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ASIC, General discussion about our market watchdog
blacksheep
post Posted: Nov 23 2018, 10:26 AM
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Deloitte, EY, PwC's multiple 'independent' roles at the big banks
by Edmund Tadros
QUOTE
The corporate regulator is allowing consultancy firms Deloitte, EY and PwC to police its enforcement regime for the big banks while they are paid millions for other consulting work, raising conflict concerns.

The dual role raises questions about the ability of the consultants to be truly independent when there is a larger, and ongoing, commercial relationship with the client, a problem that has been raised repeatedly by the banking royal commission over "independent reports" produced by Clayton Utz and EY.

read more - https://www.afr.com/business/banking-and-fi...20181115-h17xts



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
mullokintyre
post Posted: Oct 9 2018, 09:25 AM
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In Reply To: blacksheep's post @ Oct 8 2018, 02:39 PM

Geez, a Trump appointment actually doing his job! What next.
(Is there a sacrcasm emoji?)
Mick



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sent from my Olivetti Typewriter.
 
blacksheep
post Posted: Oct 8 2018, 02:39 PM
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ASIC may want to take a leaf out of SEC's book?
QUOTE
NEW YORK/WASHINGTON (Reuters) - A high-profile settlement with Tesla Inc (TSLA.O) Chief Executive Elon Musk exemplifies a recent push by the U.S. Securities and Exchange Commission to go after executives and not just their companies, securities law experts said.

In the last week, the SEC announced charges or penalties against eight corporate officials at six companies, including Tesla. The SEC pursued each on different grounds, but securities lawyers said they highlight a shift to an emphasis on personal wrongdoing that has accelerated under Jay Clayton, an appointee of U.S. President Donald Trump who has served as SEC chairman since May 2017.

“Clayton is focused on holding individuals liable and not just corporate entities,” said Mary Hansen, co-chair of the white collar defense and corporate investigations practice at Drinker Biddle, who worked in the SEC’s enforcement division for eight years.

“The public wants to see our law enforcement, whether it be civil or criminal, hold those individuals responsible. That’s what is driving this focus on individual liability.”

The SEC brought action last week against the former president and chief financial officer of LendingClub Asset Management, Renaud Laplanche and Carrie Dolan, and the former CEO and CFO of Walgreens Boots Alliance (WBA.O), Gregory Wasson and Wade Miquelon.

read more - https://www.reuters.com/article/us-tesla-mu...t-idUSKCN1MA0ZE



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 9 2018, 03:39 PM
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ASIC enforcement outcomes: January to June 2018
https://download.asic.gov.au/media/4841269/...august-2018.pdf



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 9 2018, 12:23 PM
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Former ACCC boss calls for ASIC to be stripped of powers over banks
By senior business correspondent Peter Ryan
Updated 50 minutes ago
QUOTE
Founding chairman of the Australian Competition and Consumer Commission (ACCC), Professor Allan Fels, has slammed the corporate regulator for being weak and ineffective in fighting bank misconduct.

Professor Fels also said the Australian Securities and Investments Commission (ASIC) should be stripped of its supervisory powers over the banks.

Instead, he wants those powers handed to the ACCC — a move that would send a chill through banking boardrooms, which he said have become too cosy with ASIC.

"ASIC is not feared, unlike the ACCC," Professor Fels told ABC's AM program.

"[The ACCC] had a long-running culture of without fear or favour law enforcement."

Professor Fels said the ACCC takeover of ASIC bank supervisory powers was seriously considered in the late 1990s as part of the Wallis Inquiry into the financial system when he was the high profile competition czar.

"But fierce lobbying by the financial services sector meant that the ACCC did not get given the coverage.

"Even at that point, it was obvious that ASIC was not up to the job and nothing has changed.

"It's not just me. The ACCC is a very serious organisation. It's been around for a long time with an unequivocal commitment to law enforcement."

Professor Fel's push for an ACCC takeover of ASIC's bank supervisory powers comes amid more damning evidence from the financial services royal commission about unlawful and unethical practices in the banking sector.

Royal Commissioner Kenneth Hayne suggested yesterday that the National Australia Bank may have engaged in criminal conduct by charging $3 million in fees to dead people.

