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Retail FX

ASIC Secures $229.9 Million in Civil Penalties in FY 2021/2022

  • The regulator has secured convictions against 33 individuals.
  • ASIC introduced breach reporting, hawking prohibition and deferred sales during the period.
Friday, 14/10/2022 | 19:56 GMT by Solomon Oladipupo
Regulation

ASIC Approves 578 New Licenses in Fiscal 2022

  • The licenses include AFS and ACL.
  • It also canceled 558 licenses.
Friday, 30/09/2022 | 07:39 GMT by Arnab Shome
Retail FX

Optus Hack: ASIC Warns Market Intermediaries against Possible 'Fraud'

  • Personal details of up to 10 million Optus customers were stolen.
  • Interestingly, the hacker assured deletion of the compromised data.
Wednesday, 28/09/2022 | 06:59 GMT by Arnab Shome
Retail FX

Dixon Advisory Gets AU$7.2 Million Fine for Client Interest Breaches

  • Six company representatives breached client interest for around three and a half years.
  • The company is currently under voluntary administration.
Monday, 19/09/2022 | 08:32 GMT by Arnab Shome
Regulation

ASIC Extends Retail Derivatives Issuers’ Financial Requirements for 5 Years

  • The rules explain the non-tangible asset requirements.
  • Retail OTC derivatives issuers need to comply with these rules.
Friday, 09/09/2022 | 06:08 GMT by Arnab Shome
Regulation

ASIC Extends Binary Options Ban until October 2031

  • The ban will restrict licensed brokers from offering binary options to retail traders.
  • It initially came into effect on 3 May 2021.
Monday, 05/09/2022 | 06:06 GMT by Arnab Shome
Regulation

ASIC Warns Brokers for Offering High-Risk Products to Retail Investors

  • These products include securities lending and crypto assets.
  • The regulator is concerned about claims of ‘zero’ or ‘low-cost’ brokerage.
Wednesday, 31/08/2022 | 05:59 GMT by Arnab Shome
Analysis
Analysis
Regulation
Analysis
Analysis

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
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