Australia

Enforcement

Australia Announces ‘Crackdown’ on Tax Adviser Misconduct

By Manesh Samtani | 08/08/2023

The maximum penalties for tax advisers who promote tax exploitation schemes will increase 100-fold to more than A$780mn.

Securities / Derivatives

Australia Launches Review of Managed Investment Schemes Regime

By Editors | 07/08/2023

The consultation seeks feedback on a number of issues, including whether the wholesale client thresholds should be increased.

ACCC Rejects ANZ-Suncorp Merger Deal Over Competition Concerns

By Manesh Samtani | 07/08/2023

The ACCC said a merger between Bendigo and Adelaide Bank and Suncorp would be a better outcome.

Enforcement

ASIC Sues Ex-Director of Dixon Advisory for Alleged Breach of Duty

By Sanday Chongo Kabange | 05/08/2023

ASIC alleges that Paul Ryan breached his director obligations by not considering the interests of Dixon Advisory’s creditors when the firm was approaching insolvency.

Enforcement

Australia’s Star Fined for Aiding Unlawful Credit Card Gambling

By Editors | 04/08/2023

Star Entertainment faces a $140,000 fine for facilitating illicit credit card gambling transactions and breaching exclusion orders.

Market Infrastructure

ASX Unveils Advisory Group to Navigate CHESS Replacement Project

By Editors | 04/08/2023

ASX established an Advisory Group to provide strategic advice and restore confidence in the beleaguered CHESS replacement project.

ESG / Sustainability

New Zealand XRB Sets Temporary GHG Assurance Standard

By Ranamita Chakraborty | 04/08/2023

From October 2024, climate reporting entities in New Zealand will need to use an internationally recognised assurance standard (ISAE or ISO) to obtain assurance over their greenhouse gas (GHG) emissions disclosures.

Enforcement

ASIC Sues eToro Over Retail Sales of High Risk CFD Products

By Sanday Chongo Kabange | 03/08/2023

ASIC says eToro’s target market was too broad for “such a high-risk and volatile trading product where most clients lose money”.

Enforcement

Australia High Court Calls for Higher Penalty in Foreign Bribery Case

By Editors | 03/08/2023

High Court justices rejected the A$1.35mn fine ordered in a foreign bribery case, deeming it insufficient.