SECURITIES COMMISSIONS – AUSTRALIA

ASIC used legal powers to extract NAB information

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Original article by Clancy Yeates
The Australian Financial Review – Page: 14 : 26-Feb-15

The corporate regulator is reviewing compensation paid to clients of National Australia Bank who received inappropriate financial advice. Greg Medcraft, the chairman of the Australian Securities & Investments Commission, said on 25 February 2015 that the regulator asked the bank for more information about compensation. The bank paid between $A10 million and $A15 million to aggrieved customers

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, MACQUARIE GROUP LIMITED – ASX MQG

Attestation: a word to make bankers tremble

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Original article by James Eyers
The Australian Financial Review – Page: 16 : 23-Feb-15

The Financial Conduct Authority in the UK is increasingly using so-called attestations to make bank executives and managers personally accountable for misconduct within the financial institution. Jonny Gordon of law firm Ashurst suggests that the Australian Securities & Investments Commission could also eventually begin using attestations

CORPORATES
GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY, ASHURST AUSTRALIA, ASHURST LLP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, YORKSHIRE BANK PLC

Watchdog to beef up markets surveillance

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Original article by Annabel Hepworth
The Australian – Page: 18 : 8-Jan-15

The Australian Securities & Investments Commission (ASIC) in late 2013 launched its market analysis intelligence system, used to monitor the securities sector for insider trading and other misconduct. The cost of $A44m will now be added to with up to $A4m per annum until 2019, to enable ASIC to also crack down on problems in the areas of equity derivatives and contracts for difference. However interest rate, commodities, foreign exchange and credit derivatives traded over-the-counter will not be covered

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NICK XENOPHON GROUP

ASIC in probe of senior trader

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Original article by Leo Shanahan
The Australian – Page: 16 : 6-Jan-15

The alleged manipulation of the bank bill swap rate by financial institutions, including ANZ Bank, is being looked into by the Australian Securities & Investments Commission. Seven ANZ staff were stood aside on full pay by the bank in November 2014, pending the outcome of the inquiry. It has now emerged that among those accused of wrongdoing is interest rate derivatives pricing executive Paul Woodward, who joined ANZ from Deutsche Bank in 2008. Balance sheet trading head Etienne Alexiou is said to be another of the seven

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DEUTSCHE BANK AG, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, UBS AG, BNP PARIBAS SA

Banks lobbied to ‘feather nests’

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Original article by Anthony Klan
The Australian – Page: 31 : 4-Dec-14

It has emerged that nine financial services industry bodies lobbied the Australian Securities & Investments Commission (ASIC) in mid-2013 against the proposed Consultation Paper 212 regulations. They were meant to raise the standard of professional qualifications to be held by financial planners. ASIC chair Greg Medcraft has sharply criticised the industry, and noted the impact flawed advice has on clients. Meanwhile the Association of Independently Owned Financial Professionals argues the lobbying effort was indicative of the major banks and their aligned planning groups trying to defend their market share

CORPORATES
ASSOCIATION OF INDEPENDENTLY OWNED FINANCIAL PLANNERS INCORPORATED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, CPA AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA)

ASIC forced to fold on reform plan

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Original article by Anthony Klan
The Australian – Page: 22 : 3-Dec-14

The Australian Securities & Investments Commission (ASIC) will not go ahead with the proposed Consultation Paper 212 regulations, which were designed to lift the level of professional qualifications to be held by financial planners. ASIC maintains that the decision is due to the Federal Government failing to get amendments to the Future of Financial Advice laws passed by the Senate, making the issue less urgent. However it has emerged that nine industry bodies wrote to the watchdog in 2013 and argued against the push

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

Medcraft warns of collusion probes

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Original article by Leo Shanahan
The Australian – Page: 23 : 27-Nov-14

Civil as well as criminal charges are possible against ANZ Bank, over its role in alleged attempts by major banks to fix the bank bill swap rate. The Australian Securities & Investments Commission (ASIC) is investigating, and ANZ has suspended seven traders on full pay pending the outcome. ASIC chair Greg Medcraft argues that the problem is a global one and indicative of an ingrained culture across the banking sector. A probe into the claims of collusion has also been launched by the Australian Competition & Consumer Commission

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, HARVARD UNIVERSITY, BLOOMBERG LP

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Traders benched in rates fix probe

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Original article by Richard Gluyas
The Australian – Page: 1 : 20-Nov-14

The Australian Securities & Investments Commission (ASIC) is continuing its investigation of banks and investment banks that allegedly colluded to manipulate the bank bill swap rate via the Australian Financial Markets Association. BNP Paribas, UBS and Royal Bank of Scotland have already incurred penalties, and ANZ Banking has now stood aside seven market trading staff on full pay due to the ASIC inquiry. ANZ chief risk officer Nigel Williams says the bank is co-operating fully with the watchdog

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, UBS AG, ROYAL BANK OF SCOTLAND GROUP PLC, BNP PARIBAS SA

Regulator eyes bloated goodwill

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Original article by Ben Butler, Sarah Danckert
The Australian – Page: 22 : 17-Nov-14

A growing number of Australian-listed groups, especially in the private education and health services sectors, show excessive levels of goodwill. Those with a ratio of 70% or above on their balance sheets include Affinity Education, Vocation, Primary Health Care, iBuy Group, Vision Eye Institute, Allmine, Asaplus Resources and G8 Education. The issue has prompted a warning to companies about increased scrutiny of such accounting claims by the Australian Securities & Investments Commission

CORPORATES
AFFINITY EDUCATION GROUP LIMITED – ASX AFJ, VOCATION LIMITED – ASX VET, PRIMARY HEALTH CARE LIMITED – ASX PRY, IBUY GROUP LIMITED – ASX IBY, ASAPLUS RESOURCES LIMITED – ASX AJY, G8 EDUCATION LIMITED – ASX GEM, VISION EYE INSTITUTE LIMITED – ASX VEI, ALLMINE GROUP LIMITED – ASX AZG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FIL INVESTMENT MANAGEMENT LIMITED, FIDELITY AUSTRALIAN EQUITIES FUND, K CAPITAL PTY LTD, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, ENDEAVOUR COLLEGE OF NATURAL HEALTH, BAWM GROUP PTY LTD, ASPIN PTY LTD, PERPETUAL LIMITED – ASX PPT, FORGE GROUP LIMITED, LIVINGSOCIAL