The Federal Court has today ordered Australia and New Zealand Banking Group Limited (ANZ) to pay a penalty of $900,000 for breaching its continuous disclosure obligation during a $2.5 billion institutional share placement in 2015. The Court declared that ANZ contravened section 674(2) of the Corporations Act by failing to notify the Australian Securities Exchange […]
Author Archives: ETE
ASIC disqualifies food services industry director for one and a half years
ASIC has disqualified former food services industry director Simon Cauchi of Albury, NSW, from managing corporations for one and a half years due to his involvement in the failure of four companies. Between September 2015 and October 2021, Mr Cauchi was the director of four companies: Fresh Food Wholesale Pty Ltd (ACN 633 256 112); […]
Financial Services and Credit Panel issues registration prohibition order
The Financial Services and Credit Panel (FSCP) has made a registration prohibition order against financial adviser Timothy Anderson from 7 December 2023 until after 17 May 2025. Mr Anderson was found to be insolvent under administration. Mr Anderson has had his registration as a financial adviser cancelled and is prohibited from being registered with ASIC. […]
AAT affirms ASIC’s decision to ban Victorian adviser Pamela Anderson for two years
The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to ban Ms Pamela Anderson, a Victorian financial adviser, from providing financial services for a period of two years. During the period of the misconduct, Ms Anderson was authorised by Australian financial services licensee The Financiallink Group Pty Ltd (Financiallink), now Nextgen Financial Group Pty Ltd. […]
Instinet pays $670,500 penalty over ‘set and forget’ compliance culture
Instinet Australia Pty Ltd (ACN 131 253 686) (Instinet) has paid a penalty of $670,500 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP). The infringement notice related to market integrity rules requiring Instinet to: Provide meaningful price improvement for client transactions conducted off-market; Disclose all necessary information to its clients […]
ASIC intervenes to protect retail investors from high-risk offers and business practices
ASIC has intervened to improve outcomes for a new wave of retail investors, disrupting potentially harmful offers of financial products and services by online trading providers. During the COVID-19 pandemic, there was a significant increase in retail investor participation in financial markets, with one in five Australian investors starting to invest in exchange traded products […]
Henry Eng Chye Heng pleads guilty to market manipulation
Henry Eng Chye Heng has pleaded guilty to one count of market manipulation and one count of creating a false or misleading appearance of active trading, following an ASIC investigation. Mr Heng is the founder, executive chair and managing director of the ASX listed company, Eneco Refresh Ltd (ASX:ERG) (Eneco). ASIC alleges that on 24 […]
Director charged after ASIC investigation into Southeast Queensland property development companies
A former company director and undischarged bankrupt has been charged with numerous criminal offences in connection with multiple companies engaged in Gold Coast property development projects. Ian Omar Chester was a director of Vested Capital Pty Ltd and several other associated companies which were used as investment and development vehicles (Vested group). On 4 December […]
ASIC and AFCA sign memorandum of understanding
The Australian Securities and Investments Commission (ASIC) and Australian Financial Complaints Authority (AFCA) have signed a memorandum of understanding (MoU) setting out how they will continue to work together to support a fair and efficient financial services sector. The MoU documents how ASIC and AFCA already engage, and will continue to engage, including through information […]
Opening statement at the Rural and Regional Affairs and Transport References Committee’s Inquiry into bank closures in regional Australia
Check against delivery Thank you for the opportunity to appear today on behalf of the Australian Securities and Investment Commission. My name is Alan Kirkland and I have recently joined ASIC as a Commissioner. I’m joined in Sydney on Gadigal Lands by my colleague, Nathan Bourne, Senior Executive Leader, Credit, Banking and General Insurance. You […]