ASIC has permanently banned former insurance broker Justin Edward Hampshire, of Sydney, New South Wales, from providing any financial services and being involved in carrying on such a business. ASIC found that between November 2015 and April 2019, Mr. Hampshire engaged in dishonest conduct about a financial product or service whilst acting in his capacity...
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Former CEO and CFO of Benjamin Hornigold Limited charged with dishonest breach of duties and misleading the ASX
The former CFO of Benjamin Hornigold Limited, Mr. Samuel Elderfield, appeared in the Brisbane Magistrates Court charged with a criminal offense. Mr. Stuart McAuliffe, the former CEO of Benjamin Hornigold Limited, has also been charged with criminal offenses but did not appear in court when his name was called. ASIC alleges that Mr. McAuliffe and...
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Southern Cross Media removes non-IFRS profit measure following ASIC review
Southern Cross Media Group Limited (Southern Cross Media) has removed its presentation of a non-IFRS profit measure, following an ASIC review of its financial report for the year ended 30 June 2022. ASIC’s review raised concerns about the presentation of ‘Profit before depreciation, amortisation, interest, impairment, fair value movements on financial derivatives and income tax...
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ASIC consults on ‘sunsetting’ class orders about financial requirements
ASIC is seeking feedback on proposals to remake ‘sunsetting’ class orders that impose financial resource requirements on the managed funds industry. Consultation Paper 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449 (CP 367) sets out ASIC’s proposals on: Class Order [CO 13/760] Financial requirements for responsible entities...
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ASIC permanently bans property fundraiser following fraud convictions
ASIC has permanently banned Sean Colville Niven, of Perth, Western Australia, from providing financial services and engaging in credit activities. On 6 April 2020, Mr. Niven was convicted in the Perth Magistrates Court for two offenses contrary to the Bankruptcy Act. Namely, making a declaration that he knew to be false, and disposing of property...
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Senate Economics Legislation Committee Senate Estimates – Opening Statement – 1 March 2023
I am pleased to appear before the committee today. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioner Danielle Press, Chief Operating Officer Warren Day, and our General Counsel, Chris Savundra. We value the opportunity to appear before this Committee. I understand that you have convened this extra hearing following the...
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ASIC sues TerraCom Limited, its managing director, chief commercial officer, former Chair and a former director
ASIC has commenced civil penalty proceedings in the Federal Court against TerraCom Limited, its managing director Daniel McCarthy, chief commercial officer Nathan Boom, former Chair Wallace King and former director and Deputy Chair Craig Ransley. TerraCom is a coal producer in Queensland. The case concerns the conduct of TerraCom and its directors and officers following...
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ESMA finds that MCM had no measurable impact on financial markets under current market conditions
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Effects Assessment of the introduction of the market correction mechanism (MCM) on gas derivative markets. The results confirm the findings of the preliminary data report that, to date, no measurable impact of the MCM can be identified....
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Star provides $150 million for fines and penalties after ASIC raises concerns
The Star Entertainment Group Ltd (The Star) has provided for fines and penalties of $150 million from alleged non-compliance with anti-money laundering laws in its financial report for the half-year ended 31 December 2022 after ASIC raised concerns. Following a review of The Star’s financial report for the year ended 30 June 2022, ASIC raised...
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ASIC launches first Court proceedings alleging greenwashing
ASIC has launched its first court action against alleged greenwashing conduct, commencing civil penalty proceedings in the Federal Court against Mercer Superannuation (Australia) Limited (Mercer) for allegedly making misleading statements about the sustainable nature and characteristics of some of its superannuation investment options. ASIC Deputy Chair Sarah Court said, ‘This is the first time ASIC...
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