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ASIC obtains over $700,000 in penalties for financial reporting failures

Between 1 January 2023 and 30 June 2023, ASIC prosecuted 36 companies and secured over $700,000 in penalties for failing to lodge financial reports, hold annual general meetings (AGMs) and to maintain the required number of directors and resident directors. Three of ASIC’s prosecutions resulted in fines of more than $100,000. Asset management firm ALT...

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ASIC remakes sunsetting legislative instruments on takeovers, compulsory acquisitions and relevant interests

ASIC has remade seven legislative instruments relating to takeovers, compulsory acquisitions and relevant interests. These instruments were due to automatically repeal and cease operation (‘sunset’) on 1 October 2023 if not remade. The relief is contained in the following seven legislative instruments: ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681; ASIC Corporations (Takeover Bids) Instrument...

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ESAs publish Report on the landscape of ICT third-party providers in the EU

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have today published an indicative overview of information and communication technology (ICT) third-party providers (TTP) as part of their preparations for the Digital Operational Resilience Act (DORA). The analysis aims to map the provision of ICT services by TPPs to financial entities in...

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Fintech company pays penalties for crypto product representations

Following ASIC action, fintech company Bobbob Pty Ltd has paid $53,280 to comply with infringement notices regarding representations it made about a crypto-asset linked investment product. ASIC was concerned that Bobbob made the following representations that had the potential to mislead consumers that the crypto-asset linked investment product: was approved or licensed by ASIC, was...

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Company auditor suspended for 12 months over deficient audits

Registered company auditor Rocco (Roy) Luciano Spagnolo has been suspended from practice for 12 months by the Companies Auditors Disciplinary Board (CADB) after it found two of his audits failed to comply with auditing standards. Mr Spagnolo, a director of Corporate Audit & Advisory Services Pty Ltd, was responsible for auditing the 30 June 2019...

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ASIC disqualifies Philip Whiteman from managing corporations for maximum five years after engaging in illegal phoenix activity

ASIC has disqualified Philip Whiteman of Mount Dandenong, Victoria, from managing corporations for the maximum period of five years due to his involvement in the failure of five companies. Between November 2010 and June 2017, it was determined that Mr Whiteman acted as a ‘shadow director’ by controlling companies and acting in the position of...

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ASIC calls on licensees to strengthen remediation procedures

ASIC is calling on Australian financial services and credit licensees (licensees) to ensure they remediate affected customers quickly and fairly, in line with ASIC’s guidance in Regulatory Guide 277 Consumer Remediation (RG 277). This follows ASIC’s recent review of the remediation policies and procedures of some large financial institutions to assess their implementation of RG...

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Licensing and professional registration activities – 2023 update

ASIC today has released its annual licensing report today. Report 772 Licensing and professional registration activities: 2023 update (REP 772) outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ASIC work that affects licensees. ASIC’s Chief Executive Officer, Warren Day said, ‘Our report highlights the important gatekeeping...