Tag: Australian Securities and Investments Commission

Regulation
January 16, 2018 BY Valentina Kirilova

Breakaway Finance Group offers enforceable undertaking to cancel AFS license

The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Breakaway Finance Group Pty Ltd (Breakaway) to cancel their Australian Financial Services (AFS) license. The EU also includes Breakaway's sole director, Mr Mark Roberts, who will remove himself from the industry for at least two years. Following an ASIC surveillance into…

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ASIC office
January 11, 2018 BY Valentina Kirilova

Seven Australia crowdfunding sites receive ASIC license

The Australian Securities and Investments Commission (ASIC) informed that it has licensed the first crowd-sourced funding (CSF) intermediaries under the new CSF regime. Seven companies have been issued with Australian Financial Services (AFS) license authorisations to act as intermediaries able to provide a crowd-sourced funding service. With the grant of these new authorisations eligible public…

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asic afs license
December 08, 2017 BY Valentina Kirilova

ASIC cancels AFS license of Michael James Haley

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) license of Michael James Haley after finding he has ceased to carry on a financial services business. Mr Haley's AFS license cancellation became effective on 1 November 2017. ASIC may suspend or cancel an AFS license, by giving written notice, if…

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asic bans
December 06, 2017 BY Valentina Kirilova

ASIC permanently bans directors of Found Financial for dishonest and deceptive conduct

The Australian Securities and Investments Commission (ASIC) announced that it has permanently banned Matthew Manson Wallis and Rochelle Roanna Manoharan from providing financial services. Mr Wallis and Ms Manoharan are directors of Found Financial Services Pty Ltd (Found Financial), which is a former Corporate Authorised Representative of RI Advice Group Pty Ltd (RI Advice). ASIC…

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November 06, 2017 BY Valentina Kirilova

China and Australia to cooperate on fintech

The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) announced that they have entered into an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement further underlines the significance of the broader Australia-China trade and investment relationship. China is Australia's largest two-way trading partner…

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October 27, 2017 BY Valentina Kirilova

ASIC expands network of fintech cooperation agreements to Switzerland

On 18 October 2017, the Australian Securities and Investments Commission (ASIC) and the Swiss Financial Markets Authority (FINMA) entered a new agreement to cooperate on innovation in the financial sector. The agreement aims to encourage innovation in financial services in Switzerland and Australia, and to support financial services innovators in meeting legal requirements when operating…

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Regulation
August 10, 2017 BY Valentina Kirilova

ANZ pays further $10.5 million to consumers for OnePath breach

The Australian Securities and Investments Commission (ASIC) has confirmed an additional $10.5 million in compensation for 160,000 superannuation customers who were affected by breaches within the OnePath group between 2013 and 2016. ASIC has been monitoring the resolution of a number of OnePath breaches. This has resulted in ANZ (the parent company of OnePath) providing…

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August 07, 2017 BY Valentina Kirilova

ASIC extends partnership with Nuix for digital investigation and analytics software

The Australian Securities and Investments Commission (ASIC) announced that has extended its partnership with Australian software company Nuix following a competitive tender process. The new contract forms part of ASIC's expanding analytics and e-discovery platforms. ASIC is investing around $60 million on data analytics, IT systems as well as its surveillance and enforcement capabilities to…

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Regulation
June 16, 2017 BY Valentina Kirilova

ASIC welcomes the dawn of a new regulatory era

The Australian Securities and Investments Commission (ASIC) announced that has welcomed the passage of legislation enabling a more secure and accountable funding of the model for regulation of the Australian corporate sector. Effective from 1 July 2017, ASIC’s regulatory costs will be recovered from all industry sectors regulated by ASIC through annual levies. ASIC Chairman…

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