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The court will not get a chance to rule on the design and distribution obligations in the marketing of contracts for difference, after the Australian Securities and Investments Commission reached an agreement with eToro to resolve the first case of its kind.
Construction PRO
Sydney pub baron Jon Adgemis has been declared bankrupt and his properties have been sequestered, with the Federal Court finding the former KPMG partner owes $1.8 billion to creditors.
Online investment platform eToro has won its bid to rely on late expert evidence in ASIC's first-ever action alleging breach of obligations in designing and selling financial products over high-risk contracts for difference.
ASIC has opposed a bid by online investment platform eToro to rely on late expert evidence in the regulator’s first-ever action alleging breach of obligations in designing and selling financial products over high-risk contracts for difference.
The corporate regulator says defunct forex broker Union Standard and its agents should be hit with $300 million in penalties for their tactics in pressuring customers to trade in risky financial products.
Construction PRO
Hastie's special purpose liquidators have won court approval to enter into a further funding agreement as it pursues cases against Hall & Wilcox, which previously represented the collapsed engineering firm.
A judge has found that representatives for forex broker Union Standard used unfair tactics to pressure customers to invest in risky financial products and derived most of their revenue from customer losses, said to total $83 million.
The authorised representative of forex broker Union Standard can't exclude parts of an opinion by an ASIC-appointed expert in a case alleging it traded in margin products with Chinese clients despite knowing it was illegal under Chinese law.
A judge has granted OTC trader EuropeFX more time to file its defence to an 80-page statement of claim and over 2,000 pages of particulars filed by ASIC in its case accusing the company of knowingly exposing its Chinese customers to criminal charges.