About chris

Chris Mee is a leading lawyer in funds management and financial services in Australia.

Entries by chris

ASIC succeeds in conflicted remuneration case against financial advice licensee

On the 29 February, the Federal Court found that R M Capital Pty Ltd (RM Capital) failed to take reasonable steps to ensure that its authorised representative, the SMSF Club Pty Ltd (SMSF Club), did not accept conflicted remuneration. ASIC’s case alleged that SMSF Club advised its clients to set up self-managed superannuation funds (SMSFs) […]

ASIC cancels AFS licence of Valorton Capital Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Valorton Capital Pty Ltd (Valorton). The licence was cancelled because Valorton had not provided any financial services since the licence was granted on 27 October 2022. The cancellation took effect on 14 February 2024. Valorton may apply to the Administrative Appeals Tribunal for a review […]

Financial services misconduct compensation scheme to start from 2 April 2024

The Government is delivering on its election commitment to give victims of financial services misconduct access to redress and compensation. From 2 April 2024, consumers will be able to lodge claims for compensation under the Compensation Scheme of Last Resort (CSLR) with payments to follow for eligible consumers. The scheme will be operated by Compensation Scheme […]

Court finds Block Earner crypto product needs financial services licence

The Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct when offering its crypto-backed Earner product. From March 2022 to November 2022, Block Earner offered consumers the Earner product which allowed them to earn fixed yield returns from different crypto-assets. In one of the first decisions on the application of […]

ASIC halts offers of Shield Master Fund

ASIC has made interim stop orders on four product disclosure statements (PDSs) for classes of units of the Shield Master Fund (ARSN 650112057) (Fund), a registered managed fund promoted by Keystone Asset Management Ltd (Keystone).    The interim orders stop Keystone from offering, issuing, selling or transferring interests in the Balanced class, Growth class, High […]

ALRC recommends confronting complexity in corporations and financial services legislation

The Australian Law Reform Commission Final Report, Confronting Complexity: Reforming Corporations and Financial Services Legislation (Report 141, 2023), was tabled in Parliament by the Attorney-General, the Hon Mark Dreyfus KC MP. The report found that the legislation governing Australia’s financial services industry is a tangled mess — difficult to navigate, costly to comply with, and unnecessarily difficult […]

ASIC announces 2024 enforcement priorities

Published 21 November 2023 ASIC has announced its enforcement priorities for 2024, indicating its enforcement focus for the coming year and communicating its intent to industry and stakeholders.  In 2024, two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation […]

Regulation of digital and crypto assets

The Albanese Government is outlining the next steps in its approach to regulating crypto and digital assets to protect consumers, support innovation and provide industry certainty. We are releasing a proposal paper on 16 October 2023 that recommends making crypto exchanges and digital asset platforms subject to existing Australian financial services laws and requiring platform operators to […]

ASIC remakes three ‘sunsetting’ class orders for managed funds

ASIC has remade three class orders that were due to expire (‘sunset’) on 1 October 2023 under the Legislation Act 2003. The class orders are:  The new legislative instruments that replace these class orders will sunset on 1 October 2028. A summary of our consultation process is outlined below.  ASIC will also update Regulatory Guide 134 Funds Management: […]

Recognising experienced financial advisers

The Albanese Government is taking another step towards making financial advice more available and affordable for Australians. Parliament has passed legislation to deliver on the Government’s election commitment to make it easier for experienced advisers to stay in the industry. Without these measures, thousands of advisers would be forced to leave the industry. The new […]