Brokerage Author

ASIC’s latest annual statistics of reports lodged by registered liquidators about Australian corporate insolvency, released today, has highlighted the lag of the impact of the COVID-19 pandemic on small business. For the period 1 July 2022 to 30 June 2023, small to medium size corporate insolvencies continued to dominate external administrators’ reports. Of the reports …

ASIC’s annual corporate insolvency statistics shows COVID-19 impact on small business Read More »

ASIC has taken action for greenwashing against Northern Trust Asset Management Australia Pty Ltd (Northern Trust). Northern Trust has paid $29,820 to comply with two infringement notices issued by ASIC regarding concerns about alleged false and misleading statements about the application of a Carbon Emissions Exclusion Screen. Northern Trust is the Investment Manager of the …

ASIC issues infringement notice to Northern Trust Asset Management for greenwashing Read More »

ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions when reporting for full and half-years ending 31 December 2023. Key findings in ASIC’s first integrated financial reporting and audit surveillance report (Report 774 Annual financial reporting and audit surveillance report 2022–23) form the basis for …

ASIC highlights focus areas for 31 December 2023 reporting Read More »

The failure of Premier FX caused serious worry for people who had entrusted it with their money. We have considered the Commissioner’s recommendations carefully. While we accept many of these, we do not believe we should pay compensation to Premier FX’s customers beyond the payments we have made for delays in the handling of people’s …

FCA responds to the Complaints Commissioner’s Final Report into Premier FX Limited Read More »

Former Brisbane-based financial adviser Kristofer Ridgway has appeared at the Southport Magistrates Court in Queensland charged with two counts of providing false or misleading information to ASIC during the conduct of a compulsory examination, contrary to section 64(1) of the Australian Securities and Investments Commission Act 2001 (Cth). It is alleged that Mr Ridgway provided …

Kristofer Ridgway charged with providing false or misleading information to ASIC Read More »

Ms Janet Heather Cameron, of Hobart, Tasmania, has been found guilty in the Hobart Magistrates Court of one count of failing to lodge a substantial holder notice regarding her interests in Bellamy’s Australia Limited (Bellamy’s) and one count of making a false and or misleading statement. The Court found that in August 2014, Ms Cameron …

Janet Cameron found guilty of not disclosing her interest in Bellamy’s Australia Read More »

On 13 December 2023, following a three-day hearing, the Federal Court made orders appointing Linda Smith and Robert Kirman of McGrathNicol as corporate receivers and managers of Australian Financial Services licensee, Brite Advisors Pty Ltd (Brite). The receivers are tasked with conducting further investigations into Brite and the approximately AUD$1 billion client pension funds under …

Federal Court appoints receivers to Brite Advisors Read More »

ASIC has commenced civil penalty proceedings in the Federal Court against Adam Blumenthal alleging market rigging and breaches of his duties as a director of two companies, EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited)(Creso). ASIC has also accepted a court enforceable undertaking from Mr Blumenthal to …

ASIC commences civil proceedings against Adam Blumenthal and EverBlu Capital undertakes to cancel its licence Read More »

ASIC today published its annual dashboard of regulatory costs for 2022-23 by activity for each sector and subsector under the industry funding model (IFM). This is a requirement under s138 of the Australian Securities and Investments Commission Act 2001. These costs, calculated at the end of each financial year, are based on the actual effort …

ASIC industry funding: Release of 2022-23 annual dashboard and summary of variances Read More »

Debt Wipeout founder David Murphy has been found unfit to stand trial and unlikely to become fit in the next 12 months, following a fitness hearing in the NSW District Court. On 26 April 2022, Mr Murphy was charged with four counts of engaging in dishonest conduct while carrying on a financial services business and …

Debt Wipeout business operator found unfit to stand trial Read More »