Australia’s chief financial market regulator has placed interim stop orders on three cryptocurrency-related funds set to be offered to retail investors, due to non-compliant target market determinations (TMDs).
In a media release dated Oct. 17 local time, the Australian Securities and Investments Commission (ASIC) said it has placed interim stop orders on three of Australian asset manager Holon’s crypto funds, which separately aim to invest in Bitcoin (
), Ether (
) and FileCoin (
).
A target market determination is a document that describes who a product is appropriate for, based on likely needs, objectives, and financial situation as well as how the product can be distributed, according to Invest Smart.
In a statement to Cointelegraph, a spokesperson from ASIC said the TMDs were “too broad [...] given the volatility and speculative nature of crypto markets.”
They added the regulator's concern that Holon has “not appropriately considered the features and risks of the funds in...
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