Australian Regulators Weekly Wrap — Monday, 30 January 2023

Keeping on top of the latest financial services regulatory & compliance trends? Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian Regulators Weekly Wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past […]

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Australian Regulators Weekly Wrap — Monday, 23 January 2023

Keeping on top of the latest financial services regulatory & compliance trends? Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian Regulators Weekly Wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past […]

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22-316MR ASIC suspends FTX Australia’s AFS licence

On 16 November 2022, the Australian Securities and Investment Commission (ASIC) suspended the Australian Financial Services (AFS) licences of FTX Express Pty Ltd (ACN 657 907 894) and FTX Australia Pty Ltd (ACN 129 217 812) (together, FTX Australia) until 15 May 2023. This was as a result of FTX Australia being placed into voluntary […]

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22-349MR ASIC’S Enforcement and Regulatory Update July to September 2022

On 12 December 2022, ASIC released its updated quarterly report (REP 753) that outlined its key actions undertaken over the previous quarter. This report focused on ASIC enforcement and regulatory actions that covered the following sectors:  insurance, credit, superannuation, financial advice, managed investments, markets and auditing. ASIC also highlighted its upcoming internal and external priorities. […]

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ASIC updates its guidance on SMSF advice

By the end of 2022, ASIC had undertaken an internal review of its Self-Managed Superannuation Funds (SMSF) information sheets in line with key strategic priorities stated in ASIC’s Corporate Plan for 2022-2026 (see ASIC’s Corporate Plan 2022-26). One of ASIC’s aims is to protect and help consumers as they plan for their future retirement. Consumers […]

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ASIC issues more infringement notices for greenwashing

An important issue that ASIC is currently facing is the deterrence of greenwashing practices across the Australian business landscape. According to ASIC, greenwashing is ‘the practice of misrepresenting the extent to which a financial product or investment strategy is environmentally friendly, sustainable or ethical’. ASIC’s position is that the practice of greenwashing distorts relevant information […]

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Australian Regulators Weekly Wrap — Monday, 16 January 2023

Keeping on top of the latest financial services regulatory & compliance trends? Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian Regulators Weekly Wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past […]

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BTI 2014 LLC v Sequana SA and Others: United Kingdom Supreme Court relies on Australian case law to settle question on Director’s duties

In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of […]

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Block trading breach! ASIC’s Markets Disciplinary Panel hands down $222,000 penalty to ABN AMRO

On 7 September 2022, ASIC announced that its Markets Disciplinary Panel (MDP) had issued an Infringement Notice having determined that it had reasonable grounds to believe that ABN AMRO Clearing Sydney Pty Ltd (ABN AMRO) contravened subsection 798H(1) of the Corporations Act by failing to comply with Rule 3.4.2(1) of the ASIC Market Integrity Rules […]

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Sanderson, in the matter of Jabaluka Pty Ltd (in liq) [2022] FCA 1012: Federal Court considers application for appointment of receiver of a corporate trust

Jabaluka Pty Ltd (Jabaluka) was the Trustee of the Morgan Unit Trust, which operated an IGA Supermarket (the Supermarket) from 22 September 2010 to 13 March 2020. This case concerned an application by the Liquidator of Jabaluka (the Liquidator) under s 57 of the Federal Court of Australia Act 1976 (Cth) for an order that […]

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Mortgagee in possession sale causes Manda-monium – a tale of section 420A obligations in the COVID-19 era

In the first reported final decision that has considered the effect of COVID-19 lockdowns on the property market in the context of a mortgagee discharging its duties under section 420A of the Corporations Act 2001 (Cth) (Act), the Victorian Supreme Court in Manda Capital Holdings Pty Ltd (Manda) v PEC Portfolio Springvale Pty Ltd (PEC) […]

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Corruption and Integrity Update – December 2022

This month’s Corruption and Integrity update includes an overview of the final report from the Forensic DNA Commission of Inquiry; highlights the recent decision of the Attorney-General to abolish the Administrative Appeals Tribunal; details the Australian Commission for Law Enforcement Integrity (ACLEI) 2021-22 Vulnerabilities Brief; notes the recent decision of the High Court to grant […]

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