ASIC’S Wish List for Standards of Behaviour

ASIC has issued a list of conduct and disclosure practices that it would like to see be adopted by participants within the sectors it regulates. For the financial services sector this list includes:  acting professionally at all times  avoiding or properly managing conflicts of interest  treating investors fairly  ensuring that disclosure[…]

RECENT COURT DECISIONS: CLIENTS BEWARE!

Recent Court decisions have confirmed that pursuant to Section 79 of the Corporations Act, ANY employee of a corporation (not just directors), can be liable for contraventions of the Act, if they have KNOWLEDGE of a contravention. Section 79 provides: CORPORATIONS ACT 2001 – SECT 79 Involvement in contraventions A person is involved in a[…]

Accountant’s exemption removed – what next?

The accountants’ licensing exemption (Regulation 7.1.29A) previously permitted a recognised accountant to recommend the establishment or winding-up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. This exemption was removed on 1 July 2016. ASIC has advised that as at 2 July it had issued 317 Limited AFS licenses to[…]

ASIC BREACH REPORTING REQUIREMENTS

ASIC has expressed strong concerns that Australian Financial Services licensees have not been reporting correctly, or have been waiting too long to report, breaches or potential breaches and have therefore been in contravention of section 912D of the Corporations Act. ASIC has warned licensees that failing to report a significant breach could constitute a criminal[…]