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ASIC issues information for unlicensed entities making unsolicited contact with consumers

ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice. These entities must comply with financial services laws. If they don’t, they risk substantial penalties. INFO 282 is also...

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ASIC announces 30 June 2024 focus areas and expanded program to support financial reporting and audit quality

ASIC today has outlined an expanded program of work to enhance the integrity and quality of financial reporting and auditing in Australia in achieving the broader goal of confident and informed investors. ASIC’s pro-active financial reporting and audit surveillance program remains a key part of our work. The program covers listed companies, other public interest...

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Umuthi Healthcare Solutions

Umuthi Healthcare Solutions has withdrawn its reference to the Upper Tribunal. Umuthi was challenging the FCA’s decision to discontinue the listing of its standard shares from the Official List. The withdrawal means that our First Supervisory Notice remains in force, and the discontinuance of the listing of Umuthi’s shares remains in effect.

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ESMA Guidelines establish harmonised criteria for use of ESG and sustainability terms in fund names

Following the public statement of 14 December 2023, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the final report containing Guidelines on funds’ names using ESG or sustainability-related terms. The objective of the Guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability...

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ASIC cancels Octillion Partners AFS licence

ASIC has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd. ASIC determined that Octillion: did not comply with the financial services laws, did not take reasonable steps to ensure that its representatives complied with the financial services laws, did not do all things necessary to ensure that the financial services covered...

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ASIC permanently bans former financial adviser

ASIC has permanently banned Melbourne based financial adviser Kudzanai Philip Dzawo from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business. ASIC found that Mr Dzawo dishonestly attempted to induce clients to transfer their superannuation...

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AAT upholds permanent ban on former NSW based adviser

The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to permanently ban Sean John Sweeney from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business. ASIC permanently banned the former NSW based adviser after he was...

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Brett Paul Trevillian pleads guilty to making false documents

Metal Alpha Pty Ltd director Brett Paul Trevillian has pleaded guilty to forging portfolio performance verification reports when he was the investment manager of AlphaThorn Pty Ltd. Between April 2019 and October 2019 Mr Trevillian created four forged portfolio performance verification reports relating to two investment products offered by AlphaThorn, the Secured service product and...

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Stuart Bayes sentenced for insider dealing

He was also given a Rehabilitation Activity Requirement of 35 days and ordered to carry out 150 hours of unpaid work. On 28 March 2024, Mr Bayes was found guilty of insider dealing following an 8-week trial at Southwark Crown Court in a prosecution brought by the Financial Conduct Authority (FCA). Sentencing Mr Bayes, His...