Author Archives: ETE

Today, ASX Limited released a Special Report, along with an external Audit Report, on its Portfolio, Program and Project Management Frameworks (PPPM Reports). The PPPM Reports are relevant to ASX’s delivery, implementation and governance of the recently announced CHESS replacement solution design. ASX has now published all three of the special reports and accompanying audit […]

ASIC is seeking feedback from the investment management industry on our proposal to remake the ASIC Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA (ASX Quoted Assets) Market. Consultation Paper 374 Remaking ASIC Class Order on Exchange Traded Funds: [CO 13/721] sets out ASIC’s proposed amendments to [CO […]

ASIC has permanently banned Renato De Maria, of Melbourne, Victoria, from providing any financial service. Mr De Maria is also permanently banned from controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business. Mr De Maria was a responsible manager and is […]

The Federal Court has ordered Mercer Financial Advice (Australia) Pty Ltd to pay a $12 million penalty after being found to have failed in its fee disclosure obligations and charging fees to customers it was not entitled to charge. ASIC Deputy Chair Sarah Court said, ‘This is a significant penalty for a financial advice provider. […]

ASIC has accepted a court enforceable undertaking from iExtend Holdings Company Pty Ltd and iExi Pty Ltd (iExtend) after investigating concerns they were operating a financial services business without an Australian financial services (AFS) licence. ASIC’s investigation revealed that iExtend was offering to pay people’s life insurance premiums in exchange for a portion of the […]

According to the Australian Bureau of Statistics, more than three million members will become eligible to draw from their superannuation in the next 10 years. As these individuals approach retirement, they will face complex choices about how best to fund their future financial and lifestyle needs – some of which, such as health, cannot necessarily […]

Increased competition is required to drive efficiencies in Australia’s financial markets, industry leaders have told the ASIC Annual Forum. Reflecting on the recent ASX CHESS replacement difficulties, including the announcement of a new design solution, founding CEO and Chairman of Chi-X Europe and Global, Tony Mackay said Australia was, “trying to move its whole market […]

ASIC has disqualified a former Magnolia Capital Group director from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities. Mitchell Atkins of Erina, New South Wales was a director of the Magnolia Capital Group of companies which collapsed […]

Australia’s financial system and consumer protection regulators are positioned strongly to protect consumers from emerging harms related to digital disruption, the ASIC Annual Forum was today told. The regulatory landscape is rapidly evolving due to challenges including artificial intelligence (AI), cryptocurrencies and cyberattacks. But Australia’s financial services and consumer protection regulators are well placed to […]

Travers McLeod, Executive Director of the Brotherhood of St Laurence, said they were seeing evidence of “hidden hardship and pernicious trade-offs”. “We’re seeing reduced spending on essentials, choosing between food and medicine, having to tell kids they can’t afford sports training anymore because they don’t have the extra money to spend on fuel, having to […]