Category: Regulation

May 16, 2017 BY Valentina Kirilova

ASIC disqualifies former directors of Avestra Asset Management Ltd of responsible entity

Former directors of Avestra Asset Management Ltd, Mr Paul Rowles and Mr Clayton Dempsey, have each been disqualified from managing corporations and restrained from providing financial services for a period of 10 years following orders made by the Federal Court, the Australian Securities and Investments Commission (ASIC) announced earlier today. Avestra was a Queensland-based responsible…

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May 15, 2017 BY admin

Tradeweb adds 4 more banks to MiFID II reporting service

Tradeweb Markets, a leading global provider of fixed income, derivatives and ETF marketplaces, announced that BNP Paribas, Credit Suisse, Morgan Stanley and Societe Generale are among the latest clients to join Deutsche Bank, Goldman Sachs and J.P. Morgan in selecting its Approved Publication Arrangement (APA) service. The Tradeweb APA allows firms to meet pre and post-trade transparency…

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Hong Kong SFC
May 15, 2017 BY Valentina Kirilova

Hong Kong SFC issues guidance on corporate transactions and the use of valuations

The Securities and Futures Commission (SFC) today issued a guidance note on directors' duties and a circular to financial advisers regarding valuations in corporate transactions together with a statement on the liability of valuers for disclosure of false or misleading information. The SFC shared that has become increasingly concerned that some listed companies are acquiring…

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asic bans
May 15, 2017 BY Valentina Kirilova

ASIC bans director and employee of Corporate Superannuation Pty Ltd

ASIC announced that has banned Mr Stuart Arnold-Levy from providing financial services for a period of four years and Mr David Heycock from providing financial services for a period of six years following an investigation. Mr Heycock was the director of Corporate Superannuation Pty Ltd (previously Australian Superannuation Pty Ltd and Superannuation in Australia Today…

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clone firm FCA warning
May 15, 2017 BY Valentina Kirilova

FCA warns against London Global Markets clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm London Global Markets. 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…

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May 15, 2017 BY Valentina Kirilova

CommexFX client ICF compensation process paper issued by CySEC

Pursuant to the Cyprus Securities and Exchange Commission (CySEC)'s announcement, the Investor Compensation Fund for IF Clients (ICF) shared the commencement of the compensation payment process by the ICF to the covered clients of CommexFX Ltd. The address of CommexFX, whose authorisation has been suspended since July 2016, was at 4 Profiti Ilia street, Kanika…

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asic charges
May 15, 2017 BY Valentina Kirilova

Former Jacqalex Pty Ltd director jailed for dishonesty

Mr Gavin Keith Hyland has been convicted in the Brisbane District Court on two counts of dishonestly using his position to misappropriate investor funds. In relation to the first count, Mr Hyland was sentenced to two years imprisonment and one year imprisonment for the second count. The sentences are to be served concurrently, ASIC shared…

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clone firm FCA warning
May 15, 2017 BY Valentina Kirilova

FCA warns against We.Insure clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm We.Insure. 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 scam…

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crypto scam protection interview
May 15, 2017 BY Valentina Kirilova

Australia consumer watchdog reports $11.6 million of cold calling binary options scams in 2016

During Consumer Fraud Week 2017, ASIC is reminding consumers to protect themselves against investment scams. ASIC Deputy Chairman Peter Kell said: The Targeting Scams report published today by the Australian Competition and Consumer Commission (ACCC) shows reports to Scamwatch on investment scams increased in 2016. ASIC is alerting the public to ways to stay informed…

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