ASIC Corporate Investigations and Hearings
Throughout March the author will be covering
- Consumer protection functions –financial services and proposed statutory duty of financial advisors to act in the best interests of the client. It is also proposed to prohibit the provider, licensee or representative from receiving conflicted remuneration.
- Margin loans – a “margin lending facility” is now included as a ‘financial product” for the purposes of Chapter 7 of the Corporations Act 2001, which means that those persons who assist their clients to purchase financial products through the use of margin loans must hold, or operate under, an Australian Financial Services Licence (AFSL).
- Promoting proper disclosure and greater transparency; Market integrity rules; Enforceable undertakings –administrative action/proceedings
- Memorandum of understanding between ASIC and the Commonwealth DPP
- ASIC’s power to commence criminal proceedings
- Cancellation or suspension of an Australian Financial Services licence