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Showing 1 - 10 of 691 results for "Corporations Act"

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... the income test of earning $250,000 for two consecutive years. This is regulated by section 761(G) s7 of the Corporations Act. "The complainant, on the other hand, said that was the incorrect test to apply and for that reason the financial firm couldn't ...

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
... from the client. Recommendation 13.1, for example, should amend the conflicted remuneration provisions in the Corporations Act to explicitly provide that both monetary and non-monetary benefits given by a client to an AFS Licensee or a representative ...

Director facing $13k fine in first of its kind action from ASIC

ELIZA BAVIN  |  MONDAY, 25 MAR 2024
... appeared in Downing Centre Local Court to be formally charged with one count of contravening section 1272C(1) of the Corporations Act 2001 by failing to have a director ID. An interim non-publication order (NPO) was granted by the court prohibiting the ...

Court dismisses ASIC lawsuit against Finder

KARREN VERGARA  |  FRIDAY, 15 MAR 2024
... that "ASIC has not established that the Finder Earn product is a debenture within the meaning of a s 9 of the Corporations Act." "As each of the contraventions of the Corporations Act alleged by ASIC is predicated on establishing that the Finder Earn ...

ASIC succeeds in conflicted remuneration case

KARREN VERGARA  |  MONDAY, 4 MAR 2024
... financial adviser and the sole director of the SMSF Club. ASIC believes that SMSF Club contravened s963G of the Corporations Act by accepting payments from Positive RealEstate, and RM Capital contravened s963F of the Corporations Act by failing to take ...

'ASX Wolf' Tyson Scholz bankrupt in ASIC crackdown

ANDREW MCKEAN  |  FRIDAY, 1 MAR 2024
... Australian Financial Services Licence, and carrying on any financial services business in Australia as per the Corporations Act. He was ordered to pay $456,296.64 in legal costs, but after failing to do so, ASIC issued a bankruptcy notice and subsequently ...

Former Blockchain Global director confined to Australia

ANDREW MCKEAN  |  THURSDAY, 29 FEB 2024
... remaining. ASIC deems interviewing Guo critical to furthering an investigation into a potential violation of the Corporations Act, potentially resulting in evidence being submitted to the Commonwealth Director of Public Prosecutions. In particular, the ...

Former financial adviser sanctioned by ASIC

ANDREW MCKEAN  |  THURSDAY, 22 FEB 2024
... reviewing the financial services provided by Jaidka, ASIC found he failed to adhere to s961B and s961G of the Corporations Act concerning self-managed superannuation fund advice. The regulator said that Jaidka didn't act in the best interests of his ...

Jailed adviser permanently banned by ASIC

JAMIE WILLIAMSON  |  TUESDAY, 13 FEB 2024
... guilty, was sentenced to five years in prison. Now, ASIC has made two orders permanently banning him; under the Corporations Act and National Consumer Protection Act, ASIC can permanently ban someone who is convicted of fraud. He can now never provide ...

AI is not the 'Wild West': Longo

CHLOE WALKER  |  THURSDAY, 1 FEB 2024
... use AI are already subject to various Australian laws. For example, current directors' obligations under the Corporations Act are principal-based and apply broadly, as companies increasingly deploy AI. "In 2022, the Federal Court found that RI Advice ...
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