ASIC’s interim order is valid for 21 and stops the funds from issuing interest. Investors in these funds are likely to experience significant price volatility and deep negative returns in periods of asset price decline. The highly volatile and complex nature of crypto-assets makes the investments “risky and speculative”. Holon has disclosed in its product…
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The watchdog further detailed that CMHFG failed to lodge its profit and loss statements and balance sheets for several financial years, inclduing 2019, 2020, 2021. ASIC noted that the cancellation of the license took effect on 25 August 2022. Earlier this year, the regulator the AFS licence of Dixon Advisory & Superannuation Services Pty Limited,…
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The Aussie regulator said: The financial requirements aim to ensure Australian financial services licensees have adequate financial resources to operate their business in compliance with the Corporations Act 2001, and to manage the operational risks inherent in the OTC derivatives market. Minimizing risk to retail traders ASIC has been bringing restrictions to protect retail traders.…
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The Australian regulator also released a report summarising the impact of its ban. Before the initial ban, ASIC stated that between 74% and 77% of active retail clients lost money trading binary options, with retail client accounts making net losses of $14 million in aggregate. In addition, they explained that loss-making retail client accounts made…
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ASIC will also monitor two of ASX subsidiaries, ASX Clear and ASX Settlement, and their compliance with the additional license conditions, imposed in November 2021, following an outage on the stock trading platform. The official corporate plan stated: We will also analyse and assess the ASX operating rules changes necessary for the CHESS replacement, and…
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ASIC noted that in some cases, the money Ali received from investors had come from investors’ self-managed superannuation accounts. In 2018, in the midst of ongoing civil proceedings against him and an ongoing investigation, Ali left Australia. He was arrested in Poland in November 2021 after a warrant for his arrest was issued. Poland granted…
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ASIC took civil action against investment scam in 2020 and closed down the unregistered managed investment scheme operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. ASIC’s probe and action lead to the criminal charges against Marco who now faces a maximum penalty for each offence of seven years imprisonment, or…
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The Aussie watchdog discovered that Sirius Financial has breached its licence obligations failing to adequately address Toyga’s conduct. Furthermore, ASIC found that Pecyna and Schneider were involved in Sirius Financial’s breaches. Moreover, ASIC deemed them not “adequately trained or competent”. ASIC stated that the two former directors lacked professionalism and integrity for their management roles.…
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ASIC is eager to tackle market outages in response to the Australian Securities Exchange (ASX) equity market outage in November 2020 following a major technical upgrade. ASIC’s latest concerns of market outages come with several important updates in the industry, including the replacement of CHESS, Cboe’s technology upgrade and the implementation of new market integrity…
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ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…
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