ASIC has applied to the Federal Court in Sydney for orders (pursuant to section 1323 of the Corporations Act) to protect customers while an investigation is underway. On 12 and 17 December 2019, the Court made orders against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred), …
ASIC today released Report 652 Wholesale FX practices in Australia, summarising our work in wholesale foreign exchange (FX) markets during 2018 and 2019. The report highlights our observations of better practices and some poor practices used by participants operating in the market. FX is a key global market and is of systemic importance to the …
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ASIC has today made recommendations to improve ASX Limited’s (ASX) compliance with its market licence obligations, following an assessment of the AQUA market for exchange traded products (ETPs) operated by ASX. Report 644 Assessment of ASX’s arrangements for exchanged traded AQUA products makes recommendations focusing on three key areas: AQUA market governance, risk and strategy …
An ASIC review of mining and exploration initial public offers (IPO) has found that companies, directors and lead managers need to implement better practices that take account of the unique characteristics and vulnerabilities of the micro-cap sector. Report 641 An inside look at mining and exploration initial public offers considered IPO practices and processes from …
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ASIC has banned financial adviser Wendy Chapman from providing financial services for five years. This follows an ASIC surveillance of Ms Chapman’s advice while an authorised representative of National Australia Bank Limited and Key Financial Planners Pty Ltd. ASIC found that Ms Chapman failed to gather relevant client information when providing personal financial product advice, …
ASIC bans South Australian adviser for five years Read More »
A Disciplinary Committee has imposed conditions on the registration of registered liquidator, Mitchell Warren Ball of BPS Recovery. The conditions, delivered in a decision on 25 November 2019, are in summary: Mr Ball must not take further appointments as a registered liquidator until 1 December 2020; for the period from 1 December 2020 until 1 …
ASIC has banned financial adviser Jihad Soleiman, of Wollert, Victoria from providing financial services for six years. Mr Soleiman was an authorised representative of Apogee Financial Planning Limited (Apogee) during the period June 2013 to February 2018. Clients of Mr Soleiman approached him for advice about establishing self-managed superannuation funds (SMSFs) for the purposes of …
ASIC has disqualified Mr Kenneth Wen Hsi Lee, of Lurnea, New South Wales, from managing corporations for a period of two years. Mr Lee was a former director of S.E.T Services Pty Ltd (SET) and Sydney Project Group Pty Ltd (SPG), both failed land-owning companies involved in a property development known as ‘Skypoint Towers’ in …
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ASIC has banned Mr Tim Zheng, the director of Element Finance Group Pty Ltd (EFG), a West Australian mortgage broking company, from engaging in credit activities for three years. ASIC has also cancelled the Australian Credit Licence of EFG. ASIC found that Mr Zheng had acted recklessly in providing false documents in support of four …
On 25 October 2019, the Administrative Appeals Tribunal (AAT) affirmed ASIC’s decision to ban Ms Meenakshi Devi Callychurn, a former Victorian finance broker, from engaging in credit activities for five years from 27 February 2015, and to cancel the Australian Credit Licence of her finance and mortgage broking business, Unique Mortgage Services Pty Ltd (UMS). …
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