Clayton Utz has taken a look into iSignthis’ disclosures regarding Visa.
iSignthis (ASX:ISX), a payments identity company, has published the Supplementary Independent Expert Report by Clayton Utz regarding the suspension and termination of the arrangements between ISX and Visa.
As Finance Magnates reported, on 16th July 2020, Clayton Utz published its Independent Expert Report, as ordered by the Australian Securities Exchange (ASX). The review found that while iSignthis is 'largely compliant with the Regulatory Recommendations' it did identify a number of areas where the company could improve in regards to Listing Rule 3.1, which covers Continuous Disclosures.
In the supplementary report, dated on 4th September 2020 and published via the ASX earlier this week on Monday, Clayton Utz has taken a look into iSignthis’ disclosures regarding Visa.
iSignthis: report vindicates our position
According to a statement from ISX today, the report “vindicates the position adopted by ISX in relation to disclosure of its dispute with Visa” and “ends ASX's baseless campaign to portray ISX as non-compliant with the continuous disclosure regime.”
Taking a look at the report, Clayton Utz outlines that iSignthis received a formal response from the European regulator, the Central Bank of Cyprus, on Thursday 21st May, and that its arrangements with Visa had been terminated.
iSignthis then sought to formally announce the termination to the market via a letter to shareholders dated on Sunday 24th May 2020. This was released by the ASX to the market the next day on 25th May 2020.
ISX delay was a technical breach of ASX Listing Rule 3.1
In summary, Clayton Utz said in its report: “We therefore consider that there was a technical breach of the ASX Listing Rule 3.1 arising from this delay[…] However, we also observe that given trading in ISX’s shares was suspended during this period, ISX did not have the ability to use a trading halt to assist it to manage its continuous disclosure Obligations, which it may have otherwise done[…]”
Speaking to Finance Magnates, the CEO of iSignthis, John Karantzis said: “The supplementary independent expert report on iSignthis’ continuous disclosure further demonstrates that ISX adheres to best practice. Dealing with complex regulatory matters across multiple timezones is never straight forward, and in particular when the matter is likely to result in litigation or regulatory intervention.
“iSignthis and Visa have been arguing over Visa network access and termination since April following spurious claims about how iSignthis runs its e-money business and amid hostile press briefings.
“iSignthis had been given a clean bill of health by financial intelligence units and independent audits, and Visa’s actions were designed to protect its own position, not that of consumers.
“Visa’s anticompetitive conduct and its new rules for 'Digital Wallet operators' are already the subject of a European Commission Directorate General of Competition investigation.”
ASX declined to comment.
iSignthis (ASX:ISX), a payments identity company, has published the Supplementary Independent Expert Report by Clayton Utz regarding the suspension and termination of the arrangements between ISX and Visa.
As Finance Magnates reported, on 16th July 2020, Clayton Utz published its Independent Expert Report, as ordered by the Australian Securities Exchange (ASX). The review found that while iSignthis is 'largely compliant with the Regulatory Recommendations' it did identify a number of areas where the company could improve in regards to Listing Rule 3.1, which covers Continuous Disclosures.
In the supplementary report, dated on 4th September 2020 and published via the ASX earlier this week on Monday, Clayton Utz has taken a look into iSignthis’ disclosures regarding Visa.
iSignthis: report vindicates our position
According to a statement from ISX today, the report “vindicates the position adopted by ISX in relation to disclosure of its dispute with Visa” and “ends ASX's baseless campaign to portray ISX as non-compliant with the continuous disclosure regime.”
Taking a look at the report, Clayton Utz outlines that iSignthis received a formal response from the European regulator, the Central Bank of Cyprus, on Thursday 21st May, and that its arrangements with Visa had been terminated.
iSignthis then sought to formally announce the termination to the market via a letter to shareholders dated on Sunday 24th May 2020. This was released by the ASX to the market the next day on 25th May 2020.
ISX delay was a technical breach of ASX Listing Rule 3.1
In summary, Clayton Utz said in its report: “We therefore consider that there was a technical breach of the ASX Listing Rule 3.1 arising from this delay[…] However, we also observe that given trading in ISX’s shares was suspended during this period, ISX did not have the ability to use a trading halt to assist it to manage its continuous disclosure Obligations, which it may have otherwise done[…]”
Speaking to Finance Magnates, the CEO of iSignthis, John Karantzis said: “The supplementary independent expert report on iSignthis’ continuous disclosure further demonstrates that ISX adheres to best practice. Dealing with complex regulatory matters across multiple timezones is never straight forward, and in particular when the matter is likely to result in litigation or regulatory intervention.
“iSignthis and Visa have been arguing over Visa network access and termination since April following spurious claims about how iSignthis runs its e-money business and amid hostile press briefings.
“iSignthis had been given a clean bill of health by financial intelligence units and independent audits, and Visa’s actions were designed to protect its own position, not that of consumers.
“Visa’s anticompetitive conduct and its new rules for 'Digital Wallet operators' are already the subject of a European Commission Directorate General of Competition investigation.”
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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