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Showing 311 - 320 of 566 results for "Civil"

Government bans superannuation funds treating employers

KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... employees to nominate the fund as their choice of fund. Superannuation funds that fail to comply with the new provisions face civil or criminal penalties. In the event of a civil penalty contravention, ASIC can apply for a court order. If the court finds ...

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
... proceedings against nine individuals on 76 charges, with four people imprisoned as a result and $12.7 million imposed in civil penalties. ASIC also disqualified 28 directors and there were 72 instances of individuals being removed or restricted from ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
... APRA's new powers allow it to direct and take action on RSEs that contravene its prudential obligations, and impose civil penalties against trustees and their directors for breaching obligations to members, including the duty to act in the best interests ...

Financial product design and distribution law passes

KARREN VERGARA  |  THURSDAY, 4 APR 2019
Financial product providers must comply with new laws to improve design and distribution obligations or else face civil or criminal penalties. The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2019 ...

Nikko AM chief executive steps down

ELIZABETH MCARTHUR  |  THURSDAY, 14 MAR 2019
... alleging he deliberately made lucrative stock options that were part of an incentive scheme for employees worthless. The civil case was brought by 7 former employees of Tokyo-based Nikko Asset Management who are seeking a combined $100 million in damages. ...

Rejuvenated APRA asserts authority

KARREN VERGARA  |  THURSDAY, 14 MAR 2019
... (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019, which gives APRA greater power to take civil penalty action against trustees for breaching their obligations to members, has not yet passed Parliament. It was ...

BlackRock launches Australian bond fund

KANIKA SOOD  |  WEDNESDAY, 6 MAR 2019
... Barclays MSCI SRI ESG-Weighted Australian Aggregate AU$100M Index. It excludes tobacco, alcohol, gambling, military weapons, civil firearms, nuclear power, adult entertainment, genetically modified organisms and fossil fuel reserves using MSCI's ...

Industry funds wary of stapling default members

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... Greens and the Coalition Government. Two recommendations from the Royal Commission's final report also passed: introducing civil penalties for superannuation trustees if they breach their obligations (recommendation 3.7) and prohibiting superannuation ...

NAB most distrusted bank in Australia

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... a new benchmark for Australia's banks. The real question is what happens next," Levine said. "Without trust there is no civil society. The Australian population has now expressed their anger and distrust with Australian banks. It is now time to rebuild ...

Government moves on Royal Commission super recommendations

HARRISON WORLEY  |  WEDNESDAY, 13 FEB 2019
... some large super funds spend "not insignificant amounts" on the practice. Additionally, the Government will move to extend civil penalties to superannuation trustees for breaching their covenants or the director's covenant of obligations, which Hayne ...