The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Viridian Equity Group Pty Ltd. This action follows compensation payments made by the Compensation Scheme of Last Resort (CSLR) totalling $450,000, after Viridian failed to meet obligations under three Australian Financial Complaints Authority (AFCA) determinations issued on 31 October […]
The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) licence (number 239 946) held by Beacon Wealth Pty Ltd until 7 April 2026. The suspension follows Beacon Wealth Pty Ltd ceasing to carry on a financial services business. In June 2024, the company underwent a complete change in ownership and […]
The Australian Securities and Investments Commission (ASIC) recently discussed the evolving role of Annual General Meetings (AGMs) in corporate governance. This discussion centered on the increasing importance of technology in fostering greater transparency and shareholder participation. AGMs have traditionally served as vital forums for companies to communicate with their shareholders, ensuring accountability and open dialogue. […]
The Full Federal Court of Australia has ruled in favour of the Australian Securities and Investments Commission (ASIC) in two separate appeals involving Sunshine Loans, a small amount lender. The first appeal stemmed from a liability decision on 12 April 2024, where Justice Derrington found that Sunshine Loans had breached the National Credit Code by […]
The Federal Court has imposed a penalty of $10.5 million against Active Super for greenwashing misconduct. In June 2024, the Federal Court found that Active Super contravened the law when it invested in various securities that it had claimed were eliminated or restricted by its environmental, social and governance (ESG) investment screens. ASIC Deputy Chair […]
ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC’s proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. We are inviting feedback on our proposal to give relief from reporting […]
The Albanese Government has released a further exposure draft of regulations governing Australia’s Buy Now, Pay Later (BNPL) sector for technical consultation. This marks the next step in bringing BNPL into line with other types of credit, highlighting the Albanese Government’s commitment to place Australia at the forefront of effective BNPL regulation while maintaining robust […]
The Federal Court has ordered Firstmac Limited to pay $8 million in penalties for failing to meet its design and distribution obligations (DDO). In ASIC’s first civil penalty action against a distributor involving DDO breaches, the Court found Firstmac contravened section 994E(3) of the Corporations Act when it failed to take reasonable steps that would […]
Buy now pay later products will be subject to stronger regulation with new laws boosting protection for Australian consumers. The National Credit Code has been extended to buy now pay later contracts, following royal assent of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (the BNPL Act) on 10 December 2024. […]
Legal proceedings launched by ASIC have seen the Australian operator of the Kraken crypto exchange ordered to pay $8 million for unlawfully issuing a credit facility to more than 1100 Australian customers. From October 2021, Bit Trade Pty Ltd, which operated the Kraken exchange, had offered its customers a ‘margin extension’ product without a target […]