Financial Regulation Updates: ASIC Actions, SFC Fines, Shifts etc

Financial Regulation Updates – The Australian Securities and Investments Commission (ASIC) has mandated a temporary suspension of Suetonius Wealth Management’s Australian financial services license due to non-compliance with financial reporting obligations. The Sydney-based financial services provider has until 28 February 2024 to submit its overdue financial statements and audit reports. Please comply by the deadline to avoid ASIC considering canceling the license.

The regulatory body’s action serves as a reminder of the importance of adhering to financial reporting requirements in the financial services industry. In a separate action, ASIC has also disqualified Mitchell Atkins, ex-director of the defunct Magnolia Capital Group, from corporate management and financial services following the group’s failure and substantial losses to unsecured creditors. Atkins’ mismanagement and dishonest practices, including the production of false documents and misappropriation of investor funds, have led to a ban reflecting ASIC’s commitment to maintaining corporate governance standards and investor protection.

Lion Futures Limited has been fined $2.8 million by Hong Kong’s Securities and Futures Commission (SFC) for failing to comply with AML/CFT standards. The firm’s lack of due diligence in monitoring clients’ use of customer-supplied systems resulted in inadequate risk management and oversight. The SFC’s decision, influenced by the company’s non-compliance and subsequent remedial measures, sends a strong message about the critical nature of robust AML/CFT systems in the financial sector.

SFC initiates legal action against former First Credit Finance Group Limited directors, including a de facto director, for failing fiduciary duties. The allegations of undisclosed management roles and misleading public disclosures highlight the importance of corporate transparency and the role of regulatory bodies in upholding it. The SFC’s proceedings are part of a broader effort to enforce accountability and protect the market’s integrity.

Financial Regulation Updates

Scott Shleifer is stepping down as head of private investments at Tiger Global Management, with founder Chase Coleman set to oversee the firm’s public and private investment strategies. Shleifer, who has been pivotal in launching Tiger Global’s venture arm, will transition to a senior advisor role due to his preference to remain in Florida, contrasting with the firm’s in-person operations in New York.

This strategic change in leadership also comes as the firm adapts to evolving business and geographic considerations. The Bank for International Settlements (BIS) has unveiled a new BIS Data Portal, marking a significant advancement in the availability and accessibility of financial statistics. This portal is a one-stop solution for data on international banking, among other economic indicators, offering enhanced tools for navigation and analysis.

The initiative reflects BIS’s commitment to transparency and support for financial analysis and is part of a move to consolidate data publication through this portal starting January 2024. Moreover, Wedbush Securities has strengthened its Wealth Management division by appointing Lynn Sperandeo as Managing Director of investments.

Bringing over four decades of experience in the financial services industry, Sperandeo is recognized for her client-centric approach and is expected to contribute significantly to Wedbush’s commitment to innovative and personalized financial services. “I have known Lynn for years and have known her as a straight shooter who provides amazing concierge service to her clients. I couldn’t be more excited to have her as part of our wealth management team and to be a part of the Wedbush story,” Craig Pirtle, the Head of Business Development and Expansion Markets at Wedbush, commented

Also, Stay Updated with us for more news on Broker News.