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Financial Conduct Authority cracks down on finfluencers, firms

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... misleading. Unauthorised finfluencers who promote financial products in the course of business without approval under section 21 of the Financial Services and Markets Act 2000 from an appropriate authorised person are likely engaging in an illegal promotion. ...

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... million in assets or had otherwise 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 ...

Director facing $13k fine in first of its kind action from ASIC

ELIZA BAVIN  |  MONDAY, 25 MAR 2024
... said on March 19 the person 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 ...

ASIC ends legal battle: Provide Capital's appeal quashed

ANDREW MCKEAN  |  MONDAY, 18 MAR 2024
... Provide Capital to produce documents as part of an ongoing investigation, which the company failed to do. According to Section 33 of the ASIC Act, the regulator is authorised to require the production of documents from a person or a company. If a person ...

FAAA calls on ATO to provide clarity over advice fees

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... Determination, released late last year, outlined that upfront fees are deductible to the extent they relate to tax advice under section 25-5 of the Income Tax Assessment Act 2007 (ITAA). However, the FAAA and the accounting bodies are aligned in pushing ...

Standalone laws key to solving legislative 'porridge': ALRC

JAMIE WILLIAMSON  |  FRIDAY, 19 JAN 2024
... mean grouping sections 912EA and 912EB; Part 7.6 Divs 8A, 8B, and 8C; Part 7.6 Div 9 Subdivs B and C; Part 7.7 Div 3; section 949A; Part 7.7A Divs 2, 3, 4 (excluding s963K), Div 5 Subdiv B and Div 6; and sections 1012A and 1020AI. It also wants to introduce ...

Government proposes framework for clearing and settlement services regulation

ANDREW MCKEAN  |  WEDNESDAY, 17 JAN 2024
... associated entities. However, the imposition of such requirements is contingent on the minister's determination under section 828B of the Corporations Act 2001, which allows him to specify, by legislative instrument, the classes of CS services that ...

Zurich cleared by Federal Court in life insurance dispute

ANDREW MCKEAN  |  MONDAY, 8 JAN 2024
... policy. The case marks ASIC's first attempt to impose a civil penalty under s13 of the Insurance Contracts Act 1984 (Cth), a section that mandates insurers uphold the duty to act with utmost good faith. In 2018, OnePath, previously owned by ANZ, rejected ...

Treasury to refresh financial adviser exam

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... are adequately trained and competent, including that their advisers meet the qualifications standard," the note said. Section 921B of the Corporations Act 2001 sets out four education and training standards that relevant provides must achieve to be qualify ...

Former adviser misled ASIC during investigation: Court

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... was charged on two counts of providing false or misleading information during a compulsory examination, hence breaching section 64(1) of the Australian Securities and Investments Commission Act 2001 (Cth). ASIC referred the matter to the Commonwealth ...
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