Category: Press Releases

ASIC has disqualified Miroslav Jack Samardzija of Wamuran, Queensland from managing corporations for the maximum period of 5 years due to his dishonest conduct and flagrant disregard for his duties as a director the failure of three companies. Between September 2019 and May 2021 Mr Samardzija was the director or officer of three companies that...

The Federal Court has ordered Adam Blumenthal, former director of EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited) (Creso), to pay a penalty of $850,000 and be disqualified from managing corporations for five years following action brought by ASIC. On 17 April 2024, the Court found Mr...

We are writing to motor finance firms to remind them they must maintain adequate financial resources at all times. We are currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). We have observed firms taking different approaches to account for the potential impact of previous use of DCA on their financial resources....

The Federal Court has found that, between July 2016 and November 2020, small amount lender, Sunshine Loans entered into over 670,000 contracts which included an amendment or rescheduling fee that is not permitted by the National Credit Code. The Court found Sunshine Loans required the payment of these fees by consumers over 12,000 times and...

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. Under the Digital Operation Resilience Act (DORA) and starting from...

Link Fund Solutions (LFS) failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), according to findings published by the FCA. The FCA found that between 31 July 2018 and the fund’s suspension on 3 June 2019, LFS failed to manage the liquidity of the fund...

ASIC has today released a consultation paper on proposed updates to its regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct. The proposed updates provide greater clarity on ASIC’s expectations of external administrators and controllers’ compliance with the reporting obligations and ASIC’s approach to the reports it receives....

Wholesale licensee Lanterne Fund Services Pty Ltd (Lanterne) has been ordered to pay a $1.25 million penalty by the Federal Court after it failed to comply with six of the general obligations of Australian financial services (AFS) licence holders. In proceedings brought by ASIC, the Court found Lanterne breached its AFS licence obligations between March...

The Federal Court has ordered that Prospero Markets Pty Ltd (Prospero) be wound up on just and equitable grounds and that liquidators be appointed following an application by ASIC. ASIC applied for these orders because it holds a broad range of concerns regarding the management of Prospero’s business, including in relation to compliance with its...

Analysis by the FCA shows that asset managers are largely getting the research they need under the current rules. However, the current options available to UK asset managers can be operationally complex and may, in some instances, favour larger asset managers. The current rules can also restrict UK asset managers’ ability to buy investment research...