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Google Kicks Off New Financial Services Ads Policy in Australia: What Will Be the Impact?

  • The new rule requires financial services firms to verify their ASIC licenses with Google.
  • Such rules were first introduced in the UK.
Tuesday, 30/08/2022 | 08:11 GMT by Arnab Shome
Retail FX

Six Aussie Banks Pay AU$3.6B to Customers for Fees Misconduct

  • It came after ASIC reviews of the banks’ operations in 2016 and 2017.
  • NAB paid the highest sum.
Wednesday, 24/08/2022 | 07:12 GMT by Arnab Shome
Regulation

ASIC Reveals 4-Year Plan, Focus Will Be on Tech Risks and CHESS Replacement

  • The regulator outlined corporate plans until 2026.
  • It will also supervise ASX on CHESS replacement.
Monday, 22/08/2022 | 06:37 GMT by Arnab Shome
CryptoCurrency

Zero Hash to Become a Digital Currency Exchange Provider in Australia

  • Zero Hash has been registered by the Australian Transaction Reports and Analysis Center.
  • The Australian subsidiary has appointed Claire Wivell Plater as a NED.
Thursday, 11/08/2022 | 16:56 GMT by Solomon Oladipupo
Retail FX

Australian Authorities Charge Chris Marco with 50 Counts of Fraud

  • Marco operated an unregistered investment scheme.
  • He has been charged under section 409 of the Criminal Code (WA).
Wednesday, 20/07/2022 | 07:03 GMT by Bilal Jafar
FinTech

AFS License of Global Funding Partners Has Been Cancelled by ASIC

  • ASIC warned companies about taking adequate cyber security measures.
  • Earlier this month ASIC temporarily suspended the license of ISG.
Tuesday, 19/07/2022 | 09:09 GMT by Matti Williamson
Brokers

Trade360 Operator Surrenders Australia License amid ASIC Investigation

  • The company breached licensing obligations.
  • The regulator also banned two executives of the OTC derivatives operator.
Thursday, 14/07/2022 | 07:15 GMT by Arnab Shome
Regulation

ASIC Seeks 5 Year Extension of Retail OTC Brokers’ Financial Requirements

  • The regulator is seeking another five-year extension of the requirements.
  • It did not propose any significant changes to the existing rules.
Thursday, 30/06/2022 | 07:33 GMT by Arnab Shome
Technology

ASIC Wants Trading Players to Provide Services Even during Outages

  • The regulator is asking market players to build resilient measures for outages.
  • It is concerned about the upcoming technology upgrades that might impact operations.
Tuesday, 28/06/2022 | 07:10 GMT by Arnab Shome
Retail FX

Aussie Court Sends CFDs Trader to Prison for Insider Trading

  • He made AU$343,000 from executing trades with insider information.
  • He pled guilty to the insider trading charges.
Monday, 20/06/2022 | 06:26 GMT by Arnab Shome
Retail FX

ASIC Charges ANZ Bank for Incorrect Fees and Misrepresentations

  • The bank ignored the issue and failed to implement a robust system.
  • The regulator is now seeking remediation for all the affected customers.
Monday, 30/05/2022 | 09:03 GMT by Arnab Shome
Regulation

ASIC Wants to Extend Retail Binary Options Ban to October 2031

  • The existing ban on the retail sale of binary options will expire on 7 October 2022.
  • ASIC issued a consultation paper seeking feedback on the extension of the ban.
Thursday, 26/05/2022 | 06:37 GMT by Arnab Shome
Retail FX

Australian Securities & Investments Commission Bans Financial Adviser for 5 Years

  • Walter Yaolong Guan has been banned from providing financial services.
  • During the ban, Guan will not be able to control any entity that is involved in the financial services business.
Thursday, 19/05/2022 | 07:19 GMT by Bilal Jafar
Regulation

ASIC Confirms on Cybersecurity Controls by AFS Licensees

  • The confirmation came after a court ruling against an AFS license holder.
  • There is no specific cybersecurity measure on AFS license obligations.
Thursday, 12/05/2022 | 07:04 GMT by Arnab Shome
Retail FX

Forex CT Customers Lost at Least $54 Million, Yet to Be Compensated

  • The number of customers of the platform climbed to 11,174.
  • They did not receive any proceeds collected as a pecuniary penalty by ASIC.
Monday, 09/05/2022 | 05:52 GMT by Arnab Shome
Analysis

How Is Aussie Retail FX Industry Reacting to Leverage Restrictions?

  • ASIC limits retail trading leverage at 30:1 for FX majors.
  • Australia is home to some of the largest retail brokers.
Friday, 29/04/2022 | 11:11 GMT by Arnab Shome
Institutional FX

ASIC Suspends AFS License of Dixon Advisory, Client Transition Ongoing

  • The company was put under administration in January.
  • It can still operate until May 9, 2022.
Tuesday, 19/04/2022 | 07:00 GMT by Arnab Shome
Institutional FX

Westpac Banking Corporation to Pay $1.5 Million Penalty

  • The Federal Court has imposed a penalty on Westpac for mis-selling consumer credit insurance.
  • The financial firm issued consumer credit insurance policies to 141 customers who did not request the product.
Thursday, 07/04/2022 | 08:33 GMT by Bilal Jafar
Regulation

ASIC Extends Leverage Restrictions on CFDs for Another Five Years

  • The restrictions will be in effect until 23 May 2027.
  • The decision came a year after the initial imposition of the restrictions.
Wednesday, 06/04/2022 | 05:38 GMT by Arnab Shome
FinTech

ASIC Is Suing Macquarie Bank over Unauthorized Withdrawals

  • Transactions through the fees system by third parties were unmonitored.
  • Macquarie Bank's penalty by the court may be as high as $500 million.
Tuesday, 05/04/2022 | 07:29 GMT by Matti Williamson
Retail FX

ASIC Bans Former Adviser from Providing Financial Services

  • The authority has banned Mark Babbage for 10 years.
  • The order took effect on 11 March 2022.
Monday, 04/04/2022 | 07:30 GMT by Bilal Jafar
Op-ed
Op-ed
Retail FX
Op-ed
Op-ed

Reeling In the 'Finfluencers'

  • Influencers must hold an Australian financial services licence to provide a recommendation.
  • They should exercise caution when sharing links to financial products.
Monday, 28/03/2022 | 16:30 GMT by Yvonne Nehme
Regulation

ASIC Imposes $63M Civil Penalties in H2 2021 for Violations

  • The fines in the reported months were significantly higher than the previous six months.
  • It has prosecuted 99 individuals and companies for liable offenses.
Monday, 28/03/2022 | 09:02 GMT by Arnab Shome
Retail FX

ASIC Warns against Scammers Impersonating Financial Firms

  • Scammers are reaching out to potential victims through emails, calls and messages.
  • They provide convincing documents to gain the trust of the potential victims.
Thursday, 24/03/2022 | 06:53 GMT by Arnab Shome
Thought Leaders

Kwakol Markets Secures Coveted ASIC License

  • Kwakol Markets has registered offices in the US, Hong Kong, Nigeria, and Australia.
Monday, 28/02/2022 | 08:45 GMT by Kwakol Markets
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