ASIC Releases Half Yearly Regulatory Enforcement Outcomes For January To June 2013
Wednesday,24/07/2013|07:20GMTby
Andrew Saks McLeod
Australia's financial markets regulator ASIC has demonstrated recently that it is strengthening its regulatory scope, and has today released full details of enforcements which have taken place between January and June this year.
Australian financial markets regulator ASIC has today published a full enforcement report for the first 6 months of 2013, from January to June inclusive.
The report comprises a detailed account of all 371 outcomes, including criminal action as well as civil and administrative action, enforceable undertakings and negotiated outcomes.
Big Brother Gains Two Undertakings
ASIC has been successful this year in ensuring that two FX companies entered into enforceable undertakings as a result of its implementation of First Derivatives Delta Stream system which conducts surveillance on the compliance procedures of companies.
The first of these firms was Halifax Securities in April, when 6 irregularities in the company’s Risk Management procedure were highlighted by the findings of the Delta Stream system.
Just a week later, City Index Australia entered into an enforceable undertaking with ASIC due to the company having inadequate procedures in place for the handling of client funds, a matter which also came to light through the data provided by the Delta Stream system.
Insider Traders Criminally Charged
The Australian authorities take a dim view of individuals and firms which engage in insider trading. During the period between January and June this year, ASIC has entered into criminal proceedings against six entities on this basis.
Administrative remedies have been applied to one firm for market manipulation, and a further 2 entities for flouting market integrity rules. Five criminal prosecutions took place for making misleading statements or dishonest conduct, along with 12 civil cases and 4 undertakings for transgression of the same law.
An example of this is the inappropriate advice and questionable marketing approach of self-styled "Aussie Rob" FX training company Lifestyle Group. In June this year, ASIC prosecuted Murray John Priestley, the company’s CEO, and banned him from providing financial services for 3 years.
ASIC wound up the Trader side of the business, responsible for providing training and software to delegates, a practice on which opinions vary significantly and of which regulators often observe with a fine toothed comb.
And the Enforcements Continue…
ASIC has concluded that it has proceeded with 78 enforcements during this particular period, all of which have reached an outcome, in the areas of market integrity, corporate governance and financial services.
The Australian government alongside ASIC has during that period engaged in a series of moves to strengthen its regulatory scope, including recommending an increase in the net capital requirement for financial services businesses, the winding up of firms which disobey the rules, and the constant surveillance of compliance departments by use of the Delta Stream system.
ASIC has not rested on its laurels, and although this report relates to the first half of this year, the regulator continues to purge unacceptable behavior from Australia’s FX and financial services landscape.
Earlier this month, Forex and OTC derivatives broker Apex Derivatives was wound up by ASIC and its assets liquidated due to inadequate capitalization, trading whilst technically insolvent and purporting to have an ASIC financial services license by advertising on its website, despite the license having been revoked by ASIC at an earlier stage.
Aggregation of Data
Within today’s report covering January to June, ASIC has also included aggregate data for the past two years it has been publicly reporting on its enforcement results.
ASIC Commissioner Greg Tanzer stated publicly today that this allowed the regulator to identify emerging areas of focus.
“With investors’ search for yield in a time of low interest rates seemingly showing no signs of slowing down, we will target misleading or deceptive advertising and sales practices by product issuers to ensure higher risk products aren’t being mis-sold,” Mr. Tanzer said.
“Likewise, as the number of corporate insolvencies in Australia continues to rise, we will be looking to key gatekeepers such as directors and insolvency practitioners to ensure that they make appropriate decisions and uphold their obligations.”
Mr. Tanzer said that the discovery of legacy issues by firms – uncovering problems with older products or processes that need rectification – as a result of recent reforms such as Future of Financial Advice (FOFA) and Stronger Super, both government initiatives intended to overhaul the entire financial services industry, brought the obligation to self-report breaches to ASIC to the forefront.
