ASIC closure between Christmas and New Year
ASIC offices will be closed between Christmas and New Year, re-opening on Tuesday 3 January 2006. Here's how this may affect you: Lodging documents | Annual Statement Packs | Getting copies of forms, fees and publications | Searching | Enquiry services | Complaints about companies or individuals | Gazettes

ASIC bans two NSW directors involved in the management of failed companies
We have disqualified two company directors in New South Wales from managing companies for three years following their involvement in failed companies.

Guidance on super advice to employers
New FAQ: Are employers retail clients in relation to financial product advice about employer 'default' funds under super choice?. It clarifies that all employers, regardless of their size or sophistication, must be treated as 'retail clients' when giving advice about super.

ASIC relief facilitates pricing discretions by responsible entities
We have issued a class order which permits the exercise of discretion by responsible entities of registered managed investment schemes (registered schemes) when making pricing decisions.

Federal Court orders winding up of Westpoint Group companies and lodgement of accounts
Following various applications by ASIC, the Federal Court has made orders in relation to a number of companies within the Westpoint Group.

Tasmanian director sentenced
Mr Scott Darrell Shields, sole director of Tasmanian Pole Renewals Pty Ltd (In Liquidation), has been sentenced in the Launceston Court of Petty Sessions on charges arising from an investigation by ASIC.

ASIC issues latest report on relief applications from financial service providers
We have released our latest report outlining some of our decisions on applications made by financial service providers for relief from the licensing, conduct, disclosure and managed investments provisions of the Corporations Act 2001.

ASIC releases policy on calculators
We have released our policy on the regulation of generic financial calculators and issued a class order.

ASIC acts on super switching advice
We have commenced Supreme Court proceedings against a Sydney financial planning firm, First Capital Financial Planning Pty Limited.

Not good enough - 43 listed companies fail to notify shareholders about non-binding vote on director and senior executive pay
We have announced the results of a review of compliance by ASX-listed companies with the new requirement in the Corporations Act to put the adoption of the company's remuneration report to a non-binding vote at the company's annual general meeting.

ASIC successfully defends High Court appeal
We have successfully defended an appeal to the High Court brought by Mr Alan David Doyle, a previous director of the former mineral exploration company, Chile Minera NL.

Court appoints receivers over $20 million investment scheme in South East Queensland
We have successfully sought interim orders from the Supreme Court in Brisbane appointing receivers over the property of Arafura Equities Pty Ltd, Mr Brett Tony Best, of Brookfield in Brisbane, Mr Richard Stanley Harris, of Caboolture, Brisbane and Ricstan Enterprises Pty Ltd trading as Creative Mortgage Solutions.

ASIC provides ongoing licensing relief for credit rating agencies
We are giving ongoing licensing relief to Moody's Investors Service Pty Limited, Standard & Poor's (Australia) Pty Limited, Fitch Australia Pty Limited and Rapid Ratings Pty Limited where they provide financial product advice in the form of credit ratings.

Tasmanian director charged with fraud
Mr Robin Bruce Dornauf, of Launceston in Tasmania has appeared in the Hobart Magistrates' Court charged with fraud.

Court hands down decision in relation to proceedings against Concept Sports
The Full Federal Court of Australia has overturned a decision that had held that shareholders who had subscribed for shares offered in a prospectus could not sue the company to recover damages for misleading or deceptive statements in the prospectus unless the shareholders had first renounced their shares.

ASIC releases annual EFT code monitoring report
We have released our annual monitoring report on the Electronic Funds Transfer (EFT) Code. This voluntary code is subscribed to by banks, building societies and credit unions that provide retail EFTPOS and ATM services or telephone or internet banking.

ASIC reports on Reuters Transaction Services Limited
We have published our first assessment report about the market operated in Australia by Reuters Transaction Services Limited.

ASIC Commissioner appointed Federal Court Judge
The Chairman of ASIC, Mr Jeffrey Lucy has welcomed the announcement that ASIC Commissioner, Professor Berna Collier is to be appointed as a Judge of the Federal Court of Australia.

ASIC reports on Sydney Futures Exchange
ASIC has released the findings of its third assessment of the Sydney Futures Exchange.

ASIC launches book up guide for Indigenous communities
We have reinforced our commitment to consumer education in Indigenous communities with the launch of a guide on 'book up' – a common practice used by traders which allows consumers to purchase goods on credit.

ASIC releases information on insolvency
We have released a series of information sheets to increase awareness of company insolvency procedures among directors, employees, creditors and shareholders.

Outcome of ASX supervision review
We have noted the announcement by Australian Stock Exchange Limited that the market supervision functions of the exchange will be centralised in a new subsidiary company.

Promoter of early release super scheme jailed following ASIC appeal
The Queensland Court of Criminal Appeal has upheld an appeal against the sentencing of Mr Arkady Sittczenko, of Ipswich in Queensland, who pleaded guilty in July 2005 to 11 counts of dishonestly inducing persons to deal in financial products.

ASIC warns Telstra on disclosure procedures
We have concluded our investigation of Telstra and do not propose to take any enforcement action.

ASIC statement on Telstra investigation
In response to media speculation, we have said we have no intention of questioning any members of the Australian Parliament in respect to our investigation of Telstra.

ASIC charges former HIH chairman
Criminal charges have been laid against Mr Geoffrey Cohen, the former chairman of HIH Insurance Limited.

School's out for your children but our 2006 ASIC Summer School is open for you
If you attend you'll hear international and Australian regulators, chairmen and CEOs from major Australian financial and accountancy institutions and organisations as well as prominent media commentators. We look forward to meeting you, February 13 to 17 in Sydney. Make sure you reserve your place now.

Former Maroochydore financial adviser jailed
Mr Robert Pierre Macville, a former financial planner and adviser from Alexandra Headland in Queensland, has been sentenced to 4.5 years imprisonment after pleading guilty to six fraud charges.

Getting advice
Start off on the right foot with tips on finding the right financial adviser and getting advice that suits your circumstances.

ASIC bans three directors involved in the management of failed companies
We have disqualified three company directors from managing companies for periods of up to four years, following their involvement in a number of failed companies.

ASIC lays charge against Henry Kaye
We confirm that a charge has been laid against Mr Henry Kaye of Elwood in Victoria.

Self-managed superannuation companies shut down
We were successful today in obtaining orders from the Supreme Court of Victoria winding up 11 companies in the Melbourne-based PFS group.

Sydney Gas Limited
ASIC today confirmed that it had, on Wednesday 7 December 2005, received limited documents from Sydney Gas Limited's former legal advisers.

ASIC takes further action against Westpoint
We have filed a further application in the Federal Court in Perth for the appointment of a provisional liquidator to Ann Street Mezzanine Pty Ltd, a company within the Westpoint group of companies. We have also applied to the Court to wind up the company.

Full Federal Court finds that predatory share purchasing by David Tweed is unconscionable
We have noted the decision of the Full Federal Court in our action against National Exchange Pty Limited.

Calculating your retirement made easier
Working out what to do with your superannuation when you retire is something many people find daunting and complicated, however the launch today of a new online calculator is set to make that process easier.

Corporate wrongdoing: ASIC's enforcement role
Read the keynote address by Jeremy Cooper, Deputy Chairman, ASIC, to International Class Actions Conference 2005, 2 December 2005



Read recently archived news items in our News archive

HIH file | One.Tel file | Offset Alpine file | Henry Kaye file