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Showing 1291 - 1300 of 3918 results for "law"

Adviser banned for five years

ELIZA BAVIN  |  TUESDAY, 26 MAY 2020
A financial adviser who cycled through seven AFSLs in nine years has been banned after ASIC found he provided poor SMSF advice and based insurance advice on the commission he'd receive. The five-year ban follows ASIC surveillance of advice provided ...

IOOF settles class action

JAMIE WILLIAMSON  |  MONDAY, 25 MAY 2020
... saw the stock price fall by 35% when APRA launched legal proceedings against IOOF and five directors in December 2018. The law firm further alleged IOOF's conduct breached continuous disclosure obligations under the Corporations Act and ASX listing ...

Chief economist update: Hong Kong is ours

BENJAMIN ONG  |  MONDAY, 25 MAY 2020
The COVID-19 pandemic was both a curse and a blessing (for lack of a better word) for China's Politburo. Social restrictions and lockdowns imposed by the powers-that-be to contain the virus sent the economy plunging 6.8% in the year to the March ...

FASEA extension en route

HARRISON WORLEY  |  FRIDAY, 22 MAY 2020
... before commenting that the industry would now "consider the adjustments required to ensure a smooth transition to the new law", to ensure the quality and integrity of the capital raising process for closed ended listed investment vehicles was not interrupted. ...

Litigation funders will need AFSLs

ELIZABETH MCARTHUR  |  FRIDAY, 22 MAY 2020
Litigation funders will be regulated under the Corporations Act and required to hold an Australian financial services licence, Treasurer Josh Frydenberg announced today. The Treasurer said the government wants litigation funders to be subject to greater ...

US pension funds approach point of no return

JAMIE WILLIAMSON  |  THURSDAY, 21 MAY 2020
A new report ranking US public pension funds by their ability to pay future benefits suggests several will likely go insolvent as a result of COVID-19. The issues facing public pension funds in the US are widely known, and while it's not clear how ...

ASIC revokes AFSL suspension, cancels another

ELIZA BAVIN  |  TUESDAY, 19 MAY 2020
... "Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence if a licensee does not comply with the law, or if ASIC has reason to believe a licensee is likely to contravene its legal obligations." Ausfunds sought a review of ASIC's ...

Westpac admits to failures

ELIZABETH MCARTHUR  |  MONDAY, 18 MAY 2020
On Friday, Westpac filed its defence in the Federal Court in relation to proceedings brought by AUSTRAC regarding alleged breaches of anti-money laundering and counter terrorism financing laws. "Westpac accepts the gravity of the issues raised by the ...

FASEA blame game on in earnest

HARRISON WORLEY  |  FRIDAY, 15 MAY 2020
Both the government and the opposition have been happy to blame one another for the Parliament's failure to pass the FASEA extension bill this week. Was the parliament's failure to pass the FASEA extension a cheap political stunt by the opposition ...

Merging super funds guaranteed tax relief

HARRISON WORLEY  |  FRIDAY, 15 MAY 2020
Superannuation funds are set to permanently avoid negative tax outcomes upon merging, after an amendment bill sailed through parliament yesterday. While the FASEA extension stalled yesterday, the parliament successfully shepherded the government's Treasury ...