ASIC Revokes AFS License; FCA Fines 3 Money Transfer Firms

ASIC Revokes AFS License; FCA Fines 3 Money Transfer Firms

Time Stamp: November 30, 2023 5:34 AM
ASIC Revokes AFS License; FCA Fines 3 Money Transfer Firms PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The
Australian Securities and Investments Commission (ASIC) has officially
cancelled the Australian Financial Services (AFS) license of Remi Investment
Services Pty Ltd (RIS). This decision, effective as of 27 November 2023, was
made because RIS ceased its financial services operations. RIS, which had held
its AFS license since 31 October 2003, previously authorized Remi Capital Pty
Ltd to provide financial services.

However,
Remi Capital was wound up in June 2022 and is currently under external
administration. RIS has the option to appeal ASIC’s decision through the
Administrative Appeals Tribunal.

Equitable Financial
Solutions Director Charged with Breach of Duty

Usman
Siddiqui, the sole director of Equitable Financial Solutions Pty Ltd, has been
charged with multiple counts of dishonesty using his position to divert $1.75
million of company funds for personal gain.

The charges
were presented in the Downing Centre Local Court, following Siddiqui’s arrest
by the NSW Police in early November 2023. ASIC alleges that Siddiqui’s actions
contravened section 184(2)(a) of the Corporations Act 2001.

Siddiqui,
who was granted bail with travel restrictions, is set to reappear in court in
February 2024. The company reportedly offered Sharia-compliant financial
products to the Australian Muslim community.

FCA Imposes Fines for
Price Fixing on Money Transfer Firms

The
Financial Conduct Authority (FCA) has fined three money transfer firms over
£150,000 for illegal price-fixing activities in Glasgow. Dollar East, Hafiz
Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited,
including its parent company Small World, admitted to coordinating exchange
rates and fixing transaction fees for UK-Pakistan money transfers.

This act of collusion, which occurred between February and May 2017, significantly impacted
customers in Glasgow. The firms have accepted their breach of competition law
and received settlement discounts from the FCA, which has also issued reminders
to other Glasgow-based money transfer firms about competition law compliance.

FMA and FMSB Collaborate
to Uphold Financial Market Integrity

The
Financial Markets Authority (FMA) of New Zealand has entered a Consultation
Agreement with The Financial Markets Standards Board (FMSB). This agreement
reinforces their mutual commitment to fair and effective global wholesale
financial markets.

The FMA
supports FMSB’s objectives to provide clear guidance for market conduct and
promote these standards globally. While not substituting New Zealand law, this
collaboration aims to enhance industry standards and operational practices in
the financial sector. The agreement facilitates FMSB’s consultation with the
FMA in developing guidance and publications.

TradingView and Santander
Financial Institute Partner for Educational Enhancement

TradingView
has announced a strategic educational partnership with the Santander Financial
Institute (SANFI), enhancing financial education in banking and economics. This
collaboration integrates TradingView’s advanced financial tools into SANFI’s
academic programs, providing students access to real-time market data and
analysis tools. The partnership aims to blend theoretical knowledge with
practical skills, preparing students for the dynamic financial sector.

“We believe
this partnership will facilitate the financial education of students who plan
to direct their careers into the world of finance,” the company commented.

FSMA Warns against
Fraudulent Trading Platforms

The
Financial Services and Markets Authority (FSMA) has issued a warning regarding
several dozen new fraudulent trading platforms in Belgium. These platforms,
using deceptive advertisements and mobile apps, lure investors with promises of
quick wealth and engage in aggressive tactics, including claims of fake
authorizations.

Victims
often face difficulties in recovering invested funds or lose contact with these
platforms entirely. The FSMA advises against engaging with these listed
platforms and emphasizes the risk of investment fraud.

SEC Appoints Kate E.
Zoladz as Regional Director in Los Angeles

The
Securities and Exchange Commission (SEC) has named Kate E. Zoladz as the
Regional Director of its Los Angeles Office, effective 3 December 2023. Zoladz,
who joined the SEC in 2010, has held various positions, including Associate
Regional Director for Enforcement.

She will
oversee a team focusing on securities enforcement and compliance in several
western US regions. Zoladz’s extensive experience in securities litigation and
compliance is expected to contribute significantly to the SEC’s mission of
protecting investors.

Total Return Futures
Poised for Growth

Total
Return Futures (TRFs), introduced by Eurex in 2016, are gaining momentum in the
financial market, particularly among buy-side firms. Designed as a listed
alternative to total return swaps, TRFs have become a versatile tool for firms
to manage financing rates and replace beta.

