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Showing 181 - 190 of 688 results for "Penalty"

Trading platform pays $830k over suspicious trades

JAMIE WILLIAMSON  |  THURSDAY, 21 SEP 2023
... this instance, it was fined $250,000. The MDP has been significantly more active in 2023 than in previous years, with the penalty issued to Interactive Brokers marking the fifth it's handed out this year. Between 2018 and 2022 the MDP only issued a maximum ...

ASIC takes legal action against crypto exchange

ANDREW MCKEAN  |  THURSDAY, 21 SEP 2023
ASIC has commenced civil penalty proceedings against Bit Trade, provider of crypto exchange Kraken, following alleged failures to adhere to design and distribution obligations for margin products offered to Australian customers. Since the introduction ...

Treasury consults on PwC-linked reforms

CASSANDRA BALDINI  |  WEDNESDAY, 20 SEP 2023
... to $780 million for tax breaches, jumping 100% from $7.8 million. The government will also look to expand tax promoter penalty laws so they're easier for the ATO to apply to advisers and firms that promote tax avoidance. Further, it will increase the ...

Experience pathway enshrined in legislation

KARREN VERGARA  |  FRIDAY, 8 SEP 2023
... Advisers who do not meet the qualification standards by that date cease to be a relevant provider and will face civil penalty sanctions for breaching the Corporations Act if they continue to provide personal financial advice. Previously, new entrants ...

AustralianSuper sued over multiple accounts

JAMIE WILLIAMSON  |  FRIDAY, 8 SEP 2023
... had gone undetected. The average impacted member was to receive $650. Now, the corporate regulator has launched civil penalty proceedings against the nation's largest superannuation fund, saying the fund failed to have adequate policies and procedures ...

ASIC cracks down on CFDs, OTC derivatives

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
... derivatives, options, and other derivative arrangements. To date, ASIC has issued 10 interim stop orders and commenced a civil penalty proceeding for alleged breaches of DDOs and has engaged with product issuers to do the right thing. Such instruments ...

Government passes FAR legislation

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
... breaches of the regime, and direct entities to take remedial action and to apply to the Federal Court to impose a civil penalty on accountable entities," Jones said. BEAR, the FAR's first iteration, was recommended by Commissioner Kenneth Hayne in ...

Financial hardship neglect lands Westpac in court

KARREN VERGARA  |  TUESDAY, 5 SEP 2023
... 200 customer hardship requests over seven years, for which the bank blames "technology failure". ASIC commenced civil penalty proceedings in the Federal Court, alleging that Westpac failed to respond to hardship notices within 21 days as required by ...

Crypto lender sentenced for false licence

CHLOE WALKER  |  FRIDAY, 18 AUG 2023
... conduct, and this was taken into account upon sentencing," ASIC said. The charges were brought in April 2022. The maximum penalty for a contravention of this type is one year in prison and/or a fine of $25,200. A second charge relating to alleged content ...

Active Super to face action over greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 11 AUG 2023
... assets after the invasion of Ukraine while purporting otherwise to members. The markets regulator has commenced civil penalty proceedings alleging "misleading conduct and misrepresentations to the market relating to claims it was an ethical and responsible ...