ASIC announced that has restricted Axiom Mining Limited from issuing a reduced content prospectus until 28 March 2018. The decision means Axiom Mining will not be able to rely on reduced disclosure rules and must issue a full prospectus in order to raise funds from retail investors. ASIC's decision was based on information given to…
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The AMF and the ACPR are publishing a list of new websites and entities offering investments on the unregulated foreign exchange (Forex) market in France, without authorisation to do so. Here is the list of new websites recently identified: www.x90.com / X90 www.mt4invest.com / MT4 INVEST www.gss-fi.eu / GSS FINANCIAL www.boomforex.net / BOOM FOREX www.promfx.com…
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The Financial Conduct Authority (FCA) has today published the final findings of its asset management market study and announced the package of remedies it will take forward to address the concerns identified in its interim report into the sector. Andrew Bailey, Chief Executive at the FCA said: The asset management sector is important to the…
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ASIC announced that has disqualified Neil Wilson of Victoria from being an approved self-managed superannuation fund (SMSF) auditor. ASIC determined that Mr Wilson had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Wilson. ASIC found that Mr Wilson had breached: Auditor independence requirements of…
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The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today published conclusions on a joint consultation paper which proposed adjusting the scope of “OTC derivative product” under the over-the-counter (OTC) derivatives regulatory regime. The proposed adjustments were to: prescribe certain additional markets and clearing houses so that products traded and cleared…
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The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) announced that has published today its final Guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT). The Guidelines promote a common understanding of the risk-based approach to AML/CFT and set out how it should be applied. These Guidelines…
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The Cyprus Securities and Exchange Commission (CySEC) announced that the partial suspension of the CIF authorisation of Xtrade Europe Ltd ('the Company'), number 108/10, for the provision of financial services and the performance of financial activities to new clients is herewith withdrawn/terminated and the registration of the Company in the Registry of authorised persons is…
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ASIC announced that has commenced civil penalty proceedings in the Federal Court of Australia in Melbourne against Patrick John Godfrey, former managing director of Banksia Securities Limited (In Liquidation). ASIC alleges that: Banksia’s financial reports for the financial years ending 30 June 2011 and 30 June 2012, and the half-year financial report for the half…
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ASIC announced that has permanently banned Perth man, David Fong, from providing financial services and engaging in credit activities after it was found that he acted dishonestly in the course of providing financial services and failed to comply with the 'best interests' duty. Mr Fong was an authorised representative of AMP Financial Planning Pty Ltd…
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The Hong Kong Securities and Futures Commission (SFC) today issued a circular to clarify certain competence requirements for existing licensed persons seeking to be licensed for Type 9 regulated activity (asset management) and to provide further guidance on how the SFC assesses the competence of a corporation or a responsible officer (RO) to carry on…
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