Brokerage Author

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 …

ASIC bans former director of property development companies from managing corporations Read More »

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 …

ASIC bans West Australian finance broker and cancels Australian Credit Licence of Element Finance Group Read More »

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). …

AAT affirms Australian Credit Licence cancellation and banning order Read More »

The Australian Securities and Investments Commission (ASIC) has reported on its assessment of the markets operated by Bloomberg Tradebook Australia Pty Ltd (BTA). ASIC has made recommendations to improve BTA’s arrangements for governance, supervision and enforcement, and systems and controls. More information is available in Report 634 Market assessment report: Bloomberg Tradebook Australia Pty Ltd …

ASIC assessment of Bloomberg Tradebook Australia Pty Ltd Read More »

The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks[1]. The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks …

European Securities and Markets Authority and ASIC to co-operate on benchmarks Read More »

Max Kiattisak Eung, of Tempe, New South Wales, has been sentenced in the District Court of NSW today to three years imprisonment to be served by way of an intensive corrections order for two offences of obtaining financial advantage by deception of $166,500. In June 2018, ASIC permanently banned Mr Eung from providing financial services …

Former NAB financial adviser sentenced Read More »

ASIC notes the decision by Generation Development Group Limited (Generation) to change disclosures relating to its controlled life insurance company, General Life Limited (Generation Life), in its financial report for the year ended 30 June 2019. Generation has shown the assets, liabilities, revenues and expenses of its 100% owned Generation Life subsidiary on a line-by-line …

Generation Development Group changes life business disclosures Read More »

ASIC has banned Kyle Marshall, of Varsity Lakes, Queensland, from providing financial services for three years. ASIC found Mr Marshall had not complied with financial services laws and lacked fundamental knowledge and competency relevant to providing financial services. Mr Marshall was an authorised representative of Sentinel Private Wealth Pty Ltd (In Liquidation) (Sentinel) and a …

Managing director of Gold Coast financial group banned from providing financial advice for three years Read More »