AUD News 

ASIC Slaps Commonwealth Bank of Australia With $20 Million Fine

“According to the statement, the multinational bank has entered into a court enforceable undertaking with ASIC, due to Federal Court proceedings that were launched by the regulator in January” reports financemagnates.com. In the proceedings, the Australian bank admitted to the Federal Court in Melbourne that it tried to affect where the BBSW set on five separate occasions between January 31, 2012, and June 15, in 2012. Source: financemagnates.com Share This:

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Brokers News 

ASIC warns CFD, FX and binary options brokers about unsound practices

“ASIC has identified a number of risks associated with the products offered to retail investors by OTC derivatives issuers” reports financefeeds.com. With regard to client money, the regulator reminds issuers that from April 4, 2018, they are no longer allowed to use client money to hedge their positions with clients.Issuers that are subject to the new client money reforms are advised to review their capital needs given the new restrictions on the use of client money.Binary options typically offer the least transparency in terms of underlying pricing, strike prices and…

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AUD News 

Australia To Cut Corporate Watchdog Funding

“Reports in Reuters said the Australian Securities and Investment Commission (ASIC) could see cuts of 8 percent over the next four years, according to government budget documents” reports pymnts.com. The Australian government is planning to cut funding for its corporate watchdog, despite the regulator warning that a lack of resources has already limited its effectiveness.Such banks included the Commonwealth Bank of Australia, which was announced in the Commission’s preliminary findings of the investigation. Source: pymnts.com Share This:

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News 

ASIC embraces regtech, conducts natural language processing trials

“Since announcing its interest in regtech, ASIC has had over 60 meetings with regtech stakeholders and service providers to discuss their developments” reports financefeeds.com. The Australian Securities and Investments Commission (ASIC) is diving deeper into the realm of new technologies, In a speech delivered today, ASIC Commissioner John Price said the regulator was conducting regtech trials, in particular, natural language processing trials.This work has included hosting and attending regtech events, including the Regtech Roundtable and Showcase events, as well as the new Regtech Liaison Forum.Although regtech is not something that ASIC…

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Crypto News 

Australia’s corporate watchdog steps up scrutiny of initial coin offerings

“SYDNEY (Reuters) – Australia’s corporate watchdog said on Tuesday it was cracking down on “misleading or deceptive conduct” in the marketing and selling of digital tokens via initial coin offerings” writes Midwest Communications Inc for 95kqds.com. It will also highlight that Australian corporate and consumer law might apply no matter where the ICO is created and offered. Source: 95kqds.com Share This:

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News 

Australian govt consults on new ASIC fees

“The change will apply to fees for: The fees prescribed in the Regulations will closely reflect the actual costs ASIC incurs when providing regulatory services” reports financefeeds.com. At present, the fees charged for the services and activities ASIC provides do not truly reflect the actual costs incurred by the regulator.The Australian government is consulting on the next stage of the changes to the funding model of the Australian Securities and Investments Commission (ASIC). Source: financefeeds.com Share This:

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Crypto News 

What Is an ASIC Miner and Is It the Future of Cryptocurrency?

“The question for Buterin was whether the centralization of ASIC production was actually a bad thing for a cryptocurrency network” reports vice.com. Here’s everything you need to know to get up to speed on the good, the bad, and the ugly when it comes to ASIC mining.This change has been part of Ethereum’s development roadmap for years, and as it happens it’s also the most effective way to block ASIC mining. Source: vice.com Share This:

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AUD News 

UK, Australia Sign Stronger FinTech Innovation Pact

“The U.K. and Australia are strengthening an existing collaborative agreement to promote FinTech innovation, according to reports in Mondo Visione” reports pymnts.com. The U.K. Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) announced their Enhanced Cooperation Agreement between their Innovation Hubs, broadening their existing agreement to collaborate and cooperate on FinTech innovation.The expanded agreement is part of what’s called the FinTech Bridge, signed by the U.K. Chancellor of the Exchequer and the Australian Treasurer.Back in 2016, when we signed the original agreement with ASIC, we stated…

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