Category: Regulation

Regulation
June 26, 2017 BY Valentina Kirilova

ASIC commences proceedings against former managing director of Banksia Securities Limited

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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fca warning
June 23, 2017 BY Valentina Kirilova

FCA warns against British Lenders Limited 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 British Lenders Limited. British Lenders Limited is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…

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asic bans
June 23, 2017 BY Valentina Kirilova

Former financial adviser banned by ASIC for seven years

ASIC announced that has banned former financial adviser, Mr Robert Gunner, of Brisbane, Queensland from providing financial services for seven years. Mr Gunner was employed as a representative of GuardianFP from 15 February 2013 until 4 May 2016. ASIC found that between January 2014 and February 2016, Mr Gunner failed to comply with financial services…

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clone firm FCA warning
June 22, 2017 BY Valentina Kirilova

FCA warns against Dash Loans clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Dash Loans. 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…

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DFSA
June 22, 2017 BY Valentina Kirilova

CySEC announces decision on financial penalties on Directors of the former Cyprus Popular Bank Public Co

The Cyprus Securities and Exchange Commission (CySEC) today announced a series of financial penalties imposed on seven Directors and the Group Chief Financial Officer of the former Cyprus Popular Bank Public Co Ltd (“the Company”), following CySEC’s investigation into the Company’s malpractices during the period 2010-2011. A total of €1.14 million of fines have been…

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AMF issues impersonators scam warning
June 22, 2017 BY Valentina Kirilova

France's AMF suggests measures to strengthen ESMA ahead of UK Brexit departure

Financing, governance, direct powers: in its response to the European Commission’s public consultation on the review of European supervisory authorities, the Autorité des Marchés Financiers (AMF) has drawn up proposals to strengthen ESMA for the benefit of convergence of supervision in Europe. The AMF is publishing its response to the European Commission's consultation on the…

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ASIC office
June 22, 2017 BY Valentina Kirilova

ASIC commences consultation on proposed guidance on crowdfunding

ASIC today released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017. Under the CSF regime, eligible public companies will be able to make offers of ordinary shares to a large number of…

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