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Showing 321 - 330 of 566 results for "Civil"

ASIC enforcement must get tough: Commissioner

KANIKA SOOD  |  TUESDAY, 5 FEB 2019
... (Strengthening Corporate and Financial Sector Penalties) Bill 2018 (Cth) is enacted, which gives ASIC disgorgement remedies in civil proceedings and a directions power, which extends to ordering remediation. Hayne's enforcement solution The Commissioner ...

Superannuation to face BEAR: Hayne

KARREN VERGARA  |  TUESDAY, 5 FEB 2019
... accountability obligations, namely consumer protection and market conduct matters. APRA would be responsible for initiating civil penalty proceedings. "It would be prudent to enable both ASIC and APRA to seek disqualification of accountable persons if ...

Hayne targets superannuation employer connections

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... Section 68A does not go far enough in preventing "treating" employers and called for the Act to be amended to include a civil penalty provision in the event of a breach - which is to be enforceable by ASIC. Stop deducting advice fees from MySuper accounts ...

Hayne recommends new regulatory overseer

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
... licensees and consumers, and added ASIC should be given power to enforce all provisions in the SIS Act which are or will become civil penalty provisions.

Industry fund appoints chair

KANIKA SOOD  |  FRIDAY, 1 FEB 2019
... up in 1990 to manage superannuation investments for the employees and former employees of Airservices Australia and the Civil Aviation Safety Authority (CASA). It became open offer in 2005 and now has 6500 members. In November, the fund won the SelectingSuper ...

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
... Woodbridge and its 281 related companies to pay US$892 million in disgorgement. It also ordered Shapiro to pay a US$100 million civil penalty and to disgorge US$18.5 million in ill-gotten gains, plus US$2.1 million in prejudgment interest. Shapiro has ...

MLC drops wrap and super admin fees

DARREN SNYDER  |  TUESDAY, 29 JAN 2019
... changing needs.'' The fee cuts are also arriving before the Royal Commission's final report; and during an ongoing ASIC and MLC civil case in the Federal Court over separate fees-for-no-service issues. The chief executive acknowledges he's been tasked ...

ASIC and Westpac court battle sees mixed outcome

DARREN SNYDER  |  FRIDAY, 4 JAN 2019
... Corporations Act 2001. The judgment was handed down on 21 December 2018. It came about two years to the day ASIC first brought civil proceedings against the Westpac subsidiaries. The parties return to court on 7 February 2019. ASIC confirmed yesterday ...

CBA stashes cash for compliance

DARREN SNYDER  |  WEDNESDAY, 12 DEC 2018
... will be mostly offset by $135 million received by CBA as a result of professional indemnity insurance recoveries related to civil penalty and legal costs incurred in FY18. The estimated proceeds for the CFSGAM transaction imply a post-tax gain on sale ...

Celebrities cop $1m crypto fine

JAMIE WILLIAMSON  |  MONDAY, 3 DEC 2018
... changer" while Mayweather encouraged followers to invest and claimed to have invested himself. In April 2018, the SEC filed a civil action against Centra Tech claiming the ICO was fraudulent. Criminal charges were also filed. In an Instagram post Mayweather ...