It has been suggested that upon market opening, at 8:30 am that day, Westpac traders obtained and then disposed of interest rate derivatives in an attempt to pre-position the company leading up to the confirmation of the swap transaction. Westpac allegedly held the above transaction knowledge when all of this took place, and that this…
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Mawhinney was found to have engaged in conduct that entailed ‘inherently problematic, risky and fatally flawed’ investment schemes in relation to the IPO Capital, Core Notes, M+ Notes and IPO Wealth Fund products. The court also noted that Mawhinney ‘has expressed no contrition or remorse for the very significant loss of investors’ funds’. Mayfair Wealth…
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The Financial Conduct Authority (FCA) released a new policy statement on its website announcing that all UK crypto firms must now submit financial crime reports on a yearly basis, regardless of annual revenue. Within the new financial crimes reporting sphere are cryptoasset business, following plans released eight months ago alluding to the policy change. The…
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The incorrect fees have been found to be a result of manual errors executed by CBA staff members, as well as improperly configured or inadequate processes and systems which dismissed the fact that a vast number of customers were entitled to waivers on any fees. CBA was also found to have produced misrepresented justifications of…
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ASIC Commissioner Cathie Armour said: Binary options’ product characteristics make them incompatible with investment or risk management use by retail clients. ASIC’s product intervention order will protect retail investors from these harmful products at a time of heightened vulnerability. According to the Commission, retail clients’ net losses from trading binary options are estimated at around…
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The Australian regulator decided to strengthen its protection for retail clients after it found that CFDs trading may result in significant loss for retail clients. ASIC Commissioner Cathie Armour commented: We will closely monitor compliance with the product intervention order and won’t hesitate to take appropriate action to enforce the order. Commissioner Armour added: We…
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ASIC began civil penalty proceedings in the Federal Court against Forex CT and Shlomo Yoshai on 16 July 2020, after discovering that the sole director’s lack of respect for compliance justified a ban for a significant period of time. Yoshai has now been given a ten- year ban after behaviour on Forex CT’s trading floor…
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AxiCorp’s licence also requires the company to provide ASIC with attestation from a senior executive within the firm. They must confirm that they are satisfied that AxiCorp has undertaken all necessary remedial actions and that it has in place adequate compliance measures to ensure that it and its representatives comply with financial services laws. If…
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The European Securities and Markets Authority (ESMA) announced that its Board has appointed Annemie Rombouts as Chair of the Corporate Reporting Standing Committee (CRSC). According to the official press release, Rombouts was previously Deputy Chair of the Belgian Financial Services and Markets Authority. Her new appointment as chair of the CRSC is effective immediately. Moscow Exchange…
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The new policy grants immunity to the first individual who satisfies the immunity criteria and reports the misconduct to ASIC before an investigation has started. ASIC still encourages individuals who do not meet the criteria to cooperate and they will be given due credit. The regulator will not grant immunity from any administrative or compensation…
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