Author Archives: ETE

We set out the basis for our joint review of the Advice Guidance Boundary with the Treasury. The starting point builds on feedback from industry and consumer groups and this information will help shape and govern the joint review which was announced as part of the Edinburgh Reforms. The review aims to ensure that consumers […]

Mr Mudasir Mohammed Naseeruddin has pleaded guilty to two counts of dishonest conduct and two counts of failing to discharge his duties as a director in the best interests of a company. Mr Naseeruddin encouraged investors to rollover their superannuation monies into newly created self-managed superannuation funds and to lend those funds to his two […]

ASIC has suspended the Australian financial services (AFS) licence of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024. ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence. NWQ provides portfolio management services […]

ASIC Chair Joe Longo has welcomed the establishment of a new Advisory Group to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues. Importantly, this includes input into the governance of the ASX CHESS replacement project. Appointment of Independent Chair On 2 August, Mr Longo hosted a roundtable, comprised of a small […]

ASIC has commenced proceedings in the Federal Court against online investment platform, eToro Aus Capital Limited (eToro), regarding its contract for difference (CFD) product. ASIC is alleging breaches of design and distribution obligations and of eToro’s licence obligations to act efficiently, honestly and fairly. The case focuses on the appropriateness of eToro’s target market, and […]

Former company director Shaobo Hu, of Melbourne, Victoria, has been sentenced to a 12-month good behaviour bond after being convicted for providing false information to the ATO. The sentence followed Ms Hu pleading guilty on 28 July 2023 to one charge of attempting to obtain a financial advantage from a Commonwealth entity. Ms Hu was […]

ASIC is warning market participants that strong, targeted enforcement action will continue in the coming months as part of its focus on protecting consumers from harm and upholding market integrity. The warning comes after ASIC’s enforcement and regulatory update highlighted over $109.1 million in civil penalties for the half year to 30 June 2023, along […]

The High Court has ruled in favour of the FCA against Robin Forster, the director of a company which took £57 million from 380 investors in an illegal care home investment scheme. The FCA will ask the Court to determine the sums that the defendants should be required to pay back to investors. Between 2016 […]

The FCA has appointed Clare Woodman as Chair of the FCA Markets Practitioner Panel, Matt Hammerstein as Chair of the FCA Practitioner Panel, and Mandy Gradden as Chair of the Listing Authority Advisory Panel. Clare, Matt and Mandy, who take up their roles on 1 August 2023, will lead the Panels in providing input from […]

From 31 July 2023, the following new transactions were added to the ASIC Regulatory Portal: Apply for ASIC consent to resign as an auditor of a public company (Legacy Form 342) Apply for early destruction of books (Legacy Form 574) Submit notification to rely on ASIC Corporations (Business Introduction Services) Instrument 2022/805 Notify ASIC or […]