen meet regulatory standards.  However, PostFinance’s plan remains insufficient, with the institution still lacking adequate recapitalisation capacity to absorb losses in the event of a crisis. PostFinance acknowledged the issue last year and has been raising the necessary funds since…

Between June 2020 and January 2021, NBL misused more than US$68m of a client’s funds on six occasions to subscribe to shares in a Cayman fund for its own benefit, without the client’s consent. The firm retained the profits before repaying only the principal by mid-2021. The SFC also found that NBL knowingly facilitated a…

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…

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…

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…