Hedge funds no systemic risk to financial system: ASIC

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Australian hedge funds do not currently pose a systemic risk to the Australian financial system, an ASIC report released today has found. Key points: Hedge funds ASIC identified manage only

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Gatekeepers’ role vital to health of SMSF sector

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The SMSF Professionals’ Association of Australian (SPAA) yesterday welcomed ASIC’s acknowledgement of the importance of professional service providers to the SMSF industry. Jordan George, SPAA Senior Manager Technical and Policy,

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Do you use a platform? You could be breaching the Best Interests Duty

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Recent guidance from the Australian Securities and Investments Commission (ASIC) confirms in no uncertain terms that the Best Interests Duty applies just as much, if not more, to platform recommendations

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SPAA backs ASIC stance on gearing by SMSFs

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The SMSF Professionals’ Association of Australia (SPAA) fully supports the strong reservations expressed by the Australian Securities and Investments Commission (ASIC) about the aggressive marketing of geared property investment strategies to SMSFs. Jordan

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ASIC accepts enforceable undertaking from Wealthsure Pty Ltd, Wealthsure Financial Services Pty Ltd and their former CEO

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ASIC has accepted an enforceable undertaking (EU) from Wealthsure Pty Ltd (Wealthsure), Wealthsure Financial Services Pty Ltd (Wealthsure FS) and the former CEO of both companies, Mr Darren Pawski. Wealthsure

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Former financial adviser pleads guilty to dishonest conduct

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A former financial adviser today pleaded guilty to two charges of dishonest conduct after he was caught ‘tombstoning’. ‘Tombstoning’ involves insurance brokers submitting insurance applications in the names of dead

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ASIC releases report on emerging market issuers

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Following the high profile collapse of some emerging market issuers overseas ASIC has undertaken a review of these types of entities here in Australia. Our review has not identified at

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Former Gunns chairman convicted of insider trading

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ASIC Commissioner Cathie Armour says the conviction of former Gunns chairman John Eugene Gay for insider trading was a reminder the regulator was committed to combating this serious criminal offence.

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Former Wealthsure financial adviser pleads guilty to criminal charges

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Former WealthSure financial adviser, Mr Brian William Veitch, has pleaded guilty to 22 criminal charges following an ASIC investigation. Appearing in the Sydney District Court, Mr Veitch, formerly of Minto,

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ASIC continues crackdown on hybrids

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Following recent ASIC action, we have seen an improvement in the disclosure of the risks of hybrids. But there is still work to be done to make sure these complex

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