Category: Regulation

Regulation
July 07, 2017 BY Valentina Kirilova

NAB makes corrective disclosure to customers about relationships within its wealth management business

An ASIC investigation of a number of advice licensees within the National Australia Bank Group (NAB Group), for failing to disclose relationships between advisers, advice licensees, and other members of the NAB Group that issue investment products, has resulted in corrective disclosure being made to customers. The non-disclosure occurred when customers were advised to acquire…

Read more
fca warning
July 07, 2017 BY Valentina Kirilova

FCA warns against 53 Capital Trade 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 firm 53 Capital Trade. 53 Capital Trade is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…

Read more
July 07, 2017 BY Valentina Kirilova

ESMA proposes simplifications for prospectuses

The European Securities and Markets Authority (ESMA) has published three Consultation Papers (CP) on the Prospectus Regulation. The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors. The three…

Read more
Regulation
July 07, 2017 BY Valentina Kirilova

ASIC takes action over misuse of 'sophisticated investor' certificates

ASIC announced that is concerned that some accountants may be harming retail investors by inappropriately providing 'sophisticated investor' certificates. In general, companies raising money by offering shares to retail investors must give the investors sufficient information by providing a prospectus or other regulated disclosure document. This helps investors in making a decision whether to invest…

Read more
Regulation
July 06, 2017 BY Valentina Kirilova

ASIC commences proceedings against credit repair business

ASIC announced that has launched legal proceedings against Gold Coast-based credit repair business, Malouf Group Enterprises Pty Ltd (Malouf Group), and its director Jordan Francis Malouf. ASIC alleges that between 1 January 2014 and 31 December 2015, Malouf Group made false or misleading representations and engaged in unconscionable conduct in the operation of its credit…

Read more
fca warning
July 06, 2017 BY Valentina Kirilova

FCA warns against Markets Trading Ltd 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 firm Markets Trading Ltd. Markets Trading Ltd is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…

Read more
ESMA ceases renewal of product intervention CFDs measures
July 06, 2017 BY Valentina Kirilova

ESMA updates Market Abuse Regulation Q&A

The European Securities and Markets Authority (ESMA) announced that has updated today its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR). The purpose of this Q&A document is to promote common supervisory approaches and practices in the application of the MAR and its implementing measures. Today’s Q&As include a…

Read more
clone firm FCA warning
July 06, 2017 BY Valentina Kirilova

FCA warns against Stamford Wealth clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Stamford Wealth. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of their tactics to…

Read more
asic ban
July 06, 2017 BY Valentina Kirilova

AAT affirms ASIC ban of former AMP financial planner

The Administrative Appeals Tribunal (AAT) announced that has affirmed ASIC’s decision to permanently ban Mr Rommel Panganiban from providing financial services. ASIC banned Mr Rommel Panganiban, of Bella Vista, New South Wales, from providing financial services after an ASIC surveillance found that he failed to act in his clients' best interests or have a reasonable…

Read more