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Showing 321 - 330 of 813 results for "Corporations Act"

Shortseller ordered to pay $900,000 by court

KANIKA SOOD  |  THURSDAY, 2 APR 2020
... payable by Bonitas and Wiechert at $530,201 and damages at $368,974, declaring they had contravened both the Corporations Act and the ASIC Act. Interestingly, Bonitas had declined to appear in court for the December 9 hearing. A letter sent from Wiechert ...

Investment manager criminally charged

ELIZA BAVIN  |  WEDNESDAY, 18 MAR 2020
... 2018 SGSA failed to comply with client money obligations, in disobeying of criminal offence provisions in the Corporations Act 2001. "Client money provisions protect the interests of clients of Australian financial services (AFS) licensees by separating ...

ASIC drags CFS to court over MySuper

ELIZABETH MCARTHUR  |  TUESDAY, 17 MAR 2020
... is seeking declarations of breaches of s12DA of the ASIC Act and ss912A(1)(a) and (c), 949A and 1041H of the Corporations Act and the imposition of civil penalties under ss12DB and 12DF of the ASIC Act in relation to the communications. The amount of ...

Accountant convicted in fee no service scam

ELIZA BAVIN  |  MONDAY, 9 MAR 2020
... NewSat's former chief executive officer, were directors. Cullen was convicted of two counts of breaching the Corporations Act and fined $7500. In delivering the sentence, Judge Sarah Dawes said: "[Cullen] held a position of trust and should be held accountable ...

ASIC turns up the heat on enforcement

HARRISON WORLEY  |  THURSDAY, 27 FEB 2020
... Commission, such as the recent civil penalty litigation it took against TAL, for allegedly breaching the ASIC Act, Corporations Act and Insurance Contracts Acts in avoiding an income protection claim in 2014. One case, ASIC said, is currently being considered ...

Nowra man lies to ASIC, jailed

ELIZABETH MCARTHUR  |  MONDAY, 17 FEB 2020
... years imprisonment, with a minimum of one year in custody in relation to contravening section 1308(2) of the Corporations Act 2001. In delivering Merity's sentence, Judge Blackmore was satisfied beyond reasonable doubt that Merity was motivated by financial ...

FASEA extension passes

ELIZABETH MCARTHUR  |  THURSDAY, 13 FEB 2020
... requirements has passed the House of Representatives. The Treasury Laws Amendment (2019 Measures No.3) Bill amends the Corporations Act so that financial advisers will have more time to pass the FASEA exam and meet FASEA's education requirements. Now ...

Calls for review of advice regulation

HARRISON WORLEY  |  THURSDAY, 6 FEB 2020
... viable. In its submission, CPA noted the myriad federal acts advisers were required to comply with, including the Corporations Act, Tax Agent Services Act, National Consumer Credit Protection Act, and other obligations imposed under the ASIC Act and ...

AMP to pay $5m for churn

JAMIE WILLIAMSON  |  WEDNESDAY, 5 FEB 2020
... they would have by simply transferring the policies. The court today found AMP contravened section 961L of the Corporations Act six times, incurring a penalty of $5.175 million. The court said the penalty proceeding reflects a "lamentable failure of ...

Ongoing fees, advice fees in super to be reformed

ELIZABETH MCARTHUR  |  FRIDAY, 31 JAN 2020
... draft legislation for recommendation 2.1 will enhance the existing ongoing fee arrangement provisions in the Corporations Act. Under the reforms, advisers would be required to seek annual renewal from clients for all ongoing arrangements and disclose ...