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Showing 81 - 90 of 603 results for section

State Street cops $1.25m fine from AUSTRAC

KANIKA SOOD  |  WEDNESDAY, 16 SEP 2020
... international transfers to the agency under Anti-Money Laundering and Counter-Terrorism Financing laws. Under the law (section 45 (2) of the AML/CTF Act 2006), any person who sends or receives an instruction to transfer funds in or out of Australia must ...

Rest climate change case pushes ahead

ELIZABETH MCARTHUR  |  WEDNESDAY, 16 SEP 2020
... 3 and 4. McVeigh's case against Rest's trustee alleges that he has a right to certain information pursuant to section 1017C of the Corporations Act. The information McVeigh is interested in particularly relates to the impacts climate change could ...

ASIC reinforces power to obtain documents

ELIZABETH MCARTHUR  |  MONDAY, 14 SEP 2020
... number of documents but that this did not mean that the notice was too broad. That's because a notice issued under section 33 of the ASIC Act is not like a subpoena or discovery in normal litigation and cannot be objected to on the grounds that it ...

Liberal senator slams super

ELIZA BAVIN  |  FRIDAY, 28 AUG 2020
... question whether super was constitutional if it doesn't return initial capital. He questioned if the system breached the same section of the constitution relating to the acquisition of property "on just terms". Rennick also branded industry super fund-owned ...

APRA hands reins to ASIC in AUSTRAC case

ALLY SELBY  |  THURSDAY, 18 JUN 2020
... and disqualification of individuals involved in the AUSTRAC matters. These relate to subclause 1(1) of Schedule 2 and section 21 of the Banking Act. "This will allow ASIC to take court action which it considers appropriate as a result of its investigation," ...

ASIC mainly concerned with media releases: Lawyer

ELIZABETH MCARTHUR  |  TUESDAY, 9 JUN 2020
... the very thing ASIC wants to eradicate: templated SOAs. And good luck reproducing a digital SOA to ASIC in response to a section 33 Notice! The industry has gone mad," he said.

CBA coughs up $5m over RC case study

ALLY SELBY  |  TUESDAY, 9 JUN 2020
... the Corporations Act. "As a result, over 8000 customers were affected." The Court found that the bank had contravened section ss12DA(1), 12DB(1)(e) and (g), 12DI(3) of the ASIC Act and 912A(1)(a) and (c) of the Corporations Act. The Judge said CBA had ...

Enquiry into lacklustre employee share schemes

ELIZABETH MCARTHUR  |  FRIDAY, 29 MAY 2020
... Chair of the committee, Member of Parliament Jason Falinski, said the committee is interested to hear from a broad cross section of witnesses from government and the private sector. It will be scrutinising the operation of employee share schemes and ...

Sole purpose test poses SMSF rent relief issue

ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... when attempting to provide rent relief for struggling tenants. The prohibition against providing financial accommodation (section 65 of the SIS Act), the prohibition against dealing on a non-arm's length basis (section 109 of the SIS Act) and the in-house ...

Colonial First State closes global fund

ALLY SELBY  |  FRIDAY, 1 MAY 2020
... to the manager's website, it "seeks to exploit both the fundamental mispricings and the mispricing of risk in the cross section of equities through our proprietary multi-factor stock selection process". The strategy shorted weak high-beta stocks and ...