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ASIC

Australian financial services giant AMP and its solicitors Clayton Utz have "surrendered" in their objections to producing notes of meetings which they claimed were subject to legal professional privilege. ASIC's position is simple: it has wide ranging powers to compel the release of documents and it will accept only a narrow and strict definition of legal professional privilege.

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Australia's Self-Managed Superannuation Fund schemes are great on paper. But in the real world, they are a constant source of problems.

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Now here's a surprise: Australian regulator ASIC has charged (actually charged, as in criminal charges) three people with laundering the proceeds of an attempt to manipulate an insolvency. Other countries have long included insolvency offences as predicate offences for money laundering purposes: this is the first case we can think of where action has been taken.

A new report by ASIC into its supervision of registered liquidators between January 2017 to June 2018 reveals significant review of the regulation of the sector - and some pretty serious negative news about it.

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The Australian Securities and Investment Commission (ASIC) conducted inspections at Australia's six largest audit firms and found that they performed a little better than the industry average but even so, a fifth of them lacked material information.

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The Australian Securities and Investment Commission has applied to the Federal Court to wind up Traditional Therapy Clinics Limited (a Chinese Traditional Medicine company) after it was delisted by the Australian Stock Exchange and has asked the court that two members of Ernst and Young be appointed as liquidators.

So, now you know what all the letters mean, let's get on with the story which is, in part, about Red Stox and the continuing risks some of them pose for shareholders, regulators and sponsors to say nothing of those usually small businesses which put their faith in them ....

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Australia's ASIC is warning companies that they have until only 27 September to file a new set of data.

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ASIC has disqualified Kathleen Whittle of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor.

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The Federal Court of Australia has ordered the winding up of 18 companies associated with the Macro Group, all of which have Desiree Veronica Macpherson as a director.

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