ASIC consults on financial requirements for issuing retail OTC derivatives

From

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 […]

continue reading

ASIC proposes major improvements in quality of prospectuses

From

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 […]

continue reading

Preventing insolvent trading: the focus of new ASIC report

From

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 […]

continue reading

ASIC begins nationwide surveillance activities under national consumer credit regime

From

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 […]

continue reading

ASIC consults on compensation requirements for traditional trustee company services

From

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)

continue reading

ASIC consults on dispute resolution requirements for traditional trustee company services

From

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)

continue reading

ASIC bans Sydney financial adviser

From

Mr Vince Aloisi of Baulkham Hills, New South Wales, has been permanently banned from providing financial services by ASIC. ASIC’s action against Mr Aloisi follows its investigation into allegations of misconduct during his employment as an authorised representative with AMP Financial Planning Pty Limited from 1 January 2004 to 5 August 2009 and AMP GI […]

continue reading

ASIC recovers $24.5 million for Westpoint investors

From

Westpoint investors in ASIC’s class against Glenhurst Corporation Pty Ltd (Glenhurst) are to receive their share of $24.5 million recovered to date by the Commission. The Glenhurst settlement, worth $2.5 million, is one of six reached by ASIC on behalf of investors in the Westpoint Group seeking compensation for their failed investments. The settlement will […]

continue reading

Abacus reviews advertising in response to ASIC’s concerns

From

Abacus Australian Mutuals (Abacus) has reviewed its industry advertising campaign – ‘It all comes back to you’ – in response to ASIC concerns that consumers were at risk of being misled about the nature of the savings in the advertisements. The Abacus advertising campaign included representations, by way of a comparison with major banks, about […]

continue reading

ASIC reaches sixth Westpoint settlement

From

ASIC has reached an agreement to settle its actions against Barzen Pty Ltd (formerly Dukes Financial Services Pty Ltd) and Mr Joseph Dukes (collectively ‘Dukes’), for $1 million. This settlement is subject to the approval of the Federal Court. Click here to download the document (pdf)

continue reading