The Federal Court has ruled Bit Trade, the operator of the Kraken #crypto exchange in Australia, failed to comply with the design and distribution obligations when offering a margin trading product to Australian customers. Bit Trade provided for margin extensions to be made to users of the Kraken exchange and repaid in either digital assets or national currencies. The product has been available since October 2021 without a target market determination, as required by law. Justice Nicholas that a margin extension in a national currency created a ‘deferred debt’, meaning the product was a credit facility and subject to the design and distribution obligations. ASIC Deputy Chair Sarah Court said, ‘We initiated proceedings to send a message to the crypto industry that we will continue to scrutinise products to ensure they comply with regulatory obligations in order to protect consumers.’ Read more https://lnkd.in/gxRKmtNg #DDO
ASIC
Government Administration
Sydney, NSW 176,355 followers
ASIC is Australia's corporate, markets, financial services and consumer credit regulator.
About us
ASIC is Australia's corporate, markets, financial services and consumer credit regulator. Our vision is for a fair, strong and efficient financial system for all Australians. ASIC uses social media to communicate and engage with the public and our stakeholders about our programs and work. We welcome user interaction on ASIC's official social media accounts. As a participant on any of ASIC's social media accounts, you agree to: • keep your content relevant to the topic and discussion; • use fair and respectful language and be courteous; • refrain from offensive language, or language that amounts to discrimination, a threat or harassment; • refrain from the promotion of any commercial products/services; • refrain from posting personal, private or confidential information; • refrain from breaching the intellectual property rights of others; • not impersonate other people or organisations; • not promote illegal or unethical behaviour; • be aware that social media is a public space, and all interaction is publicly viewable and searchable over time; • recognise that ASIC moderates its accounts, and any comments and contributions that do not comply with these rules may be removed, and where users continually breach the rules, or breach the rules in a significant way, may be removed and banned from ASIC's account; • recognise that contributions made by users or links or shared content posted by ASIC do not necessarily represent ASIC's views; and • adhere to the usage rules and standards set by the host site (e.g. Facebook, Twitter, LinkedIn) of this social media account. Questions and enquiries of a sensitive nature should be sent directly to ASIC, and not posted on social media. This will protect your personal information and allow ASIC to reply more promptly. More information about how to contact us is available on at www.asic.gov.au Journalists or organisations seeking official comment must contact ASIC's Media Unit: media.unit@asic.gov.au
- Website
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http://www.asic.gov.au
External link for ASIC
- Industry
- Government Administration
- Company size
- 1,001-5,000 employees
- Headquarters
- Sydney, NSW
- Type
- Government Agency
- Founded
- 1991
Locations
Employees at ASIC
Updates
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‘Greenwashing claims mislead investors and consumers, and undermine confidence. Where we’ve identified greenwashing misconduct, ASIC has intervened to protect investors and consumers, and to maintain market integrity.‘ With the release of ASIC's report on #greenwashing interventions, ASIC Commissioner Kate O'Rourke has called on product issuers and their advisers to focus on the quality of #ESG disclosures and the data underpinning them. Read more https://lnkd.in/gNkXSTzp
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Speaking to #insolvency professionals at the Association of Independent Insolvency Practitioners Conference on 22 August, ASIC Commissioner Kate O’Rourke highlighted four areas that ASIC has been focusing on in relation to insolvency. These include updates to our regulatory guidance and outcomes from reviews on simplified liquidations and small business restructuring. ‘Your work at the insolvency frontline, and ASIC’s guidance that supports that work, couldn’t be more topical. We are acutely aware of the increases in the number of insolvencies in Australia, and the wider cost-of-doing-business pressures that are placing high levels of strain on Australian companies,’ Kate said. Read the full remarks https://lnkd.in/g4Bs3MPh
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Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities for 2024–28. Our latest corporate plan underscores our commitment to strengthening integrity across Australia’s #markets. ‘Trust in the financial system and markets means greater confidence which means more investment. That has direct benefits for the jobs and opportunities of Australians,’ ASIC Chair Joe Longo said. Read more https://lnkd.in/gXm9Uiz7 #CorporatePlan
