ASIC

The corporate regulator said Wednesday it would review the banking sector’s use of artificial intelligence to ensure customer protections have not been lost in the rush to adopt AI tools.

A court has slapped an injunction on Ryzon Materials to restrain it from a proposed capital reduction, citing concerns it could allow the company to avoid a potential penalty in a case by the corporate regulator.

A former Warwick Gold and Impact Gold director is banned from managing corporations for the next four years, after the $44 million collapse of the mining companies.

The Australian Securities and Investments Commission says it will make changes aimed at strengthening safeguards for automated and AI-enabled trading, warning AI technology could behave in unpredictable ways.

Private credit lender Remara has been hit with stop orders by ASIC over target market deficiencies, as the regulator warned of an imminent crackdown in the market. 

The corporate cop is calling for a $10.5 million penalty against Sunshine Loans in its unauthorised fees case, saying the payday lender's approach to the enforcement action was an example of "scorched earth" litigation.

Super trustee Netwealth is facing the threat of another class action by investors in Falcon Capital's collapsed First Guardian Master Fund. 

Enforcement action by the corporate cop alleges former Super Retail Group CEO and managing director Anthony Heraghty breached his directors’ duties and provided misleading information to the board and the market.

The corporate regulator has taken a financial products comparison site to court, alleging it misled consumers by representing that it compared options from multiple providers when in reality, consumer enquiries were sold to the highest bidder.

A judge has granted interim freezing orders against Star Investment Group Australia and its director after finding reasonable grounds to suspect it misled investors while promoting a development scheme in regional Victoria.