ASIC could well follow the FCA in capping CFD leverage to 1:25 for retail clients that have less than 12 months trading experience as part of its ongoing scrutiny of the CFD industry
ASIC hits the major FX dealers: Two large Australian Tier 1 banks hit for risk management issues on wholesale spot FX operations
Australian officials have censured National Bank of Australia and Commonwealth Bank of Australia for risk management procedures in their interbank FX desks. Is this the beginning of a move toward lobbying the OTC industry down under?
ASIC to encourage financial technology development – Firms can test their systems and onboard up to 100 retail clients with no license
“”Fintech and start-up businesses now have more pathways than ever to begin testing the viability of innovative financial services and credit services consumers, before incurring many of the regulatory costs normally associated with running their business,” – John Price, Commissioner, ASIC
Citing increasing regulatory demands, FXPIG has relocated its operations from New Zealand to the Pacific island of Vanuatu after 7 years in establishment
CFDs once again under the regulatory microscope as FCA follows ASIC’s lead in tightening rules on leverage
“The Financial Conduct Authority (FCA) is today proposing stricter rules for firms selling ‘contract for difference’ (CFD) products to retail customers to improve standards across the sector and ensure consumers are appropriately protected.” – Financial Conduct Authority.
ASIC has identified some barriers faced by new FX Fintech start-ups seeking to enter the financial services market. These barriers include speed to market and meeting the organisational competence requirements of an Australian Financial Services (AFS) Licensee.
IMS FX was granted an ASIC license in September 2015, however it transpired that the company’s owners were intending to […]
ASIC supports the development of a healthy digital advice market in Australia – takes a good look at social trading
For over two years, regulatory debate is centered on whether copy trading, social trading or digital advice via algorithmic systems constitutes regulatory oversight as financial advice.
ASIC gets AUS$127 million from banks: “Those who generate the need for regulation should pay for it”
The Australian Government announced additional funding for the Australian Securities and Investments Commission (ASIC), an extra AUS$127 million ($99 million)…
Benchmark rigging down under: Westpac censured by ASIC for manipulating interest rate derivative swap rate
Regulatory censuring against major interbank FX institutions in Switzerland, Britain and North America may have drawn to a close in…
Australia’s disdain for FX & CFD companies: No new AFS licenses, and regulatory bete noire is retail margin trading firms
Australia has marked itself out in recent years as a very attractive part of the world in which to establish…
The ASIC forum that took place this week raised interest to financial technology investors as they were promised a boost…
Australia unveiling new law to decimate smaller FX firms. Anti-competitive, or just plain common sense?
Reports this morning across Australia have stated that the government is in the process of making some potentially significant changes…
$2533 a week is ball-dust, mate! Australian regulator slaps $30,600 fine on FX broker for dubious advertising
Notoriously observant Australian financial services regulatory authority ASIC has today announced that it has issued a $30,600 penalty to OCM…
By Ashley Jessen, Chief Digital Strategist at Profile Booster author of CFDs Made Simple, and former Director of Communications of Invast…
Investigation: Is Australia still a viable place for FX, and why did ASIC start clamping down? We take a very detailed look
Five years ago, Australia rose to prominence as a jurisdiction of many attractive facets for the retail FX industry. A…