In addition to stripping ASIC of its bank oversight powers, Professor Fels has backed a proposal from the Greens to break up the big banks and wealth manager AMP.

While some banks like the Commonwealth Bank and ANZ have already moved to sell off their wealth management arms to "get back to basics", Professor Fels is sceptical.

"I'm not sure that we can rely at this point on the market to deliver the result we want."

Professor Fels said he has been shocked at the stream of revelations about banking misconduct that have emerged from the royal commission.

"I have been shocked. The royal commission has dug quite deep and found deep-seeded unethical and and possibly illegal behaviour and that has shocked the whole community."

The ACCC has been contacted for comment and ASIC has declined to comment.

http://www.abc.net.au/news/2018-08-09/form...ection=business



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 7 2018, 11:48 PM
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Came across this article written back in 2009 - Is it revealing when just a few understand?

Has anything changed since then?

QUOTE
Maybe when Tony D'Aloisio regains control of the Australian Securities Exchange's market regulating role he can return some power to small investors.

That means those retail shareholders could have half a chance of being told that the deals their companies are entering into are really takeovers; that their holdings will be reduced to negligible worth, and that all the changes are being engineered by people already close to the existing boards.

Lancelot thinks D'Aloisio, who ran the ASX for a couple of years before moving to the Australian Securities and Investments Commission, has the opportunity to vastly improve the small investors' lot when he begins supervising the markets under the Federal Government's latest plan.

Until now, the combination of poor definitions in the Corporations Act for what constitute associates and related parties and the ASX's tacit acceptance of the reverse takeover have meant that small investors are more and more frequently disenfranchised.

Cynics say the ASX's conflicted role as a listed profit-making enterprise and regulator of the sharemarket, leaves it unwilling to inquire too closely into anything that might affect its revenue base.

So the system relies on companies convening meetings, producing appropriate explanatory memoranda and hiring adequate independent experts, to ensure shareholders get the ''democracy'' of a vote on company-changing deals.

It is all pretty meaningless if investors outside the ''inner circle'' are not told in plain English that by approving a transaction they are effectively ratifying a change of control without them being offered any money for their stock.

Or that while the latest deal might not directly involve existing directors or major shareholders, the corporate version of a DNA test would probably reveal they are at least second cousins, if not first.

https://www.smh.com.au/business/is-it-revea...91008-gp11.html



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

sentifi.com

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nipper
post Posted: Jul 6 2018, 06:29 PM
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last week the Australian Securities and Investments Commission released a study showing that client losses in retail over the counter derivatives were extraordinarily high.

The 450,000 punters involved in this high risk game have had unprofitable trades
- 80 per cent of the time in binary options,
- 72 per cent of the time in contracts for difference (CFDs) and
- 63 per cent of the time in margin foreign exchange.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Mar 19 2018, 11:06 AM
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In Reply To: blacksheep's post @ Mar 19 2018, 10:02 AM

Came across this article recently - an investigation about seeking alpha posters (seeking alpha a stock market forum in the US - a Hotcopper equivalent here in Aust) using multiple accounts to promote stocks, and also the various "marketing" sites used.
An interesting read

Pretenders and Ghosts: Stealth promotion network exploits financial sites to tout stocks
Posted on March 6, 2018 by Chris Carey
By Chris Carey
Kevin O’Connor, Jim McNair and Russell Carrollo contributed to this report
extracts
QUOTE
The stealth promotion network includes a handful of real people who have touted the same stocks with such regularity that it is impossible to view their posts as a coincidence. All told, we turned up nearly 600 bullish articles about Honig-related companies that fit the pattern of stealth promotional pieces.

The tally included:

– More than 240 stories posted on SeekingAlpha from 2012 to the present.

– Nearly 50 stories posted on Gurufocus.com from 2014 to the present.

– More than 40 stories posted on Trefis.com from 2012 to 2015.

– Nearly 40 stories posted on SmallCapNetwork.com from 2012 to the present.

– More than 20 stories posted on MarketExclusive from 2014 to the present.

– More than 20 stories posted on TalkMarkets.com from 2014 to the present.

– More than 20 stories posted at Investing.com from 2013 to the present.

– At least 15 stories posted on SmallCapExclusive.com since 2016.

–10 stories posted on TheStreet.com since 2014.

