Financial Services

ASIC investigation into remuneration arrangements & SMSF advice

For a Queensland client in ongoing ASIC investigation and potential enforcement action re suspected contraventions of the conflicted remuneration prohibitions in Division 4 of Part 7.7A of the Corporations Act and financial advice concerning establishment of self-managed superannuation funds (current matter).

>> On 28 June 2018, ASIC released two related reports: 

National Australia Bank (Wealth Management)

For National Australia Bank financial planner, instructed by Corrs Melbourne, in Victorian Supreme Court proceedings by high net-worth investors re financial product advice concerning structured products portfolio.

Matter settled just prior to 2 week hearing.

ASIC Banning Hearing for unlicensed discretionary trading

For Macquarie Equities options trader in ASIC investigation and banning hearing for contraventions of the Corporations Act 2001 (Cth) for unlicensed discretionary options trading and falsification of records.

ASIC Media Release 

MF Global Australia Winding Up

For the financial derivatives clients of MF Global, instructed by Arnold Bloch Liebler, in winding-up proceedings in the Supreme Court of New South Wales, and as contradictor to competing priority claims by Deutsche Bank AG and by MF Global (Singapore) Pte Ltd (in liq).

MF Global’s Australia arm held a $319 million trading book on behalf of about 13,000 clients.

In re MF Global Australia Ltd (in liq) [2012] NSWSC 994

In re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426

Media coverage: MF Global collapse exposes local loopholes (SMH)

MF Global collapse exposes Australian loophole on client money (Reuters)