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ASIC “takes aim” at CFD brokers with new design and distribution obligations
Australia financial regulator ASIC has put out an interesting announcement that it is “taking aim” at the broad distribution of over-the-counter (OTC) derivatives and other high-risk retail products – namely, CFDs – after a recent targeted review found significant room for improvement in how they meet their design and distribution obligations (DDO). However the regulator stopped short of taking what some in the industry in Australia had feared would be “drastic action” against CFD brokerage or marketing, such as the recent effective ban against CFD marketing in Spain. ASIC Deputy Chair Karen Chester said, ... (full story)