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Showing 211 - 220 of 1369 results for "Corporations"

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... met 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
... benefits 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 ...

Wholesale investor tests up for parliamentary review

KARREN VERGARA  |  MONDAY, 25 MAR 2024
... framework, worrying many fund managers operating in the high-net-worth space. The Parliamentary Joint Committee on Corporations and Financial Services will review the wholesale investor tests to determine if they are still relevant. According to the ...

Financial services class actions surge

JAMIE WILLIAMSON  |  WEDNESDAY, 20 MAR 2024
... and increased modern slavery reporting and due diligence requirements, will also fuel class action risk. Australian corporations should remain vigilant of the class action risks that might follow any regulatory prosecutions or shareholder activism in ...

ASIC extends ETF class order

KARREN VERGARA  |  TUESDAY, 19 MAR 2024
ASIC has released a new legislative instrument that extends relief to a broader class of quoted funds. ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147 replaces [CO 13/721] ASIC Corporations (Relief to ...

Court dismisses ASIC lawsuit against Finder

KARREN VERGARA  |  FRIDAY, 15 MAR 2024
... concluded 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 ...

Experts issue warning over AI washing

ANDREW MCKEAN  |  MONDAY, 11 MAR 2024
... whenever appropriate and however caused. We're willing to test the regulatory parameters where they're unclear or where corporations seek to exploit perceived gaps," has previously said. Holding Redlich special counsel Sarah Butler says that under the ...

ASIC succeeds in conflicted remuneration case

KARREN VERGARA  |  MONDAY, 4 MAR 2024
... a 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 ...

'ASX Wolf' Tyson Scholz bankrupt in ASIC crackdown

ANDREW MCKEAN  |  FRIDAY, 1 MAR 2024
... an 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 ...