ASIC

The list targets domestic and international entities the regulator suspects of offering services to Australians without the appropriate licenses or permission. It already contains more than 1,300 names.

Ahead of screenings of a new film about the 2021 GameStop short squeeze, Australians will see a warning about the risks and regulatory perils of social media and market manipulation, part of a new ASIC campaign aimed at preventing ‘dumb money’ losses.

In a review of financial product issuers’ compliance with requirements meant to ensure complex and high-risk investments are kept out of the wrong hands, the regulator found room for improvement – and reminded issuers of its enforcement powers.

The regulator will target predatory lending practices and misconduct against small business, with a focus on scams, particularly where conduct hurts retirement outcomes. It’s also looking into how banks responds to customers in financial distress.

A BlackRock bitcoin ETF could add an extra $100 million in daily demand for the cryptocurrency, pumping up the price. If US regulators approve the product as expected, analysts expect big tailwinds for the entire crypto ecosystem.

In an August 2 lawsuit, ASIC says the online investment platform improperly targeted unsophisticated investors for volatile and risky contract-for-difference products, which 77 per cent of its retail clients lose money on.

It’s the second time ASIC fined Openmarkets over its handling of market-manipulating wash trades by the same client, but the retail broker’s agreement to an enforceable undertaking led to a reduced penalty.

The public appears to be rewarding efforts to reshape the banking and financial advice industry after the royal commission, with advisers and the banks both enjoying an increase in faith from the community.

Buy-now-pay-later products look like credit, act like credit and carry the risk of credit, so they should be subject to the same regulatory scrutiny as credit products, the financial services minister said.

The regulator has issued 26 stop orders against 18 companies for failing to adequately target financial products to the appropriate market since the “design and distribution obligations” regime began, it said in an initial compliance review. And it warned that closer scrutiny is coming.