The Australian watchdog reminded investors that they can check if an entity is registered on the ASIC website for free, but even that does not guarantee the quality of the company and its services. ASIC provided these examples of documents that resemble ASIC records but are fake: ASIC recently issued a warning against limestonefx.com as…
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The Swiss Exchange welcomed VanEck ETP AG as a new issuer of Exchange Traded Products (ETPs). VanEck ETP AG adds 4 new listings which makes a total of 100 ETPs and Structured Products with cryptocurrencies as underlyings are offered for trading at SIX Swiss Exchange. SIX has recorded trading volumes of CHF 4.6 billion on…
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ASIC Corporations (Amendment) Instrument 2021/510 extends the relief contained in these instruments: ASIC Corporations (Repeal and Transitional) Instrument 2016/396; ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109; and ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182. These aforementioned instruments currently apply to a range of FFSPs until 31 March 2022 The announcement stated: The…
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ASIC also revealed that Fineff provided financial services outside of Sentinel’s license and that he also acted in conflict with the company. Sentinel lodged a breach notification with ASEC on 25 March 2020 in relation to Fineff’s conduct. He was then arrested on 7 May 2021 and charged with 18 counts of dishonesty obtaining financial…
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The ACCC said in the report: It is not surprising that in 2020, 25% of all scam reports involved the loss of personal information, up from 16% in 2019. Loss of personal information was even higher among Indigenous consumers, where 36% of all scam reports involved the loss of personal information. The increasing value of…
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The firm was also found to have employed high-pressure tactics when it came to making sales, recommended trading sales which were found to be inappropriate for its clients, made deceptive representations to clients, failed to comply with several financial services laws, and finally implemented remuneration schemes and a trading floor culture based on maximum trade…
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The Australian watchdog found that Martin was involved Union Standard’s failures to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly. It was also found that Martin affected Union Standard’s failure to ensure TradeFred and EuropeFX complied with financial services laws. ASIC discovered that Martin did not implement or…
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The announcement said: Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage in credit activities or fails to meet its legal obligations. This includes its obligations to lodge financial statements, auditor’s…
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Referring to the Corporations Act 2001, ASIC also alleges that the aforementioned bonus payments were a breach of the prohibition of conflicted remuneration. This is said because the bonuses could, on obvious grounds, be an influencing factor in the financial product advice given by the advisors. The bonuses could have similarly influenced the choice of…
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Marie’s ban is connected to five defective Product Disclosure Statements (PDSs) for the SIT, under which a total of $16,710,669 was raised from retail investors from 20 May 2016 to 1 May 2018. ASIC had previously commenced civil penalty proceedings against Theta issuing the defective PDSs. ASIC found that Marie failed to comply with his…
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