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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Further ASIC regulatory response on CHESS Replacement and ASX’s program capabilities
ASIC has taken further action to ensure that ASX adequately responds to the findings and recommendations of the ASX CHESS Replacement Application Delivery Review by Accenture (the External Review) and that all necessary steps are undertaken by ASX to uplift identified gaps and deficiencies in relation to the ASX Group’s portfolio, program and project management...
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National Advice Solutions convicted of hawking in relation to superannuation roll over calls
On 20 February 2023, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland and pleaded guilty to one charge of breaching anti-hawking laws. The Court imposed a penalty of $70,000. Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation...
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Repayment calculator leads to infringement notices against credit company
ASIC has issued two infringement notices to credit provider Jacaranda Finance Pty Ltd (Jacaranda) in further action to protect consumers against poor conduct by credit providers. Jacaranda is a credit licensee that, at the relevant times, offered loans up to $15,000, typically for 12 to 36 months. ASIC was concerned that a repayment estimate calculator...
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Federal Court sanctions Getswift with record continuous disclosure penalty
The Federal Court has handed down the largest ever penalty against a company for breaching continuous disclosure laws, ordering GetSwift Limited (former ASX: GSW) (GetSwift) (in liquidation) to pay a penalty of $15 million. The Court described Getswift as a company that ‘became a market darling because it adopted an unlawful public-relations-driven approach to corporate...
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ASIC cancels licence of Family Wealth Strategy Pty Ltd
ASIC has canceled the Australian financial services (AFS) license of Family Wealth Strategy Pty Ltd (489148). The license was canceled on the basis that Family Wealth Strategy Pty Ltd is no longer carrying on a financial services business. ASIC may cancel an AFS license held by an individual or corporate entity if the person or...
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calls for improved material business risk disclosure in annual reports
ASIC reminds company directors to ensure material business risks are adequately disclosed in annual reports, to better inform shareholders and prospective investors. ASIC’s ongoing financial reporting surveillance program and subsequent inquiries of a selection of 2022 annual reports have led to a further four listed entities disclosing material business risks. This follows five entities providing...
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