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Federal Court case against liquidator dismissed

The Federal Court has dismissed ASIC’s case against Mr Jason Bettles, a registered liquidator and Partner at Worrells Solvency and Accounting. Mr Bettles was the liquidator of the Members Alliance Group of companies from 22 July 2016 until his resignation on 13 July 2017. In November 2019, ASIC, as part of the Serious Financial Crime...

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ASIC sues Dixon Advisory & Superannuation Services Pty Limited director

ASIC has commenced civil penalty proceedings in the Federal Court against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors’ duties. ASIC alleges Mr Ryan breached his duties as a director by his involvement in decisions ASIC alleges were to the advantage of Dixon Advisory’s holding company, E&P...

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ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible. The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions. Euroins requested...

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Advice Guidance Boundary Review

We set out the basis for our joint review of the Advice Guidance Boundary with the Treasury. The starting point builds on feedback from industry and consumer groups and this information will help shape and govern the joint review which was announced as part of the Edinburgh Reforms. The review aims to ensure that consumers...

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ASIC suspends AFS licence of NWQ Capital Management Pty Ltd

ASIC has suspended the Australian financial services (AFS) licence of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024. ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence. NWQ provides portfolio management services...

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ASIC welcomes the establishment of an ASX Advisory Group and the appointment of Alan Cameron AO as Independent Chair

ASIC Chair Joe Longo has welcomed the establishment of a new Advisory Group to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues. Importantly, this includes input into the governance of the ASX CHESS replacement project. Appointment of Independent Chair On 2 August, Mr Longo hosted a roundtable, comprised of a small...

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ASIC sues eToro in its first design and distribution action to protect consumers from high-risk CFD products

ASIC has commenced proceedings in the Federal Court against online investment platform, eToro Aus Capital Limited (eToro), regarding its contract for difference (CFD) product. ASIC is alleging breaches of design and distribution obligations and of eToro’s licence obligations to act efficiently, honestly and fairly. The case focuses on the appropriateness of eToro’s target market, and...

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Former Victorian café owner sentenced to good behaviour bond

Former company director Shaobo Hu, of Melbourne, Victoria, has been sentenced to a 12-month good behaviour bond after being convicted for providing false information to the ATO. The sentence followed Ms Hu pleading guilty on 28 July 2023 to one charge of attempting to obtain a financial advantage from a Commonwealth entity. Ms Hu was...

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ASIC warns of further action against market misconduct

ASIC is warning market participants that strong, targeted enforcement action will continue in the coming months as part of its focus on protecting consumers from harm and upholding market integrity. The warning comes after ASIC’s enforcement and regulatory update highlighted over $109.1 million in civil penalties for the half year to 30 June 2023, along...