Asic
ASIC Mandates Stricter Compliance for Australian Firms: Highlighting Voice Communication
- The guidance stresses close supervision of representatives to ensure compliance with internal policies and external regulations.
- ASIC’s new rules reflect US regulatory actions, targeting greater transparency and stricter enforcement in financial communications.
Thursday, 16/01/2025 | 11:18 GMT by
Harriet Christie
ASIC to Decide Fate of Investment Introduction Service Relief
- The regulator is seeking public feedback on extending and potentially expanding relief measures for business introduction services.
- The consultation focuses on managed investment schemes and considers reinstating previous securities relief.
Monday, 13/01/2025 | 07:54 GMT by
Damian Chmiel
215 Investors, $3.9M Commission, And 3 Years Behind Bars
- A former Courtenay House promoter has been sentenced for his role in an unlicensed financial services operation.
- David Sipina becomes the third person sentenced in the Courtenay House scandal that defrauded investors of $180 million.
Monday, 23/12/2024 | 08:28 GMT by
Damian Chmiel
Will Binance's BNB Reach $1000? Price Prediction Amid Legal Challenges in Australia
- ASIC accused Binance Australia of failing to provide a product disclosure statement to retail clients.
- Although Binance compensated affected clients with $13 million in 2023, ASIC is seeking more penalties.
Wednesday, 18/12/2024 | 19:37 GMT by
Jared Kirui
ASIC Claims Binance Misclassified 83% of Australian Client Base, Takes It To Court
- The regulator launches legal action against Binance Australia for misclassifying retail investors, exposing them to high-risk crypto products.
- The exchange had already paid approximately $13 million in compensation to affected clients in 2023.
Wednesday, 18/12/2024 | 07:30 GMT by
Damian Chmiel
HSBC Australia Faces ASIC Lawsuit over Alleged $23 Million Scam Losses
- ASIC sues HSBC Australia for allegedly failing to protect customers from scams.
- The bank faces accusations of inadequate fraud controls and delays in investigating unauthorized transactions.
Monday, 16/12/2024 | 07:31 GMT by
Damian Chmiel
Kraken Australia to Pay AU$8 Million for Offering ‘Unlawful’ Margin Products
- The order by ASIC came after an Australian court found that the exchange violated local rules by offering fiat-based margin products.
- Its Australian customers incurred trading losses of more than US$5 million with these margin products.
Thursday, 12/12/2024 | 05:05 GMT by
Arnab Shome
ASIC Tightens Grip on Crypto Custody in Major Rule Overhaul
- The regulator has modernized its asset holding guidelines with new crypto custody standards.
- The update affects all Australian financial services firms holding client assets, with a particular focus on digital assets.
Tuesday, 10/12/2024 | 07:53 GMT by
Damian Chmiel
Social Media Ads to WhatsApp Groups: Scammers Target Australians with Fake Investments
- The warning came as ASIC has witnessed an increase in suspected scam investments through social media ads.
- It also received complaints from multiple victims of such scams.
Tuesday, 03/12/2024 | 06:16 GMT by
Arnab Shome
ASIC's “Rewrite” Game-Changing Rules Just Went Live: Is Your CFD Brokerage Ready?
- 1st part of Australia's new OTC derivative reporting rules has just come into effect.
- CFD Brokers must now provide collateral reporting, new unique identifiers, and standardized XML formatting.
Monday, 21/10/2024 | 07:20 GMT by
Damian Chmiel
Crypto Exchanges in AU Require Financial Licenses Starting in 2024: ASIC Expands Act
- Australian regulators will require crypto exchanges to obtain financial licenses by November 2024.
- ASIC’s Alan Kirkland outlined new crypto regulations at the AFR Crypto and Digital Assets summit.
Monday, 23/09/2024 | 08:47 GMT by
Tareq Sikder
ASIC Rewrite Is Knocking: What Should CFDs Brokers Know?
- Although the commencement date for the ASIC Rewrite has been set for 30 September 2024, its implementation will be done over two staggered dates.
- ASIC Rewrite will bring reporting changes around collateral and single-sided relief provisions.
Monday, 23/09/2024 | 08:21 GMT by
Sophie Gerber
Aussie Watchdog Seeks Tech Partner for 5-Year Fraud Fight
- ASIC builds on its successful takedown of over 7,300 fraudulent sites since July 2023.
- The move aims to enhance Australia's fight against online financial fraud, which cost investors $1.3 billion last year.
Thursday, 19/09/2024 | 06:07 GMT by
Damian Chmiel
ASIC Just Gained New Powers. Check If They Will Affect FX/CFD Brokers
- Australia has enacted new laws granting ASIC expanded powers to regulate financial market infrastructure.
- The reforms aim to enhance stability and efficiency in the country's financial system.
Thursday, 19/09/2024 | 03:44 GMT by
Damian Chmiel
6 Years After This FX/CFD Broker's Collapse, Its Ex-Director Pleads Guilty
- Former Berndale Capital Securities director Daniel Kirby has pleaded guilty.
- The financial misconduct charges included misuse of company funds and providing false information.
Wednesday, 18/09/2024 | 07:41 GMT by
Damian Chmiel
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