Category: News

Any new debt packager firms, or those restarting their debt packager business, including newly appointed ARs, have already been subject to the ban from 2 June 2023. Today is the final day of the implementation period and all debt packager firms must now be ready to comply with the ban. Where CONC 8.3.11R applies, debt...

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...

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...

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...

Market participant Interactive Brokers Australia Pty Ltd (ACN 166 929 568) (Interactive Brokers) has paid a penalty of $832,500 to comply with an infringement notice from the Market Disciplinary Panel (MDP). The outcome follows the MDP finding that Interactive Brokers was ‘negligent’ in its failure to identify suspicious trading conducted by one of its clients....

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty, and call for vigilance...

ASIC has disqualified former electrical services director Sam Casella, of Bossley Park, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of three companies. Between December 2015 and March 2023 Mr Casella was a director of three companies: Roundelectrics Pty Ltd (ACN 160 411 389); Spec...

ASIC has permanently banned former CEO Mark Peter Thomas from performing any function involved in the operation of a financial services business or credit provider, or controlling, whether alone or with others, an entity that operates a financial services business or provides credit. The ban follows Mr Thomas’s conviction for dishonestly using his position as...

Acting to fight crime Black bin liners stuffed with £700,000. An international deal for PPE kit. A widow transferring money to her online love interest… What do these cases all have in common? They all had links to financial crimes and should have raised suspicious activity reports. In the first case, despite bulging black bin...

The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn its charges against Peter Challis, the former Chief Executive Officer of WAW Credit Union Co-Operative Limited (CEO). Following an ASIC investigation, Mr Challis was charged with one count of failing to discharge his duties in good faith in the best interests of a corporation (refer 18-309MR)....