ASIC has commenced civil penalty proceedings in the Federal Court against R M Capital Pty Ltd (RM Capital) and its authorised representative, The SMSF Club Pty Ltd (SMSF Club), in relation to accepting conflicted remuneration. ASIC alleges that SMSF Club advised its clients to set up self-managed superannuation funds (SMSFs) then use their SMSFs to […]
Following an ASIC investigation, Citigroup will refund over $3 million to 114 retail customers for losses arising out of structured product investments offered by Citigroup between 2013 and 2017. Citigroup will also write to over 1000 customers remaining in the products to provide them an opportunity to exit early without cost. ASIC investigated Citigroup’s sale […]
Australian financial service (AFS) licensees that offer OTC derivatives to retail investors located in some overseas jurisdictions may be providing unlicensed or unauthorised services in those jurisdictions. Retail OTC derivatives are highly risky. Regulators in many jurisdictions (such as Europe, Japan, North America and China) have restricted or prohibited the provision to retail investors of […]
ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design, […]
ASIC has successfully sought orders from the Federal Court to wind up Melbourne-based company Aviation 3030 Pty Ltd (Aviation) on the basis that there is a justifiable lack of confidence in the management of Aviation by its directors. In ordering that Aviation be wound up, Justice O’Callaghan stated: ‘The case that ASIC makes to wind […]
ASIC has accepted a court enforceable undertaking (EU) from Gold Coast-based accountant, Jenan Oslem Thorne of Saber Superannuation Pty Ltd after it found she had failed to act in the best interests of her clients and had prioritised her own interests above their interests. The undertaking prevents Mrs Thorne (also known as Cenan Thorne or […]
ASIC has filed an appeal with the Federal Court of Australia against the decision of the Honourable Justice Gleeson regarding Westpac subsidiaries; Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BT Funds). On 21 December 2018, the Federal Court found WSAL and BT Funds breached the Corporations Act (section 912A(1)(a)) but that ASIC […]
ASIC will shortly be able to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law, after a significant bill passed the Senate last night. The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 implements recommendations of the ASIC Enforcement Review […]
ASIC today announces the launch of the Global Financial Innovation Network (GFIN). As part of its launch, GFIN is inviting applications from firms to be part of a pilot to test innovative financial products, services or business models across more than one jurisdiction. GFIN is a group of 28 international organisations including ASIC, committed to […]
ASIC has today released a consultation paper seeking feedback on proposed changes to the fees and costs disclosure regime for managed investment schemes and superannuation. To assist industry in understanding the proposals, the consultation paper includes a proposed updated Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97), as well […]