Category: News

Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries. Southern Steel is a large proprietary company, required to prepare an audited financial report, but was exempt from lodging it with ASIC under ‘grandfathering’ provisions. Following amendments made by the Treasury Laws Amendment...

ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities. ASIC found Ms Baaini engaged in dishonest conduct and failed to act with...

ASIC has ordered that Coral Coast Distributors (Cairns) Pty Ltd can no longer sign-up customers into Centrepay credit arrangements in its Urban Rampage stores. The decision comes after ASIC found that those arrangements were unsuitable for consumers in Coral Coast’s target market because they were unlikely to be consistent with their financial situation and placed...

The Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for 2 counts of fraud and 1 count of breaching the Financial Services and Markets Act 2000 (FSMA). Mr Maggs is alleged to have operated an unauthorised investment scheme called ‘Kube Trading’ which received around £2.67m from investors between...

Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest...

In response to stakeholder feedback, ASIC has adopted a no-action position on the financial reporting obligations of special purpose financing subsidiaries or other wholly-owned subsidiaries that issue debentures to sophisticated or professional investors, and their guarantors, that may have been relying on relief under ASIC Corporations (Wholly-Owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785). Under ASIC...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has responded to the European Commission request on amendments to the European long-term investment fund (ELTIF) Technical Standards (RTS). In the letter ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail...

The Financial Conduct Authority (FCA) is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022 and we are renewing the membership in line with our terms of reference. The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives,...

Benjamin Thomas Molloy of Point Cook, Victoria appeared at the Melbourne Magistrates Court charged with one count of breaching his duties as a director pursuant to section 184(2)(a) of the Corporations Act 2001 (Cth) and five counts of making false statements to ASIC pursuant to section 1308(2) of the Corporations Act 2001 (Cth). Following an...

ASIC has cancelled the Australian Financial Services (AFS) licence of JB Markets Pty Ltd (JB Markets) effective from 12 April 2024, for failing to: comply with the financial requirements of its AFS licence; and have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements. Under the Corporations...