ASIC stated: The registration requirement is new. It is separate, and in addition to, the pre-existing requirements for an AFS licensee to appoint a relevant provider to the Financial Advisers Register after they have been authorised. Provisional Relevant Providers cannot be registered. The requirement for registration of financial advisers was introduced in 2021 in response…
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ASIC found Saxo's TMDs for derivative products to be inappropriate, particularly concerning retail clients who use CFDs as a significant part of their investment portfolio, clients with investment timeframes of up to one year or up to three years, and specific instruments sought by retail clients for growth and income. CFDs are derivative contracts with…
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As per the court order, Scholz is barred from hosting online groups for which he charged membership fee and in which messages are exchanged by members about share trades without an Australian Financial Services Licence (AFS). He is also prohibited from carrying on a financial services business in the country. ASIC filed a suit against…
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The Aussie regulator has been conducting a focused evaluation of Binance’s financial services business in Australia, focusing on the categorisation of retail and wholesale consumers. ASIC issued a hearing notice on 29 March to assess whether to revoke or suspend the AFS licence held by Oztures Trading Pty Ltd. ASIC Chair Joe Longo said: It…
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The regulator stated in the official announcement: ASIC made the interim orders to protect retail investors from acquiring SYEP Derivatives where they may not be suitable for their financial objectives, situation or needs. ASIC is also concerned that the PDS is defective. According to ASIC, Interactive Brokers violated the regulations regarding TMD of SYEP Derivatives…
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The allegations against Sipina are related to Courtenay House's illegal activities, which took place between June 2015 and April 2017. The regulator called Courtenay House's operation, a Ponzi scheme. The court alleges that the group convinced at least 585 investors to invest more than $180 million based on false representations that their money would be…
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CFDs are leveraged derivative contracts and are regarded as a high-risk product. ASIC takes the regulation of offering such instruments very seriously and imposes heavy penalties on unlicensed CFD traders. Additionally, the Australian regulator found that Finerty mislead and deceived his clients about the performance of Robot 1 and “directed or assisted” clients to mislead…
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Waugh was charged with six counts of insider trading at his court hearing on 16 December 2016. ASIC also obtained on order preventing the defendant from leaving the country. Waugh now faces 15 years imprisonment as the maximum penalty.
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Furthermore, the Australian regulator has decided to revise the definitions of 'Active' and 'Complex' products and specifying that all labels should appear at the end of the product trading name and secondary label should appear immediately before the primary label. ETP products should now be named “XYZ Active ETF” (or XYZ Complex ETF). ASIC Commissioner…
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ASIC is now seeking declarations, injunctions, and pecuniary penalties. ASIC Deputy Chair Sarah Court said: We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services licence, leaving consumers without important protections. Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law.…
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