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.”
Ebury Kicks Off as Official FX Partner of C.D. Leganés for Global Transactions
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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