ASIC Deputy Chair Sarah Court spoke with 7NEWS Australia over the weekend about our work coordinating the takedown of investment scam websites. ▶️ Watch the full report https://lnkd.in/gXjVr5m7
ASIC
Government Administration
Sydney, NSW 175,979 followers
ASIC is Australia's corporate, markets, financial services and consumer credit regulator.
About us
ASIC is Australia's corporate, markets, financial services and consumer credit regulator. Our vision is for a fair, strong and efficient financial system for all Australians. ASIC uses social media to communicate and engage with the public and our stakeholders about our programs and work. We welcome user interaction on ASIC's official social media accounts. As a participant on any of ASIC's social media accounts, you agree to: • keep your content relevant to the topic and discussion; • use fair and respectful language and be courteous; • refrain from offensive language, or language that amounts to discrimination, a threat or harassment; • refrain from the promotion of any commercial products/services; • refrain from posting personal, private or confidential information; • refrain from breaching the intellectual property rights of others; • not impersonate other people or organisations; • not promote illegal or unethical behaviour; • be aware that social media is a public space, and all interaction is publicly viewable and searchable over time; • recognise that ASIC moderates its accounts, and any comments and contributions that do not comply with these rules may be removed, and where users continually breach the rules, or breach the rules in a significant way, may be removed and banned from ASIC's account; • recognise that contributions made by users or links or shared content posted by ASIC do not necessarily represent ASIC's views; and • adhere to the usage rules and standards set by the host site (e.g. Facebook, Twitter, LinkedIn) of this social media account. Questions and enquiries of a sensitive nature should be sent directly to ASIC, and not posted on social media. This will protect your personal information and allow ASIC to reply more promptly. More information about how to contact us is available on at www.asic.gov.au Journalists or organisations seeking official comment must contact ASIC's Media Unit: [email protected]
- Website
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http://www.asic.gov.au
External link for ASIC
- Industry
- Government Administration
- Company size
- 1,001-5,000 employees
- Headquarters
- Sydney, NSW
- Type
- Government Agency
- Founded
- 1991
Locations
Employees at ASIC
Updates
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We have updated our reference checking and information sharing protocol for #FinancialAdvisers to allow mortgage aggregators to obtain references on mortgage broker licensees and their representatives. The updated protocol will commence on 20 August 2024, and reflects legislative changes enabling all licensees to request references about a prospective representative from the representative’s current and/or former mortgage aggregator. While the protocol does not impose obligations on licensees to request these additional references, we encourage licensees to request references where appropriate. Read more https://lnkd.in/gb7nyR5Y #credit #mortgage #regulatory
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Since July 2023, our website takedown capability has disrupted over 7,300 phishing and investment #scam websites. As we mark the capability’s first anniversary, we encourage consumers to remain vigilant to social media hyperlinks that promote online trading and #crypto investment scams. ASIC action helped to take down over: 📉 5,530 fake investment platforms 🪝 1,065 phishing scam hyperlinks 🪙 615 cryptocurrency investment scams Combating and disrupting investment scams is a key priority for ASIC. In addition to the takedown capability, we work across government and industry, including through the National Anti-Scam Centre, to make Australia a harder target for scammers. Our Moneysmart website has information to help consumers minimise their risk of being scammed, including our investor alert list and ways to check if a person or company is licensed. Read more https://lnkd.in/gEF8_8DQ
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ASIC Commissioner Simone Constant has called on the stewards of Australia's $2.7 trillion #superannuation industry to meet their customers’ needs at every step, from accumulation to retirement. Simone addressed the Conexus Retirement Conference on 14 August at a joint session with Australian Prudential Regulation Authority Deputy Chair Margaret Cole. She outlined better practices for trustees in the areas of transparency, accountability, member focus and consistency. 'Quite frankly, our patience is running thin – we want to see meaningful action now,' Simone said. 'We need all funds to rise to the high watermark and deliver the best possible retirement outcomes for their members along with consistent, customer-centric member services,' Simone said. Read the full remarks https://lnkd.in/gZu6-w_6 The Conexus Institute Conexus Financial
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ASIC Chair Joe Longo and Deputy Chair Sarah Court held a press conference today to announce the proceedings in the Federal Court against Australia’s largest market operator, ASX Limited, for allegedly making misleading statements related to its CHESS replacement project. ASIC alleges statements made in ASX announcements on 10 February 2022 that the project remained ‘on-track for go-live’ in April 2023 and was ‘progressing well’ were misleading. ‘The issues in this case go to one of ASIC’s key roles and one of my key roles as Chair – to maintain trust in the integrity of Australia’s financial system. ‘Trust in our financial system means greater confidence which means more investment, a stronger economy, and more opportunities for all Australians. ‘When that trust is abused or people mislead the market, then it is ultimately Australians who lose out,’ Mr Longo said.
