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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
Australia | Publication | June 2018
ASIC recently undertook a surveillance of the retail OTC derivatives sector, which has an estimated annual turnover of $11 trillion and over 450,000 investors in Australia. ASIC has released Report 579 here in which it identifies sector-wide issues with certain practices, including:
ASIC has called on issuers to raise industry standards and improve compliance, including by:
ASIC placed particular focus on the developing market for cryptocurrency CFDs and the pricing volatility associated with fluctuations in the underlying assets and added leverage. ASIC stated that pricing and hedging risk from underlying cryptocurrency assets can also be challenging. Issuers that offer cryptocurrency CFDs, in ASIC’s view, need to make sure their clients understand the pricing and risks associated with these products. They also need to make sure they have adequate risk management frameworks and capital to deal with these risks.
ASIC plans to examine this area further as part of its ongoing focus on the sector. Accordingly, issuers would be well-advised to take proactive steps to address ASIC’s areas of concern.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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