The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.
June 18, 2020Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.
June 18, 2020Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.
June 17, 2020Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.
June 16, 2020The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.
June 16, 2020The high-level guidance set out specific factors boards and remuneration committees should consider when exercising discretion on executive variable pay in the current environment.
June 14, 2020CBA's failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.
June 8, 2020In three months, litigation funders will no longer be exempt from having to hold an AFS Licence and being categorised as managed investment schemes.
May 26, 2020Fund managers will be barred from paying fees to financial advisers and stockbrokers for selling listed investment companies and trusts.
May 25, 2020Trading restrictions imposed in March due to an abnormally large increase in trades executed have been revoked following processing enhancements by market operators.
May 15, 2020