Tag: ASIC

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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Societe Generale
June 24, 2021 BY Steffy Bogdanova

Societe Generale meets additional licence conditions imposed by ASIC

ASIC revealed today that SGSAPL has met the licence conditions’ requirements, including providing attestations from a senior executive and a board member. LeapRate reported last year that the regulator initially imposed these conditions following an investigation conducted by ASIC into reports lodged by SGSAPL concerning securities breaches with “client money”. Client money provisions protect clients…

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ASIC
June 11, 2021 BY Steffy Bogdanova

ASIC extends a 12 months relief for foreign financial services providers regarding AFS licence

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
June 08, 2021 BY Steffy Bogdanova

ASIC issues a permanent ban on former Sentinel Wealth manager

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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Australia
June 07, 2021 BY Steffy Bogdanova

Australians lost $328 million to investments scams in 2020

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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ASIC
June 02, 2021 BY Steffy Bogdanova

Forex CT hit with $20 million penalty for unconscionable conduct

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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