What would Harvey Specter have said? To reveal your hand too early is just asking for trouble. Okay, so these aren’t legal negotiations, nor are these fictional characters on Suits, but CBA did not have much of a choice. In announcing its half-year results, it was obligated to disclose full details of its material financial contingencies. The accounting standards require that such disclosure is required if the contingency is probable and can also be reasonably estimated.
How can one reasonably estimate a pecuniary penalty in a time of limited precedent? Read More
One of my early childhood memories that I still vividly recall was my first visit to a restaurant buffet. I was astonished that you pay the same amount to cram as much food onto your plate….and then you could even go back for more. Oh, the joy! My plate was full - so full that I don’t think anything would ever come as close. Well, it has taken a while, but finally, there is a person whose plate is fuller than mine from all those years ago at the Happy Dragon restaurant.
I am of course referring to the incoming CEO of CBA, Matt Comyn. Read More
ASIC has consolidated the Market Integrity Rules into securities markets and futures market. Read More
ASIC has recently established a new regime governing the process and methodology for equity-based Crowd-Sourced Funding (“CSF”). Only eligible companies which satisfy the specific requirements may participate. These companies are required to use intermediaries who host the CSF Offer on an online platform and manage the overall CSF process. These CSF Intermediaries must in turn, hold an Australian Financial Services (“AFS”) Licence with the appropriate authorisations to provide a crowd-funding service, as these activities now constitute a financial product and service. Read More
ASIC has recently established a new regime governing the process and methodology for equity-based Crowd-Sourced Funding (“CSF”). Specifically, the new CSF regime aims to facilitate flexible and low-cost access to capital for small to medium institutions, especially in the fintech and startup sector, whilst ensuring adequate protections still exist for retail investors. Read More
ASIC and the Financial Markets Authority (“FMA”) of New Zealand signed a Memorandum of Understanding in 2012. Today, ASIC provided details of additional co-operation between it and its trans-Tasman partner - in particular in regard to collaborating and supporting the growing fintech (financial technology) industries. Read More
AUSTRAC released its 2016 - 2017 Annual Report yesterday. Read More
In July 2017, ASIC consulted with the financial sector in regard to reforms for those licensees which hold “derivative retail client money”. Following the consultation process, ASIC has now finalised the ASIC Client Money Reporting Rules 2017. Read More
Here is a roundup of recent news from AUSTRAC. Read More
ASIC has released a report covering issues in regard to market integrity for the period 1 January 2017 to 30 June 2017. The focus of the report is to demonstrate ASIC’s work to ensure Australia’s markets operate in a fair and efficient manner. Read More
Okay, so I was wrong. Although I hate to admit it, I was not factually correct in my earlier post about the AML/CTF issues dogging the CBA. In my piece on 14 August 2017, I noted the fact that a second regulator - ASIC, was following in AUSTRAC’s footsteps. Why have one when you can have two? I said.
Today, APRA announced that it too is establishing an independent prudential enquiry into the CBA. Read More
ASIC today released a report covering enforcement results for the period 1 January 2017 to 30 June 2017. The report highlights investigations undertaken during this period as well as a high level analysis of the results. Read More
Why have one when you can have two? That is not an unreasonable expectation when your favourite cricket team has just hit a six off the penultimate ball of the innings to get within five runs of victory. Or when, as a struggling university graduate, you receive two great job offers on consecutive days.
However, the same cannot be said of the CBA. Less than two weeks ago, AUSTRAC announced that it had initiated civil proceedings against CBA in regard to serious and systemic issues relating to alleged contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act (Cth) 2006. This involved the use of Intelligent Deposit Machines - a type of ATM which accepts cash deposits (amongst other things). Read More
AUSTRAC is taking CBA to court over serious and systemic issues of non-compliance with the AML/CTF Act. The numbers and allegations are staggering. Read More
ASIC has accepted an Enforceable Undertaking from Avalon Pacific Capital Pty Ltd in regard to certain trading activity conducted by its clients. The traded securities were overseas registered companies.
Avalon Pacific Capital Pty Ltd has agreed to cancel its status as a Market Participant (amongst other things)... Read More
Chris Smith is a highly successful broadcaster on 2GB. He pretty much owns the afternoon timeslot and his success cannot be just brushed aside because you may take issue with some of his positions
In any event, following the disintegration of my BS meter after listening to one particular podcast which was choked full of fawning and kowtowing, I decided to write to Chris kindly informing him of Alex Malley’s public record. Read More