Tag: ASIC

ASIC
November 09, 2021 BY Steffy Bogdanova

ASIC warns companies against collaborations financial influencers

Only individuals or corporations who hold Australian Financial Services (AFS) licence can provide financial advice by law. Most finfluencers do not hold such licence and if they are found to be running a financial services business without being authorised representatives of an AFS licensee, they may be in breach of the Corporations Act 2001. And…

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ASIC
October 29, 2021 BY Steffy Bogdanova

ASIC announces regulatory guidance on crypto products

The new regulatory guidance follows ASIC’s public consultation on crypto-assets in June 2021. The new guidelines include good practices for market operators and information on admission and monitoring standards, custody of crypto-assets, pricing methodologies, disclosure and risk management. Armour added: The good practices we published provide practical examples of how these obligations may be met,…

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ASIC
October 18, 2021 BY Steffy Bogdanova

ASIC to extend CFD trading leverage restrictions to 2031

The Aussie watchdog noted that for the first three months since the order took effect, ASIC has seen significant improvements in key metrics of retail client losses from CFD trading. The regulator stated that retail clients’ net losses from CFD trading decreased 94% of the quarterly average of $372 million in the year prior to…

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ASIC, AFS licence
September 27, 2021 BY Steffy Bogdanova

ASIC cancels Pure Strategy’s AFS licence

The cancellation of Pure Strategy's licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover. Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this…

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ASIC
September 23, 2021 BY Steffy Bogdanova

ASIC announces ban on unsolicited sale of financial products

ASIC Deputy Chair Karen Chester commented: These changes put in place fairness protections, so consumers are not sold products they don’t want or don’t need. The restrictions mean consumer needs will be central to how firms offer products. Chester continued: The new hawking prohibition addresses long held concerns about poor consumer outcomes from unsolicited sales…

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ASIC warns against entities
August 18, 2021 BY Steffy Bogdanova

ASIC issues a warning against trading crypto through unlicensed entities

ASIC said: ASIC understands that some unlicensed overseas platforms are taking, or have already taken, steps to prevent Australian clients from accessing these financial products. These steps include removing references and links, placing additional warnings and disclosures on the relevant webpages and apps, and introducing geographically based IP restrictions (geo-blocking). This prevents more Australian consumers…

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ASIC
July 21, 2021 BY Alan Sayer

Former Trade Wind financial advisor banned for five years by ASIC

Other issues surrounding Trade Wind included the failure to provide audited accounts for both 2019 and 2020. There was also a change in the key people within the AFSL for the company, and Trade Wind didn’t notify ASIC when doing so.  This has led to trading licenses for both Bevan and Trade Wind Financial Services…

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ASIC
June 28, 2021 BY Steffy Bogdanova

ASIC cancels the AFS licence of BBY Limited

It will also: ensure BBY continues to be required to have arrangements for compensating retail clients for loss or damages suffered as a result of breaches of the Corporations Act by the companies or their representatives. ASIC had suspended BBY’s licence for three years on 28 May 2015 following the appointment of Stephen Vaughan and…

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