ASIC releases proposal to improve unlisted property scheme disclosure

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ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes. The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector. ASIC found a number of key disclosures were not adequately addressed, including: the risks associated […]

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ASIC obtains orders to wind up York Capital Limited

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ASIC has obtained orders in the Federal Court of Australia to wind up York Capital Limited (York) following the company’s failure to lodge its financial reports and hold annual general meetings for the past three years. On 29 June 2011, the Federal Court of Australia ordered that York be wound up and appointed Mr Paul […]

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ASIC: Company director in court on market manipulation charges

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Mr Hoong Kee Tang, a former director of Wintech Group Limited, which is in administration, has been arrested and charged with market manipulation and making false or misleading statements in documents submitted to ASIC. The charges were brought by ASIC. Mr Tang faced Melbourne Magistrates Court on Thursday, 9 June 2011 on four counts of […]

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ASIC: orders to wind up Global Rule

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ASIC obtains orders to wind up Global Rule ASIC has obtained orders, by consent, in the Supreme Court of Queensland appointing Mr Michael McCann, of Grant Thornton, as liquidator of Global Rule Pty Ltd (Global Rule) and as trustee of the Global Rule Trust. Freezing orders were also made restraining the disposal of any property […]

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ASIC imposes conditions on iPlan licence

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ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Queensland-based, iPlan Financial Services Pty Ltd (iPlan), after a surveillance of its advice business. ASIC’s action follows concerns iPlan entered into an agreement regarding an investment platform which created a conflict of interest. Specifically, ASIC found: iPlan may have advised clients to […]

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ASIC consults on financial requirements for issuing retail OTC derivatives

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ASIC has released a consultation paper to seek feedback on the financial requirements for issuers of over-the-counter (OTC) derivatives, such as contracts for difference or margin foreign exchange, to retail investors. As the market for retail OTC derivatives in Australia is growing, ASIC has reviewed the financial requirements of issuers of these products. This is […]

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ASIC proposes major improvements in quality of prospectuses

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ASIC is proposing an overhaul of prospectuses that would make them much easier for retail investors to use and would improve the quality of information on the proposed business model and the associated risks. X ASIC Commissioner Belinda Gibson said the proposals – which are the subject of consultation with industry – were aimed at ensuring the focus […]

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Preventing insolvent trading: the focus of new ASIC report

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ASIC has today released a report that sets out the key messages and outcomes of its national insolvent trading program (NITP). The report, National Insolvent Trading Program Report (REP 213) will be beneficial to directors of companies, company advisers (including accountants and lawyers) and other interested stakeholders to assist them in understanding and complying with […]

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ASIC begins nationwide surveillance activities under national consumer credit regime

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The Australian Securities and Investments Commission (ASIC) has begun its first nationwide surveillance activity to detect unregistered businesses and people under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (National Credit Transitional Act). Between now and late 2010, ASIC will be in the field, across Australia, to detect businesses or people engaging […]

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ASIC consults on compensation requirements for traditional trustee company services

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ASIC has released a consultation paper inviting feedback on its proposal regarding the administration of compensation requirements for trustee companies providing traditional trustee company services (traditional services) to retail clients. Click here to download the document (pdf)

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