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ASIC has commenced proceedings in the Federal Court against Australia’s largest market operator, ASX Limited, for allegedly making misleading statements related to its Clearing House Electronic Subregister System (CHESS) replacement project. ASIC alleges statements made in ASX announcements on 10 February 2022 that the project remained ‘on-track for go-live’ in April 2023 and was ‘progressing well’ were misleading. ASIC alleges those representations were misleading and deceptive because, at the time of the announcements, the project was not tracking to plan and ASX did not have any reasonable basis to imply that the project was on track to meet future milestones. ASIC Chair Joe Longo said, ‘ASX’s statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time. Companies and market participants rely on what the ASX says about its operations to make their own decisions and investments. We expect the ASX to be a place to list and invest with confidence. When the ASX falls short, it has wide ranging consequences across the market.’ Read more https://lnkd.in/gp_9cT-a
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We are seeking feedback on proposals to extend the operation of three legislative instruments for a further five years. The three instruments relate to record-keeping when giving personal advice to retail clients, and reportable situations for Australian financial services licensees and credit licensees. We have assessed that the instruments, due to expire in October, are operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework. Have your say by 4 September 2024 https://lnkd.in/gEPEnxsk
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Fewer than 1 in 10 liquidators have adopted a simplified #liquidation process when winding up companies with debts not exceeding $1 million. Our latest report shows that adopting a simplified liquidation process is uncommon, despite it aiming to streamline creditors’ voluntary liquidations (CVLs) under 2021 reforms. We noted there were no material differences in the creditor profile or in remuneration paid to registered liquidators when comparing eligible CVLs to simplified liquidations – and they were completed in a shorter timeframe. ‘The data suggests that while the take up of simplified liquidations is low, there may be an opportunity for more liquidators of CVLs to adopt the process. We encourage them to consider doing so,’ Commissioner Kate O’Rourke said. Read more https://lnkd.in/gF_DWHpy #insolvency
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We have signed our first Memorandum of Understanding (MOU) with the State Securities Commission (SSC) Viet Nam. The MOU provides for information sharing arrangements under a capacity building program supported by the Australian Department of Foreign Affairs and Trade (DFAT). The program is focused on strengthening technical cooperation in the regulation and supervision of securities markets, information sharing, and other areas of mutual interest supporting fair, orderly, and transparent markets. The Vietnamese Consul-General, Mr Nguyen Dang Thang, attended the signing ceremony in our Sydney office on Friday 2 August, as well as senior representatives from the Vietnamese government and DFAT. ASIC Chair Joe Longo said, ‘The engagement demonstrates the strong ties between our countries and our mutual dedication to fostering cooperation and development of our respective capital markets.’ Read more https://lnkd.in/gbkG7V-e
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The Federal Court has ordered food manufacturer Noumi Limited to pay a penalty of $5 million after it admitted to breaching its continuous disclosure obligations by overstating the value of inventory. ASIC Deputy Chair Sarah Court said, ‘Companies have a fundamental responsibility to ensure compliance with their #ContinuousDisclosure obligations. By failing to do so, they not only cause harm to investors by denying them the information they are entitled to, they also erode confidence in Australia’s financial markets.’ Read more https://brnw.ch/21wLGNv
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