Their
growth is attributed to the implementation of the Uncleared Margin Rules and
the demand for listed products with economic and counterparty risk benefits.
The entry of new market participants has also diversified the user base of
TRFs, increasing market depth and variety.

The
Australian Securities and Investments Commission (ASIC) has officially
cancelled the Australian Financial Services (AFS) license of Remi Investment
Services Pty Ltd (RIS). This decision, effective as of 27 November 2023, was
made because RIS ceased its financial services operations. RIS, which had held
its AFS license since 31 October 2003, previously authorized Remi Capital Pty
Ltd to provide financial services.

However,
Remi Capital was wound up in June 2022 and is currently under external
administration. RIS has the option to appeal ASIC’s decision through the
Administrative Appeals Tribunal.

Equitable Financial
Solutions Director Charged with Breach of Duty

Usman
Siddiqui, the sole director of Equitable Financial Solutions Pty Ltd, has been
charged with multiple counts of dishonesty using his position to divert $1.75
million of company funds for personal gain.

The charges
were presented in the Downing Centre Local Court, following Siddiqui’s arrest
by the NSW Police in early November 2023. ASIC alleges that Siddiqui’s actions
contravened section 184(2)(a) of the Corporations Act 2001.

Siddiqui,
who was granted bail with travel restrictions, is set to reappear in court in
February 2024. The company reportedly offered Sharia-compliant financial
products to the Australian Muslim community.

FCA Imposes Fines for
Price Fixing on Money Transfer Firms

The
Financial Conduct Authority (FCA) has fined three money transfer firms over
£150,000 for illegal price-fixing activities in Glasgow. Dollar East, Hafiz
Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited,
including its parent company Small World, admitted to coordinating exchange
rates and fixing transaction fees for UK-Pakistan money transfers.

This act of collusion, which occurred between February and May 2017, significantly impacted
customers in Glasgow. The firms have accepted their breach of competition law
and received settlement discounts from the FCA, which has also issued reminders
to other Glasgow-based money transfer firms about competition law compliance.

FMA and FMSB Collaborate
to Uphold Financial Market Integrity

The
Financial Markets Authority (FMA) of New Zealand has entered a Consultation
Agreement with The Financial Markets Standards Board (FMSB). This agreement
reinforces their mutual commitment to fair and effective global wholesale
financial markets.

The FMA
supports FMSB’s objectives to provide clear guidance for market conduct and
promote these standards globally. While not substituting New Zealand law, this
collaboration aims to enhance industry standards and operational practices in
the financial sector. The agreement facilitates FMSB’s consultation with the
FMA in developing guidance and publications.

TradingView and Santander
Financial Institute Partner for Educational Enhancement

TradingView
has announced a strategic educational partnership with the Santander Financial
Institute (SANFI), enhancing financial education in banking and economics. This
collaboration integrates TradingView’s advanced financial tools into SANFI’s
academic programs, providing students access to real-time market data and
analysis tools. The partnership aims to blend theoretical knowledge with
practical skills, preparing students for the dynamic financial sector.

“We believe
this partnership will facilitate the financial education of students who plan
to direct their careers into the world of finance,” the company commented.

FSMA Warns against
Fraudulent Trading Platforms

The
Financial Services and Markets Authority (FSMA) has issued a warning regarding
several dozen new fraudulent trading platforms in Belgium. These platforms,
using deceptive advertisements and mobile apps, lure investors with promises of
quick wealth and engage in aggressive tactics, including claims of fake
authorizations.

Victims
often face difficulties in recovering invested funds or lose contact with these
platforms entirely. The FSMA advises against engaging with these listed
platforms and emphasizes the risk of investment fraud.

SEC Appoints Kate E.
Zoladz as Regional Director in Los Angeles

The
Securities and Exchange Commission (SEC) has named Kate E. Zoladz as the
Regional Director of its Los Angeles Office, effective 3 December 2023. Zoladz,
who joined the SEC in 2010, has held various positions, including Associate
Regional Director for Enforcement.

She will
oversee a team focusing on securities enforcement and compliance in several
western US regions. Zoladz’s extensive experience in securities litigation and
compliance is expected to contribute significantly to the SEC’s mission of
protecting investors.

Total Return Futures
Poised for Growth

Total
Return Futures (TRFs), introduced by Eurex in 2016, are gaining momentum in the
financial market, particularly among buy-side firms. Designed as a listed
alternative to total return swaps, TRFs have become a versatile tool for firms
to manage financing rates and replace beta.

Their
growth is attributed to the implementation of the Uncleared Margin Rules and
the demand for listed products with economic and counterparty risk benefits.
The entry of new market participants has also diversified the user base of
TRFs, increasing market depth and variety.

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