This is what happens when you ignore ASIC......
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
Now, the Commonwealth Bank of Australia ("CBA") could be subject to overseas regulators after an internal review found that billions of dollars of transaction in the USA, Eurpoe and Asia have not been properly monitored.
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
But of course.....
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
CPA Australia only has itself to blame. Only a miracle on par with Moses parting the Red Sea will not prevent CPA public practice members losing additional protection from malpractice lawsuits from 8 October 2017.
The Professional Standards Council has confirmed that its professional standards scheme, which limits the liability of participants who are members of an appropriate industry organisation, will not be renewed before it expires on 7 October 2017. The consequences of this are that many public practice members will see an increase in their Professional Indemnity insurance premiums and be exposed to unlimited liability for negligence.Read More
ASIC has announced that it is seeking feedback on the proposed rules which are documented in Consultation Paper 293 - Revising the market licence regime for domestic and overseas operators (“CP 293”).Read More
Following the cessation of the accountants’ exemption, self-managed superannuation funds (“SMSFs”) became a financial product under the licensing provisions of the Corporations Act 2001 (Cth) (“the Act”). From 30 June 2016, those accountants wishing to provide advisory and dealing services in regard to SMSFs needed to either obtain an Australian Financial Services (“AFS”) Licence, or be appointed as an Authorised Representative of another licensee.Read More