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he Australian Securities and Investments Commission (ASIC) has today released a consultation paper proposing to remake its class order regarding warrants and out-of-use notices. The class order is due to expire (‘sunset’) on 1 April 2019. ASIC proposes to remake the class order, as in ASIC’s view, it is operating effectively and efficiently, and it …

ASIC consults on sunsetting class order for warrants and out-of-use notices Read More »

Following a five-week trial in the District Court of NSW, Mr Peter Alan Gregg of Pyrmont, NSW has been found guilty of criminal charges brought by ASIC. The jury gave its verdict today in the District Court in Sydney. Mr Gregg was found guilty of two counts of contravening section 1307(1) of the Corporations Act …

Former Leighton executive found guilty Read More »

Announcing its focus areas for 31 December 2018 financial reports of listed entities and other entities of public interest with many stakeholders, ASIC has called on companies to focus on new requirements that can materially affect reported assets, liabilities and profits. New accounting standards Major new accounting standards will have the greatest impact on financial …

Major financial reporting changes and other focuses Read More »

ASIC has cancelled the Australian financial services licence (AFSL) and the Australian credit licence (ACL) of Melbourne-based business, Financial Circle Pty Ltd. On 22 October 2018, the Federal Court found that Financial Circle breached numerous financial services laws and obligations, including engaging in unconscionable conduct and failing to act in its clients’ best interests. The …

ASIC cancels financial services and credit licences of Financial Circle Read More »

Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by Friday 30 November 2018. Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification. More than half of AFCA’s 37,000 members are yet to …

Firms must notify ASIC of their AFCA membership by end of November before late fees apply Read More »

Mr Andrew Law, of Biggera Waters, Queensland, has been convicted by the Southport Magistrates Court for making false or misleading statements in documents submitted to ASIC. Mr Law has been fined $3,000. On 19 November 2018, Mr Law pleaded guilty to three counts of knowingly making false or misleading statements in documents submitted in support …

Former manager convicted of making false or misleading statements to ASIC in a licence application Read More »

ASIC has today reported on its latest review of the impact of high-frequency trading in the Australian equity and Australian-US dollar cross-rate markets. The review builds on ASIC’s 2013 and 2015 analysis of high-frequency trading. Notable findings from the review, outlined in Report 597 High-frequency trading in Australian equities and the Australian–US dollar cross rate …

ASIC’s review of high-frequency trading reinforces strength of Australian market structure Read More »

The Federal Court of Australia today ordered Westpac Banking Corporation (Westpac) pay a pecuniary penalty of $3.3 million for contravening s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) through its involvement in setting BBSW in 2010. In reasons for making the pecuniary penalty order, Justice Beach noted the legislative constraint …

Court orders penalties and other relief against Westpac for BBSW conduct Read More »

A Melbourne-based financial services and credit business has been ordered by the Federal Court to pay penalties of $8,980,000 in total after it engaged in numerous contraventions of financial services, credit and consumer protection laws. Financial Circle offered personal loans to consumers of up to $5,000 that could only be obtained if the consumer agreed …

Melbourne financial services and credit business to pay $9 million for multiple breaches of obligations and consumer protection laws Read More »

Former financial adviser and accountant, Satvir Singh Birk, of Reedy Creek, was today sentenced in the Southport District Court to two and a half years imprisonment, following an ASIC investigation. On 25 May 2018, Mr Birk, aged 42, pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with …

Former Gold Coast financial advisor jailed after dishonestly using his position Read More »