Tag: ASIC

ASIC ban
April 05, 2022 BY Steffy Bogdanova

ASIC takes action against Macquarie Bank for unauthorised withdrawals

Court added: ASIC’s case is not focused on Mr Hopkins’ conduct but rather on alleged multiple failures by Macquarie to take proper steps to monitor, detect and prevent unauthorised transactions’. According to the Australian watchdog, the transactions were conducted between May 20016 and January 2020. During this time, Macquarie failed to take measures to prevent…

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ASIC
March 24, 2022 BY Steffy Bogdanova

ASIC warns against impersonation scams

ASIC said: ASIC is aware of scammers impersonating legitimate companies and then use convincing reasons for the victim to give them remote access (i.e. the ability to log into the victim’s computer or phone from their location). If someone asks you for remote access it is probably a scam. The Australian regulator has also observed…

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ASIC
March 21, 2022 BY Steffy Bogdanova

ASIC issues guidance outlining how financial services laws applies to influencers

The information sheet ASIC published highlights the activities where influencers can breach the legal requirements if they are unaware including financial product advice, dealing by arranging and misleading or deceptive conduct. The regulator has also explained issues influencers may consider such as whether an AFS licence is needed, getting familiar with relevant regulatory guidance and…

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January 21, 2022 BY Steffy Bogdanova

ASIC to work with 5 Regtech firms to tackle corporate disclosure challenges

The five companies will help ASIC analyse the corporate disclosures and other company datasheets. They will identify and assess compliance by listed companies with a range of requirements, such as continuous disclosure, financial reporting obligations, and the prohibition against deceptive disclosures and security price manipulation. Funding Each of the five small-to-medium regtech enterprises (SMEs) will…

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ASIC
January 18, 2022 BY Steffy Bogdanova

BGC Partners pays $110K infringement penalty

The Panel also pointed out that BGC Partners’ failure appeared to be the result of unintentional operator error. It concluded that it is likely this error could have been avoided if BGC Partners had updated its systems to incorporate enhanced technological safeguards. The official statement said: Although enhanced technological safeguards may not be required where…

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ASIC
January 17, 2022 BY Steffy Bogdanova

ASIC warns about risk in crypto investment when using SMSF

Crypto-asset investment ASIC reminded investors to consider the risks before using their SMSF to invest in crypto-assets. Trustees of SMSF bear responsibility for the fund’s decisions and for legal compliance. The regulator recently warned the public about an increase in scams involving crypto-assets. ASIC said in the official warning: If you decide to set up…

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ASIC
December 14, 2021 BY Steffy Bogdanova

ASIC cancels Premier Wealth Management’s AFS licence

According to the Aussie regulator, the company also failed to ensure its representatives were adequately trained and competent. The company’s AFS licence will remain in effect for another 12 months so that its membership of the Australian Financial Complaints Authority is maintained and its obligation to hold professional indemnity insurance cover. Earlier in September, ASIC…

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ASIC
November 23, 2021 BY Steffy Bogdanova

ASIC obtains court order against Maliver

According to ASIC’s announcement, Caddick operated without an AFS licence between October 2012 and November 2020. This decision made by the court follows a three-day hearing held on 29 June 2021. There were criminal charges brought up in march against Caddick, however, they were withdrawn in order to enable civil proceedings in the Federal Court…

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