SECURITIES COMMISSIONS – AUSTRALIA

ASIC’s fresh bid to access telco intercepts

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Original article by Annabel Hepworth
The Australian – Page: 17 : 27-Oct-14

The Australian Securities & Investments Commission (ASIC) is urging the Government to grant it greater powers in the areas of search warrants and access to telecommunications data. The watchdog argues that traditional telephone intercepts are decreasing in importance due to the rise of online social media and the national broadband network roll-out. It also says it current search warrant procedures are not "entirely satisfactory" as enshrined in the ASIC Act and the Crimes Act. ASIC’s demands are being criticised by the Institute of Public Affairs

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, INSTITUTE OF PUBLIC AFFAIRS LIMITED, NBN CO LIMITED, AUSTRALIAN FEDERAL POLICE, SKYPE TECHNOLOGIES SA, FACEBOOK INCORPORATED, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Life advice so bad it was illegal: ASIC

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Original article by Andrew Main, Ben Butler
The Australian – Page: 21 : 10-Oct-14

Peter Kell, deputy at the Australian Securities & Investments Commission, says a new survey of the life insurance industry shows that standards are disappointingly low. The advice given to some 37% of consumers on such policies was so deficient that it actually contravened the relevant laws. Kell points out that the new Future of Financial Advice legislation puts the onus on providers to act in the best interests of their clients, and that the sector must act to improve its compliance

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL SERVICES COUNCIL, ASSOCIATION OF FINANCIAL ADVISERS LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

ASIC bid for tougher fines on corporate crime

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Original article by Anthony Klan
The Australian – Page: 21 : 27-Aug-14

The Australian Securities & Investments Commission (ASIC) has lodged a submission with the new financial system review conducted by David Murray for the Federal Government. The watchdog argues that harsher penalties should be rolled out for white-collar crimes, to ensure the perpetrators do no profit. ASIC also says it is not convinced that mandatory minimum balances should be introduced for self-managed superannuation fund accounts, and it seeks increased powers to ban unethical financial planners

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Aldi fails to disclose tap and go charges

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Original article by Shaun Drummond
The Australian Financial Review – Page: 8 : 19-Aug-14

The Australian Securities & Investments Commission has ordered Aldi to take remedial action to display fees for contactless card transactions at the point of sale. An investigation by the corporate regulator found that Aldi had failed to disclose the fact that a surcharge of 0.5 per cent applies to payments that are made using so-called "tap and go" credit cards

CORPORATES
ALDI STORES SUPERMARKETS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, RESERVE BANK OF AUSTRALIA, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED

ASIC: Newcrest fine a warning

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Original article by Nassim Khadem
The Australian Financial Review – Page: 24 : 7-Aug-14

The Australian Securities & Investments Commission will undertake a review of analysts’ research reports in the wake of the scandal over Newcrest Mining’s selective briefings. ASIC commissioner John Price says the gold miner’s record $A1.2m fine demonstrates the need for companies to ensure that they comply with continuous disclosure requirements and make market-sensitive information available to all financial market participants

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALASIAN INVESTOR RELATIONS ASSOCIATION LIMITED, SLATER AND GORDON LIMITED – ASX SGH

ASIC taking strong action

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Original article by Nassim Khadem
The Australian Financial Review – Page: 11 : 1-Aug-14

Greg Tanzer of the Australian Securities & Investments Commission (ASIC) has issued its report on regulation of the financial planning profession, for the six months ending 30 June 2014. A total 256 enforcement actions were taken by ASIC, with 173 of these relating to small business operators. During the half-year 28 individuals were banned from providing financial advice. The watchdog has to contend with budget cuts of $A120m as well as recent amendments to the Future of Financial Advice laws

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VIRGIN MONEY (AUSTRALIA) PTY LTD, GE MONEY, AUSTRALIAN LABOR PARTY

Harsh penalties sought for Prime directors

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Original article by Pia Akerman
The Australian – Page: 19 : 29-Jul-14

Ian Martindale QC, on behalf of the Australian Securities & Investments Commission, has urged Federal Court judge Bernard Murphy to impose the maximum fines as well substantial bans on former board members of the failed Prime Retirement & Aged Care Property Trust. The breaches of the Corporations Act should result in a 25-year ban from acting as a director for Bill Lewski, and one of seven to 12 years for ex-federal health minister Michael Wooldridge. Co-accused Peter Clarke meanwhile has sought to revise his previously given testimony

CORPORATES
PRIME RETIREMENT AND AGED CARE PROPERTY TRUST, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, VISION EYE INSTITUTE LIMITED – ASX VEI, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

ASIC not done yet in DJs battle

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17/22 : 4-Jul-14

The Australian Securities & Investments Commission (ASIC) will carefully monitor the $A2.2 billion takeover bid for David Jones by South African retailer Woolworths. The regulator is concerned that major shareholder Solomon Lew will gain a collateral benefit from Woolworths’ accompanying offer for Country Road. ASIC failed to gain a court order for an independent valuation of the benefit. However, it has other options to force disclosure of information to David Jones shareholders

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, LONERGAN EDWARDS AND ASSOCIATES LIMITED

ASIC steps into $2b DJs takeover

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Original article by Sue Mitchell
The Australian Financial Review – Page: 1-Dec : 3-Jul-14

The Australian Securities & Investments Commission has acted in the $A2.2 billion takeover of David Jones by South African retailer Woolworths. The regulator is concerned that Solomon Lew will receive a collateral benefit from Woolworths’ offer for the remaining shares in Country Road. It believes that full ownership of the two businesses will increase synergies and may affect the value of the offer. It wants David Jones and Woolworths to provide more information before the shareholders’ meeting on 14 July 2014. However, a court ruled that David Jones does not need to provide an independent valuation of the collateral benefits

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, GRANT SAMUEL AND ASSOCIATES PTY LTD, FEDERAL COURT OF AUSTRALIA, LONERGAN EDWARDS AND ASSOCIATES LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

CommBank covered up scandal

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA