Former director of Bellamy’s Australia Ltd Janet Heather Cameron, of Bicheno, Tasmania, has today been convicted and ordered to pay a total fine of $8,000 in the Hobart Magistrates Court following an investigation by ASIC. On 14 December 2023, Deputy Chief Magistrate Daly found Ms Cameron guilty of one count of failing to lodge a […]
Author Archives: ETE
ASIC wins first greenwashing civil penalty action against Vanguard
The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund. At a hearing before Justice O’Bryan on 8 March 2024, Vanguard admitted to engaging in conduct that was liable to mislead the public […]
ASIC cancels AFS Licence of Crown Wealth Group
ASIC has cancelled the Australian financial services licence of Crown Wealth Group Pty Ltd (Crown Wealth) after it was placed into voluntary administration. On 13 March 2024, Sule Arnautovic of Salea Advisory was appointed as voluntary administrator of Crown Wealth. Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing […]
ESMA provides market participants with guidance on the clearing obligation for trading with 3rd country Pension Schemes
The European Securities and Markets Authority (ESMA), as the EU’s financial markets regulator and supervisor, today issued a public statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of EMIR. During this period and in view of the challenges that market […]
ESMA clarifies application of certain MIFIR provisions, including volume cap
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a statement, including practical guidance supporting the transition and the consistent application of the revised Markets in Financial Instruments Regulation (MiFIR). The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser (SIs) regime; designated publishing entities […]
FCA finds concerns over insurers’ valuation of written-off or stolen vehicles
The Financial Conduct Authority (FCA) has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles. An FCA review has found evidence that suggests some firms are offering their customers less than their written-off or stolen vehicle is worth and, in some cases, are only increasing that offer when a customer […]
ASIC extends and amends parent entity financial statement and auditor independence instruments
ASIC has extended the operation of the parent entity financial reporting and auditor independence legislative instruments. ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 and ASIC Corporations (Auditor Independence) Instrument 2021/75 (the Principal Instruments) were due to expire on 1 April 2024 and 30 April 2024 respectively. ASIC has issued ASIC Corporations (Amendment) Instrument 2024/187 […]
Cameron Waugh sentenced to two years imprisonment for insider trading
Former corporate adviser Cameron Kerr Waugh has been sentenced to two years imprisonment from 25 March 2024, with release after nine months, upon entry into a recognisance to be of good behaviour for 15 months. At a Supreme Court of Western Australia hearing on 26 March 2024, Mr Waugh was sentenced for insider trading offences, […]
ASIC remakes five ‘sunsetting’ class orders for managed funds
ASIC has remade five class orders for managed funds that are due to expire (‘sunset’) on 1 April 2024. These class orders are: [CO 13/1200] – Periodic statements relief for AQUA quoted and listed managed investment scheme managed investment scheme issuer; [CO 13/1406] – Land holding for primary production schemes; [CO 13/1409] – Holding assets: […]
FCA warns firms and finfluencers to keep their social media ads lawful
Guidance for memes, reels and gaming streams promoting financial services has been published by the FCA today. The FCA has set out how adverts across social media channels must be fair, clear and not misleading, meaning they must have balance and carry the right risk warnings so people can make well informed financial decisions. Social […]