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AML Update |
 The SDIA AML Working Group reconvened on 22 July 2008 to conduct a brainstorming session to map out the range of AML and Counter Terrorist Financing ‘red flags’ that are particular to stock broking business. The objective of this exercise is to identify the types of checks that might need to be performed by a Stockbroker’s Transaction Monitoring System (TMS).
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Use of the Term ‘Stockbroker’ |
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As Members would be aware, the Corporations Act prohibits a person who is not a market participant (or authorised one) from referring to themselves as a ‘…stockbroker or sharebroker, or any other word or expression (whether or not in English) that is of like import to that expression…’. (s923B)
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ATT sets aside Tweed ban |
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The AAT has set aside an ASIC decision to permanently ban David Tweed from providing financial services. Pending the outcome of the AAT review, Tweed had stood down as the sole director and secretary of Country Estate & Agency Co Pty Ltd, which holds an Australian financial services (AFS) licence. The banning order did not prohibit him or his associated companies from making unsolicited offers to investors.
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Carbon Pollution Permits to be Financial Products |
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Members may be interested to note that the permits issued under the Government’s proposed Carbon Pollution Reduction Scheme will be classified as financial products under the Corporations Act. Presumably this will facilitate trading in the permits.
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ASX Multi Market Settlement Arrangements |
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In July, ahead of the granting of market operator licences, ASX issued a Consultation paper on the impact on the settlement system (CHESS) of the trading of ASX listed stocks on multiple markets. Members will be consulted on the appropriate response.
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ASX Settlement Arrangements |
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In May, ASX published a circular announcing that fail fees would be increased, and that a new rule would be introduced ‘…to require..close-out (of) any settlement shortfalls after T+5’. Any positions not resolved by T+10 would be referred for disciplinary action. SDIA met with ASX to discuss these measures in June. ASXMS has now provided the following response to SDIA:
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ASX Capital Requirements |
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In July, ASX announced (without prior consultation) that Core Liquid Capital for ACH Clearing Participants would increase in two tranches. A task force has been set-up to consider the proposals and the issues raised in order to make the appropriate response.
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