SECURITIES COMMISSIONS – AUSTRALIA

ASIC steps into $2b DJs takeover

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

ASIC won’t act on FoFA changes

roymorgansocial Leave a comment

Original article by Sally Patten
The Australian Financial Review – Page: 20 : 23-Jun-14

Both new regulations and legislative amendments will be used by the Australian Government to change some aspects of the Future of Financial Advice (FoFA) laws, effective 1 July 2014. However, there is resistance to the amendments in the Senate by the Australian Labor Party, Australian Greens and Palmer United Party. The Australian Securities & Investments Commission is currently not penalising any breaches of those sections of the FoFA laws that are to be repealed, and will maintain this approach if the deadline of 1 July is missed by the Federal Government

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, PALMER UNITED PARTY, FINANCIAL SERVICES COUNCIL, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED