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Qoin crypto issuer made misleading statements, court finds in win for ASIC
Cryptocurrency 2024-05-03 11:15 pm By Cindy Cameronne

A court has found Qoin cryptocurrency issuer BPS Financial made false and misleading claims about its product, in a win for the corporate regulator and a likely boost for a class action against the Gold Coast-based digital currency company.

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ASIC takes Magnis Energy, chair to court over battery plant disclosures
Securities 2024-04-30 3:59 pm By Andy Sidler

ASIC has brought proceedings against renewables company Magnis Energy Technologies and its executive chairman for allegedly misleading the market about the capabilities and funding for the company’s “flagship” battery production facility in New York. 

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ASIC bans Centrepay credit lines at Urban Rampage stores
Financial Services 2024-04-29 11:24 pm By Andy Sidler

Concerned that First Nations customers are being targeted, the corporate regulator has ordered the owner of the Urban Rampage clothing chain to end Centrepay credit facilities.

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Clive Palmer’s case over compulsory examination an abuse of process, ASIC says
White Collar 2024-04-26 3:15 pm By Sam Matthews

The corporate regulator is seeking to stay proceedings brought by Clive Palmer challenging the lawfulness of a seven year-old compulsory examination being used in a criminal case against him, arguing the billionaire’s litigation is an abuse of process.

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‘You have to do this now’: ASIC head urges businesses to prepare for climate reporting now
Policy and Regulation 2024-04-23 11:43 pm By Andy Sidler

The head of the Australian Securities and Investments Commission has urged businesses not to put off compliance with mandatory climate disclosures until after legislation has passed, saying while it was too early for the regulator to set out an enforcement plan, it wasn’t too early to be prepared.

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UniSuper accused of greenwashing over Transurban investment
Greenwashing 2024-04-23 10:37 pm By Cindy Cameronne

The Environmental Defenders Office has lodged a complaint with ASIC on behalf of a member of UniSuper, accusing the Australian superannuation fund of greenwashing its products by mislabelling them as ‘sustainable’. 

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ASIC wins ‘extraordinary’ asset freeze against crypto firm NGS
Cryptocurrency 2024-04-22 11:47 pm By Andy Sidler

Australians who sank $21.2 million into crypto firm NGS Crypto, including their retirement savings, may have been misled about the safety of their investments, according to an investigation by the Australian Securities and Investments Commission.

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Eneco Refresh founder sentenced for market manipulation
Securities 2024-04-22 11:59 pm By Andy Sidler

The founder of ASX-listed bottled water company Eneco Refresh has been slapped with an 18-month suspended sentence after pleading guilty to market manipulation.

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Macquarie Bank hit with $10M penalty over financial adviser’s theft
Financial Services 2024-04-19 3:10 pm By Cindy Cameronne

 Macquarie Bank has agreed to pay a $10 million fine in proceedings brought ASIC after the bank admitted that it failed to monitor third-party withdrawals, resulting in a financial adviser’s theft of $2.9 million.

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ASIC appeals loss in landmark case over unfair insurance contracts
Insurance 2024-04-19 11:14 pm By Christine Caulfield

The corporate regulator is appealing a judgment that tossed its landmark action against Austo & General Insurance, saying the judge erred in construing an unclear and disproportionate term in the insurer’s house and contents policy.

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