Author Archives: ETE

The Federal Court has set aside a decision of the Administrative Appeals Tribunal (AAT) not to disqualify John Gilliland’s self-managed super fund (SMSF) auditor registration. Following an appeal by ASIC, the Court found that general deterrence is a relevant consideration in deciding whether to disqualify a person as an approved SMSF auditor under section 130F […]

ASIC has placed an interim stop order on offers from APS Savings Limited (APS Savings) in response to deficiencies in the issuers’ target market determination (TMD). The order stopped APS Savings from issuing interests in, giving a prospectus for, or providing financial advice to retail clients under the existing TMD. The order is valid for […]

The FCA announces the formation of a group to develop a Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers. As financial services firms integrate ESG into their activities and expand their ESG-focussed products, they are increasingly reliant on third party ESG data and ratings services. In our Feedback Statement on […]

ASIC has released the Reportable Situations Application Programming Interface (API) for submitting reports under the regime. The API will improve efficiency for high-volume users submitting notifications under the reportable situations regime. Licensees and third-party service providers should consider whether the API is appropriate for their business, including investment in the resources, need to operationalize its […]

Former Tesla Motors Australia Pty Ltd (Tesla Australia) director Kurt Schlosser, of Sydney, New South Wales, has pleaded guilty at the Sydney Downing Centre Local Court to two counts of insider trading. On 16 September 2020, Mr. Schlosser acquired 86,478 shares in the mining company Piedmont Lithium Limited after being informed, in his role as […]

On 21 June 2022, the FCA issued a First Supervisory Notice which gave directions and imposed requirements on Samweb (UK) Limited due to concerns about the way the firm conducts its business. On 21 September 2022, the FCA issued a Second Supervisory Notice. On 20 October 2022, this matter was referred to the Upper Tribunal. […]

On 10 November 2022, ASIC accepted a court-enforceable undertaking from financial advisory firm Lasarith Pty Ltd, trading as ‘Succession Matters’, and its sole director and responsible manager, Adam Smith. Under the terms of the undertaking, Lasarith will cease operating its financial services business under its Australian Financial Services Licence (AFSL) and commence the process to […]

ASIC has disqualified William (aka Bill) Hanron Redmond of Clayfield, Queensland, from managing corporations for two years due to his involvement in the failure of three companies. Between October 2016 and July 2020, Mr. Redmond was the director of three companies that entered liquidation: Redlaw Australia Pty Ltd (ACN 168 908 450); Red Lawyers Pty […]

In support of Scams Awareness Week, ASIC is warning consumers of the key signs of a crypto scam and advising them what to do if they’ve been scammed. Crypto scams fall into three broad categories, including: scams where you think you’re investing in a genuine asset but it’s a fake crypto exchange, website, or app; […]

ASIC has announced its Enforcement Priorities for 2023, which will include enforcement action on greenwashing and predatory lending, as well as a continuing focus on disrupting investment scams. ASIC Deputy Chair Sarah Court announced the priorities at the ASIC Annual Forum in Sydney, highlighting the need to protect consumers from financial harm and uphold the […]