03/07/2024
ASIC News
ASIC has released the following updates in its Newsroom section:
28 June 2024 – MEDIA RELEASE – ASIC suspends Airrails AFS licence – Airrails Pty Ltd had been authorised to deal in and provide general financial advice about basic deposit products and non-cash payments. ASIC has suspended its licence for three months for failing to lodge annual financial statements with ASIC for the financial year ending 30 June 2023 in a timely manner as required under the licence.
28 June 2024 – MEDIA RELEASE – ASIC bans Guilford Funds Management director for four years – ASIC has banned the Managing Director of the Guildford group of companies, Dr Robert Payne of Brighton, Victoria, from participating in the financial services industry for the next four years. It found that he lacked the competence and diligence required of a Responsible Manager, did not grasp the breadth of Guildfords’ compliance failures and took part in its contraventions of financial services laws.
28 June 2024 – MEDIA RELEASE – ASIC cancels licence of Guildfords Funds Management Pty Ltd – ASIC has found that Guildfords Funds Management Pty Ltd had not met oversight and compliance requirements under the Corporations Act 2001 (Cth) in failing to supervise a representative, resulting in high-risk trading and losses to investors. Guildfords’ Australian financial services licence has been cancelled and its Responsible Manager and Director banned from providing financial services for four years. It had previously provided advisory services relating to managed investment schemes. Guildfords may continue to operate its licence only to the extent necessary to conduct current business until 30 December 2024 and cannot conduct new business.
27 June 2024 – SPEECH – Putting customers at the centre of banking – ASIC Chair Joe Longo spoke at the Australian Banking Association Conference in Melbourne. He announced that the new Banking Code of Practice had been approved and recognised the place that self-regulatory codes have in the industry. However, ASIC will continue to be active in consumer protection and work with other regulators.
27 June 2024 – MEDIA RELEASE – Court appoints independent party to verify payments made from the Shield Master Fund – Assessors have been appointed by the Federal Court for Keystone Asset Management Ltd, the responsible entity for the Shield Master Fund, to prevent it transferring, selling or dealing with its assets except to make payments to be approved by the liquidators. Keystone’s former director has undertaken to give notice before overseas travel and make reasonable efforts to comply with ASIC notices. The assessors will consider whether payments are in the best interests of investors and report on its financial position by 23 July 2024.
27 June 2024 – ASIC approves enhanced Banking Code of Practice – The updated Banking Code of Practice of the Australian Banking Association has been approved by ASIC after a period of consultation. In the new Code, 10,000 more businesses will be classified as small businesses, and the definition of financial difficulty is to be expanded. Banks will also be bound by a Compliance Committee Charter. The new Code will come into effect on 28 February 2025.
26 June 2024 – MEDIA RELEASE – Federal Court freezes assets of United Global Capital and Global Capital Property Fund – In the Federal Court, O’Callaghan J granted orders on 20 June 2024 to freeze the assets of United Global Capital Pty Ltd, a financial advisory firm, and Global Capital Property Fund Ltd, a related property company. The Court subsequently extended the time for compliance with disclosure orders. The matter is due to be heard next from 11 July 2024.
26 June 2024 – MEDIA RELEASE – ASIC calls on market intermediaries to strengthen supervision of business communications – ASIC has reminded market intermediaries that are Australian financial services licensees that they are required to take reasonable steps to ensure their representatives comply with financial services laws. Its Information Sheet 283 guides intermediaries on supervision of their representatives’ communications to prevent, detect and address misconduct. This is particularly important, given the evolution of technology and remote business operations, which both make supervision more challenging.
26 June 2024 – NEWS ITEM – ASIC issues reminder to AFS licensees about new experienced provider pathway notification obligations – ASIC has reiterated that, 1 July 2024, it requires that AFS licensees lodge notice of a declaration from an adviser eligible to access the experienced adviser pathway withing 30 days. The pathway offers experienced providers an alternative method of satisfying the qualification standard. Penalties may apply to licensees that fail to advise ASIC of a declaration within the relevant time frames.
25 June 2024 – MEDIA RELEASE – ASX listed company pays two infringement notices for greenwashing in market announcements – ASIC issued two infringement notices to Fertoz Ltd, a mining company, about allegedly misleading statements it had made in 2023 about its reforestation project in the Philippines. Fertoz has paid $37,650 in compliance with the notices.
21 June 2024 – MEDIA RELEASE – Court finds iSignthis breached disclosure laws and Nickolas Karantzis breached his directors’ duties – In the Federal Court, McEvoy J has found that iSignthis Ltd (now known as Southern Cross Payments Ltd) had engaged in misleading or deceptive conduct and failed to disclose revenue and costs accurately to the market and that VISA had ended its relationship with it and the reasons why. Its former Managing Director and CEO was also found to have breached his duties as a director and failed to ensure that the company had disclosed information to ASX. ASIC will now seek penalties against both the individual and the company. The judgment is also available.
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