Category: News

Ms Yat Nam (April) Yuen, of Sydney, New South Wales, has been charged with aiding and abetting former stockbroking firm BBY Limited (BBY) to engage in dishonest conduct in relation to a financial service. Ms Yuen, who held various roles at BBY including Manager – Strategy, is charged with two offences contrary to sections 1041G(1)...

Introduction The famous crime novelist and screenwriter, Raymond Chandler, once said that his greatest weapon was not a gun or a knife, but a $20 bill. It’s a very American quote! But it got me thinking about the diverse tools we have at our disposal, and how often we use them. I think one of...

We have today published the final report on our multi-firm review into firms’ progress in implementing the internal capital adequacy and risk assessment (ICARA) process and reporting requirements under the Investment Firms Prudential Regime (IFPR). This final report must be read together with the report on our initial observations published in February 2023. The IFPR...

Today, ASX Limited released a Special Report, along with an external Audit Report, on its Portfolio, Program and Project Management Frameworks (PPPM Reports). The PPPM Reports are relevant to ASX’s delivery, implementation and governance of the recently announced CHESS replacement solution design. ASX has now published all three of the special reports and accompanying audit...

ASIC is seeking feedback from the investment management industry on our proposal to remake the ASIC Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA (ASX Quoted Assets) Market. Consultation Paper 374 Remaking ASIC Class Order on Exchange Traded Funds: [CO 13/721] sets out ASIC’s proposed amendments to [CO...

ASIC has accepted a court enforceable undertaking from iExtend Holdings Company Pty Ltd and iExi Pty Ltd (iExtend) after investigating concerns they were operating a financial services business without an Australian financial services (AFS) licence. ASIC’s investigation revealed that iExtend was offering to pay people’s life insurance premiums in exchange for a portion of the...

ASIC has disqualified a former Magnolia Capital Group director from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities. Mitchell Atkins of Erina, New South Wales was a director of the Magnolia Capital Group of companies which collapsed...

Karen Chester, Emma Herd, Kristy Graham, Kate Griffiths and Mark Rigotti speaking during the 2023 ASIC Annual Forum. The drive towards decarbonisation is transforming markets the world over. By latest estimates, around 90% of global GDP is covered by a national net zero target at or around mid-century. Ensuring businesses are delivering on these targets...

AI has the power to supercharge Australia’s productivity, but its widespread adoption is not without risks, the ASIC Annual Forum today heard. Advances in AI are increasingly driving predictions, decision-making and recommendations across many organisations, including in financial services and markets. Nick Abrahams, Futurist and Global Leader Digital Transformation, said while many organisations were reluctant...

ASIC Chair Joe Longo has welcomed the commencement of new Commissioners Simone Constant and Alan Kirkland, who began their five-year terms today. In August the Treasurer announced the appointment of three new Commissioners to ASIC to serve alongside Mr Longo, Deputy Chair Sarah Court and Deputy Chair Karen Chester, noting Ms Chester’s term ends in...