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Search resuls for: "Australian Securities and Investments"


6 mentions found


☆ Ex-Tesla Australia director pleads guilty to insider trading
  + stars: | 2022-11-16 | by ( ) www.reuters.com   time to read: +1 min
Nov 16 (Reuters) - A former director of Tesla Inc's (TSLA.O) Australian unit pleaded guilty to two counts of insider trading based on a supply deal the carmaker signed with Piedmont Lithium (PLL.O) in 2020, the country's corporate watchdog said on Wednesday. The ASIC said Schlosser then sold his Piedmont shares for a profit of roughly $28,883 once the agreement became public and the stock price rose. Schlosser, who plead guilty at a court in Sydney, also communicated information about the deal to a friend, knowing that his friend would be likely to acquire Piedmont shares, the ASIC said. Tesla and Piedmont Lithium did not immediately respond to a request for comment. Reporting by Tejaswi Marthi in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
☆ Australian regulator appeals dismissal of petition against CBA, unit by court
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +1 min
Oct 26 (Reuters) - Australia's corporate regulator said it had appealed the Federal Court's decision to dismiss its petition against the Commonwealth Bank of Australia (CBA.AX) and its pension unit on allegations of improperly collecting commissions. Last month, the Australian Federal Court dismissed a petition by the Australian Securities and Investments Commission (ASIC) that accused the country's top lender and Colonial First State of a scheme, where the bank took commission to sell products for its unit from 2013 to 2019, a banned practice known as conflicted remuneration. read more"We have appealed this decision because we are concerned that it will limit the operation of conflicted remuneration laws introduced in 2012," ASIC Deputy Chair Sarah Court said in a statement on Wednesday. Reporting by Tejaswi Marthi in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
☆ ANZ assessed $16 mln fine for withholding account benefits
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +2 min
Oct 26 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) was fined A$25 million ($16 million) for failing to provide agreed benefits to certain customers with offset transaction accounts, Australia's market regulator and the lender said on Wednesday. The accounts, offered under ANZ's "Breakfree" package introduced in 2003, provided fee waivers, interest rate discounts on home loans, credit cards and transaction accounts, and other benefits in exchange for an annual fee. ANZ's offset transaction customers were entitled to interest rate reductions on eligible home and commercial loans, which were not always passed on, the ASIC said. "ANZ ... for many years failed to prioritise and deploy the systems and processes necessary to fulfil its obligations." "ANZ accepts that its conduct fell short of expectations and apologises to its customers who have been impacted," the lender said.
☆ ANZ faces $16 mln fine for withholding account benefits for 20 years
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +1 min
Oct 26 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) was fined A$25 million ($16 million) for failing to provide agreed benefits to customers with offset transaction accounts under its 'Breakfree' package, Australia's market regulator said on Wednesday. The Breakfree package, introduced in 2003, offered fee waivers, interest rate discounts on home loans, credit cards and transaction accounts and other benefits in exchange for paying an annual fee. ANZ's offset transaction customers were entitled to interest rate reductions on eligible home and commercial loans, which were not always passed on, the ASIC said. "ANZ ... for many years failed to prioritise and deploy the systems and processes necessary to fulfil its obligations." ($1 = 1.5657 Australian dollars)Reporting by Shashwat Awasthi, additional reporting by Harshita Swaminathan; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
☆ U.K. Regulator’s Enforcement Director to Step Down Next Year
  + stars: | 2022-10-18 | by ( Mengqi Sun | ) www.wsj.com   time to read: +2 min
The executive director for enforcement and market oversight at the U.K.’s Financial Conduct Authority, which also supervises compliance by U.K. cryptocurrency firms with anti-money-laundering laws, said he would step down next spring, the agency said Tuesday. Steward served as the executive director of enforcement at the Securities & Futures Commission of Hong Kong. He previously served as deputy executive director of enforcement for the Australian Securities and Investments Commission. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Since January 2021, the FCA has served as the anti-money-laundering (AML) compliance supervisor for cryptocurrency firms in the U.K.
☆ Australia court dismisses petition against CBA, unit over banned commissions
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
Sept 29 (Reuters) - The Australian Federal Court has dismissed a petition by the country's corporate regulator against Commonwealth Bank of Australia (CBA.AX) and its pension unit on allegations of improperly collecting commissions, the regulator said. However, the dismissal of this petition by the court is a blow to consumer advocates who wanted tougher regulation, and also absolves CBA of some of the most damaging allegations aired at the inquiry. The regulator said on Thursday that the court found that the payments made by Colonial to CBA did not constitute benefits within the definition of "conflicted remuneration". CBA in an emailed response to Reuters acknowledged the judgement, but refrained from commenting any further. ($1 = 1.5420 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar and Byron Kaye; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
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