Author Archives: ETE

The Federal Court has appointed Jason Tracy and Lucica Palaghia of Deloitte to have full control of the bank accounts of the Shield Master Fund (Shield). The 26 June 2024 Court orders prevent Keystone Asset Management Ltd (Keystone), the responsible entity for Shield, from selling, transferring, or dealing with Shield’s assets, other than to make […]

Introduction I would like to begin by acknowledging the traditional owners and custodians of the land on which we meet today, the Wurundjeri people of the Kulin nation, and pay my respects to their Elders past, present and future. I extend that respect to Aboriginal and Torres Strait Islander people here today. “…The financial services […]

ASIC has approved a new version of the Australian Banking Association’s (ABA) Banking Code of Practice, which includes enhancements to key protections. The new Code will commence on 28 February 2025. Following a period of extensive ASIC-led consultation, the ABA agreed to address critical gaps flagged by stakeholders, resulting in a strengthening of standards and […]

Introduction Good morning and thank you for hosting me at this event today. I almost didn’t turn up – not because of the sensitivities of some of our work in the run up to a general election – but because I had a ticket for the match in Cologne last night. However, I was in […]

ASIC has obtained interim orders from the Federal Court freezing the assets of financial advice licensee United Global Capital Pty Ltd (UGC) and related property investment company Global Capital Property Fund Limited (GCPF). ASIC sought the orders to protect investor funds while an investigation is continuing. In Melbourne on 20 June 2024, Justice O’Callaghan ordered […]

ASIC is calling on market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications to prevent, detect and promptly address misconduct and contraventions of financial services laws. ASIC’s Information Sheet 283 Supervising your representatives’ business communications (INFO 283) responds to concerns that the use of unmonitored communication channels and encrypted communication […]

Since 21 September 2023, financial advisers who meet the criteria to access the experienced provider pathway have been able to rely upon the pathway as an alternative way to satisfy the qualifications standard and the professional year standard by making a written declaration. Financial advisers who make a written declaration must give a copy to […]

Fertoz Limited (Fertoz) has paid $37,560 to comply with two infringement notices issued by ASIC in which ASIC alleged it made false or misleading statements regarding its Reforestation Project in the Philippines (Philippines Reforestation Project). On 15 November 2023, Fertoz, an ASX listed entity specialising in fertilizer mining, manufacturing and supply, made statements in a […]

he European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has appointed new members of its Securities and Markets Stakeholder Group (SMSG). On 1 July 2024 the new members will start their four-year term, during which they will provide ESMA with advice on its policy work and will be consulted on […]

The Federal Court has found iSignthis Ltd, now known as Southern Cross Payments Ltd, engaged in a number of contraventions of the law between 2018 and 2020. Nickolas John Karantzis, its former managing director and chief executive officer, was also found to have breached the law, by failing to ensure information given to the ASX […]