“ASIC will work constructively with companies who act promptly and appropriately in reporting breaches, to ensure that compliance issues are analysed and resolved and that consumers and investors can feel confident in the financial system” is Mr. Tanzer’s conclusion.
Australian financial markets regulator ASIC has today published a full enforcement report for the first 6 months of 2013, from January to June inclusive.
The report comprises a detailed account of all 371 outcomes, including criminal action as well as civil and administrative action, enforceable undertakings and negotiated outcomes.
Big Brother Gains Two Undertakings
ASIC has been successful this year in ensuring that two FX companies entered into enforceable undertakings as a result of its implementation of First Derivatives Delta Stream system which conducts surveillance on the compliance procedures of companies.
The first of these firms was Halifax Securities in April, when 6 irregularities in the company’s Risk Management procedure were highlighted by the findings of the Delta Stream system.
Just a week later, City Index Australia entered into an enforceable undertaking with ASIC due to the company having inadequate procedures in place for the handling of client funds, a matter which also came to light through the data provided by the Delta Stream system.
Insider Traders Criminally Charged
The Australian authorities take a dim view of individuals and firms which engage in insider trading. During the period between January and June this year, ASIC has entered into criminal proceedings against six entities on this basis.
Administrative remedies have been applied to one firm for market manipulation, and a further 2 entities for flouting market integrity rules. Five criminal prosecutions took place for making misleading statements or dishonest conduct, along with 12 civil cases and 4 undertakings for transgression of the same law.
An example of this is the inappropriate advice and questionable marketing approach of self-styled "Aussie Rob" FX training company Lifestyle Group. In June this year, ASIC prosecuted Murray John Priestley, the company’s CEO, and banned him from providing financial services for 3 years.
ASIC wound up the Trader side of the business, responsible for providing training and software to delegates, a practice on which opinions vary significantly and of which regulators often observe with a fine toothed comb.
And the Enforcements Continue…
ASIC has concluded that it has proceeded with 78 enforcements during this particular period, all of which have reached an outcome, in the areas of market integrity, corporate governance and financial services.
The Australian government alongside ASIC has during that period engaged in a series of moves to strengthen its regulatory scope, including recommending an increase in the net capital requirement for financial services businesses, the winding up of firms which disobey the rules, and the constant surveillance of compliance departments by use of the Delta Stream system.
ASIC has not rested on its laurels, and although this report relates to the first half of this year, the regulator continues to purge unacceptable behavior from Australia’s FX and financial services landscape.
Earlier this month, Forex and OTC derivatives broker Apex Derivatives was wound up by ASIC and its assets liquidated due to inadequate capitalization, trading whilst technically insolvent and purporting to have an ASIC financial services license by advertising on its website, despite the license having been revoked by ASIC at an earlier stage.
Aggregation of Data
Within today’s report covering January to June, ASIC has also included aggregate data for the past two years it has been publicly reporting on its enforcement results.
ASIC Commissioner Greg Tanzer stated publicly today that this allowed the regulator to identify emerging areas of focus.
“With investors’ search for yield in a time of low interest rates seemingly showing no signs of slowing down, we will target misleading or deceptive advertising and sales practices by product issuers to ensure higher risk products aren’t being mis-sold,” Mr. Tanzer said.
“Likewise, as the number of corporate insolvencies in Australia continues to rise, we will be looking to key gatekeepers such as directors and insolvency practitioners to ensure that they make appropriate decisions and uphold their obligations.”
Mr. Tanzer said that the discovery of legacy issues by firms – uncovering problems with older products or processes that need rectification – as a result of recent reforms such as Future of Financial Advice (FOFA) and Stronger Super, both government initiatives intended to overhaul the entire financial services industry, brought the obligation to self-report breaches to ASIC to the forefront.
“ASIC will work constructively with companies who act promptly and appropriately in reporting breaches, to ensure that compliance issues are analysed and resolved and that consumers and investors can feel confident in the financial system” is Mr. Tanzer’s conclusion.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
