ASIC has taken court action against Green County Pty Ltd and Max Funding Pty Ltd for alleged unlicensed credit activity and other breaches of consumer credit laws. ASIC alleges that Green County and Max Funding failed to make reasonable inquiries about the purpose of loans, which led to Green County providing personal loans to certain […]
Author Archives: ETE
Holdings restates revenue and improves business risk disclosure following ASIC review
N1 Holdings Limited (N1H) has restated its 2022 revenue in its financial report for the half year ended 31 December 2022, following ASIC’s review of N1H’s financial report for the year ended 30 June 2022. As part of its financial reporting surveillance program, ASIC raised concerns about N1H’s treatment of loan establishment fees and the […]
Emeco writes down value of a trade receivable and improves business risk disclosure
Following inquiries by ASIC, Emeco Holdings Limited (Emeco) has recorded a specific expected credit allowance of $22.9 million in its half-year financial report for the period ended 31 December 2022. Emeco recognised a $22.9 million expense to a specific expected credit loss allowance in its Interim Financial Report for the half-year ended 31 December 2022. […]
ASIC permanently bans former insurance broker
ASIC has permanently banned former insurance broker Justin Edward Hampshire, of Sydney, New South Wales, from providing any financial services and being involved in carrying on such a business. ASIC found that between November 2015 and April 2019, Mr Hampshire engaged in dishonest conduct in relation to a financial product or service whilst acting in […]
Southern Cross Media removes non-IFRS profit measure following ASIC review
Southern Cross Media Group Limited (Southern Cross Media) has removed its presentation of a non-IFRS profit measure, following an ASIC review of its financial report for the year ended 30 June 2022. ASIC’s review raised concerns about the presentation of ‘Profit before depreciation, amortisation, interest, impairment, fair value movements on financial derivatives and income tax […]
ASIC consults on ‘sunsetting’ class orders about financial requirements
ASIC is seeking feedback on proposals to remake ‘sunsetting’ class orders that impose financial resource requirements on the managed funds industry. Consultation Paper 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449 (CP 367) sets out ASIC’s proposals on: Class Order [CO 13/760] Financial requirements for responsible entities […]
ASIC publishes report on good practices for handling whistleblower disclosures
ASIC today published a report to help entities improve their arrangements for handling whistleblower disclosures, and ensure they are effective and encourage people to speak up. The report (REP 758) sets out the good practices ASIC observed from its review of seven entities’ whistleblower programs from a cross-section of industries. ASIC found that programs with […]
ASIC sues TerraCom Limited, its managing director, chief commercial officer, former Chair and a former director
ASIC has commenced civil penalty proceedings in the Federal Court against TerraCom Limited, its managing director Daniel McCarthy, chief commercial officer Nathan Boom, former Chair Wallace King and former director and Deputy Chair Craig Ransley. TerraCom is a coal producer in Queensland. The case concerns the conduct of TerraCom and its directors and officers following […]
Star provides $150 million for fines and penalties after ASIC raises concerns
The Star Entertainment Group Ltd (The Star) has provided for fines and penalties of $150 million from alleged non-compliance with anti-money laundering laws in its financial report for the half-year ended 31 December 2022 after ASIC raised concerns. Following a review of The Star’s financial report for the year ended 30 June 2022, ASIC raised […]
ASIC launches first Court proceedings alleging greenwashing
ASIC has launched its first court action against alleged greenwashing conduct, commencing civil penalty proceedings in the Federal Court against Mercer Superannuation (Australia) Limited (Mercer) for allegedly making misleading statements about the sustainable nature and characteristics of some of its superannuation investment options. ASIC Deputy Chair Sarah Court said, ‘This is the first time ASIC […]