Author Archives: ETE

Check against delivery Before I begin, I would like to acknowledge 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. […]

ASIC is conducting an investigation into blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Limited (a company domiciled in Hong Kong) (together, the NGS Companies) and their officers, employees, agents, representatives, or associated entities. ASIC’s investigation arose from concerns including that: the NGS Companies received funds from Australian investors […]

The Australian Securities and Investments Commission today confirmed a number of changes to its senior executive leadership team.  Chief Executive Officer   ASIC Chair Joe Longo has accepted a request from the Commonwealth Director of Public Prosecutions for ASIC CEO Warren Day to join the CDPP on secondment as the Director’s Executive Officer, effective 1 June […]

We are writing to motor finance firms to remind them they must maintain adequate financial resources at all times. We are currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). We have observed firms taking different approaches to account for the potential impact of previous use of DCA on their financial resources. […]

The Federal Court has found that, between July 2016 and November 2020, small amount lender, Sunshine Loans entered into over 670,000 contracts which included an amendment or rescheduling fee that is not permitted by the National Credit Code. The Court found Sunshine Loans required the payment of these fees by consumers over 12,000 times and […]

ASIC has commenced civil proceedings against blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd (NGS Companies) and the sole directors of those respective companies, Brett Mendham, Ryan Brown and Mark Ten Caten. On 10 April 2024, the Federal Court made orders appointing Anthony Connelly, Kathy Sozou, and Jamie […]

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from […]

Link Fund Solutions (LFS) failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), according to findings published by the FCA. The FCA found that between 31 July 2018 and the fund’s suspension on 3 June 2019, LFS failed to manage the liquidity of the fund […]

Check against delivery Good afternoon everyone. It’s great to be here today – thank you to ARITA for inviting ASIC to be a part of your national conference. I would like to begin by acknowledging the traditional owners and custodians of the land on which we meet today, the Yugambeh people. I pay my respects […]

ASIC has today released a consultation paper on proposed updates to its regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct. The proposed updates provide greater clarity on ASIC’s expectations of external administrators and controllers’ compliance with the reporting obligations and ASIC’s approach to the reports it receives. […]