ASIC

ASIC Bans Hobart Adviser for Five Years

ASIC has banned Hobart-based financial adviser David Horton from providing financial services for five years for failing to comply with financial services laws. ASIC found that, while he was an authorised representative of Meritum Financial…

ASIC

ASIC Takes Action to Wind up Illegal Investment…

The Federal Court has made orders to wind up MyWealth Manager, an unregistered managed investment scheme (the Scheme). The Court found the Scheme had been operated by Mustafa Mohammed, Mahek Mustafa, Mubashir Mohammed and included…

ASIC

ASIC Releases Minor Updates to RG 97

Australian Securities and Investments Commission - ASIC today released minor updates to the fees and cost disclosure regime for issuers of superannuation and managed investment products. A major update of Regulatory Guide 97 Disclosing Fees…

ASIC

ASIC will not appeal Federal Court Decision on…

ASIC will not seek special leave to appeal to the High Court in the Westpac ‘responsible lending’ matter, following the full Federal Court’s 2-1 decision to reject its earlier appeal (20-149MR ASIC’s responsible lending appeal…

ASIC

ASIC Suspends AFS Licence of Union Standard International…

ASIC has suspended the Australian Financial Services (AFS) licence of Sydney-based retail over-the-counter (OTC) derivatives issuer Union Standard International Group Pty Ltd (Union Standard) until 23 September 2020.  Union Standard operates under the brand USGFX…

ASIC

ASIC Sues Forex Capital Trading Pty Ltd for…

ASIC has commenced civil penalty proceedings in the Federal Court of Australia against Forex Capital Trading Pty Ltd (Forex CT) and its sole director, Shlomo Yoshai. ASIC alleges Forex CT engaged in a system of…