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We have published a summary document following our industry workshop on servicing First Nations communities with a focus on culture, community and engagement. The workshop highlighted a range of approaches for providing accessible and effective engagement channels for #FirstNations communities through in-person services in remote locations, including insights from financial services industry representatives. In his opening remarks to the workshop, ASIC Commissioner Alan Kirkland outlined the challenges that people in remote First Nations communities face accessing financial services in person. He also noted First Nations peoples’ experience of financial exclusion can be further compounded by the increased shift to online services. Any support for the financial inclusion of First Nations peoples must recognise these unique circumstances and experiences. We thank the workshop attendees – representing over 50 organisations – for their time and insights, and encourage stakeholders across the #FinancialServices industry to explore the practices shared in the document. Read more https://lnkd.in/gzGrHqUZ #banking #superannuation #insurance
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Yat Nam (April) Yuen, who held various roles at collapsed stockbroking firm BBY Limited including Manager (Strategy), has been sentenced for aiding and abetting BBY to engage in dishonest conduct. Following her guilty pleas to two offences, Ms Yuen was convicted and received an aggregate sentence of 2 years and 6 months imprisonment, to be served by way of an intensive correction order. As a result of her convictions, Ms Yuen will automatically be disqualified from managing corporations for five years and will be unable to be involved in the business of a market participant in connection with securities and futures markets. ASIC Deputy Chair Sarah Court said, ‘ASIC is committed to investigating dishonest conduct in the licensed financial services industry and prosecuting such cases.’ Read more https://lnkd.in/ge2ZRvQN
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ASIC has reviewed #scam prevention, detection and response of 15 banks outside the four major banks. Our findings showed a less mature approach to scams strategy and governance than we expected. ASIC Deputy Chair Sarah Court said: ‘While scam education initiatives many banks are delivering are one step in the right direction, this report outlines areas where banks needed to improve. ‘In case studies reviewed in the preparation of this report, ASIC observed examples of poor customer service, including slow response times, mishandling of reports, confusing communications, and failure to identify vulnerable customers impacted by scams. ‘We expect all banks regardless of their size, to pull their weight in the fight against scams. Boards and senior management have a key role to play in driving improvement.’ Read more https://lnkd.in/gTqeUTkY
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ASIC Deputy Chair Sarah Court spoke with 7NEWS Australia over the weekend about our work coordinating the takedown of investment scam websites. ▶️ Watch the full report https://lnkd.in/gXjVr5m7
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We have updated our reference checking and information sharing protocol for #FinancialAdvisers and mortgage brokers to allow mortgage aggregators to obtain references on mortgage broker licensees and their representatives. The updated protocol will commence on 20 August 2024, and reflects legislative changes enabling all licensees to request references about a prospective representative from the representative’s current and/or former mortgage aggregator. While the protocol does not impose obligations on licensees to request these additional references, we encourage licensees to request references where appropriate. Read more https://lnkd.in/gb7nyR5Y #credit #mortgage #regulatory
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Since July 2023, our website takedown capability has disrupted over 7,300 phishing and investment #scam websites. As we mark the capability’s first anniversary, we encourage consumers to remain vigilant to social media hyperlinks that promote online trading and #crypto investment scams. ASIC action helped to take down over: 📉 5,530 fake investment platforms 🪝 1,065 phishing scam hyperlinks 🪙 615 cryptocurrency investment scams Combating and disrupting investment scams is a key priority for ASIC. In addition to the takedown capability, we work across government and industry, including through the National Anti-Scam Centre, to make Australia a harder target for scammers. Our Moneysmart website has information to help consumers minimise their risk of being scammed, including our investor alert list and ways to check if a person or company is licensed. Read more https://lnkd.in/gEF8_8DQ
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