– Dozens of additional stories on MotleyFool.com, Equities.com, Minyanville.com, Huffingpost.com, Buzzfeed.com, and other sites.

The headlines of many of those articles – as well as links to them — were picked up by the finance pages at Yahoo.com, Google.com and other frequently visited sites, amplifying their message. They also appeared in news summaries for the featured companies at Nasdaq.com. That’s the exchange where most of those stocks trade.

We have been watching for more than a year, to determine how the articles originate, how the campaigns spread and how they help to boost share prices and trading volumes. Among other things, we found concentrations of stories in the days and weeks leading up to share sales, and just before and after mergers, acquisitions or other market-moving events. We also found waves of stealth promotion pieces that accompanied paid touting campaigns, financed by the featured companies or by third parties.


This is my favourite bit. How many of these "deals" are "arranged" on our ASX - quite a few I'd suggest - it's becoming a growth sector and leaving many naive investors "bag holders"
QUOTE
CREATING COMPANIES

Honig has helped dozens of small companies go public, primarily through reverse mergers with the shells of failed or failing businesses. He and his partners typically arrange the deals and provide financing, in return for significant amounts of stock or convertible notes.

Although many of those companies have seen sharp, temporary increases in their stock prices, they seldom have produced long-term gains for ordinary investors
.


QUOTE
DISCLOSURE ISSUES

It is legal for public companies, their investor relations consultants and other third parties to pay for touting campaigns and other promotional activities. Under SEC rules, however, writers or websites that get paid to provide favorable coverage must disclose that. They also are supposed to say how much money they received and who paid them.


http://sharesleuth.com/investigations/2018...-to-tout-stocks



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 19 2018, 10:02 AM
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Posts: 6,791
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In Reply To: blacksheep's post @ Mar 19 2018, 09:47 AM

Nice words from incoming ASIC Chairman, but time will tell if he will walk it as he talks it

ASIC chairman James Shipton says finance needs to lift standards

QUOTE
Erosion of trust 'catastrophic'
Mr Shipton warned that "the sustained degradation in trust in the people in finance will eventually start to degrade trust in the financial infrastructure itself. And this would be catastrophic."


IMHO, we've already arrived at that scenario - there is no "eventually start"

QUOTE
Too many people in the industry, Mr Shipton said, had lost sight of the role of finance.

"We need to recognise, every cent in the financial system is 'other people's money'."

"Finance is not 'just numbers on a computer screen' or just a means to receive a commission or a bonus. Nor is it just about institutions or companies."

"The institutions and companies – banks, large super funds, managed investment funds and so on – that we all usually focus on are merely veils for the individual Australians that stand behind them: individual shareholders, investors, consumers and depositors."

Following Mr Shipton's comments, the Minister for Revenue and Financial Services Kelly O'Dwyer announced that ASIC would be granted more power and high level resources.

Mr Shipton will get a second deputy chairman and the law will be changed to make advancing competition one of ASIC's core objectives.


Read more: http://www.afr.com/business/banking-and-fi...r#ixzz5A9E0TGSt




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 19 2018, 09:47 AM
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Posts: 6,791
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About time - pity it's not retrospective as many companies, not just these two mentioned, have been getting away with announcing loosely worded/over hyped so called binding contracts - including in the resources/battery minerals area - over a great many years

Disclosure obligations: ASX tightens listing rules after GetSwift, Big Un debacles
extract
QUOTE
The Australian Securities Exchange has tightened its listing rules to clamp down on companies over-hyping customer contracts and force the disclosure of past misconduct by directors, following scandals at Big Un and GetSwift that cost investors hundreds of millions of dollars.

The changes come after The Australian Financial Review investigations into technology companies Big Un and GetSwift revealed investors in the company were kept in the dark about facts that could be considered materially important.

In a compliance update dispatched late last week, the ASX firmed up its guidelines to stamp out the over-exaggeration of gains from customer contracts and also announced immediate changes to rules relating to disclosures of past misdemeanours of individuals seeking directorships or control of listed companies.

The exchange said it would crack down on companies that announce contracts with major global customers that lack details; that don't mention the contract is conditional or subject to a trial period; that include loosely derived revenue projections; that aren't updated if the contract is terminated; or are presented as material or with other "superlatives" when they are not.


Read more: http://www.afr.com/business/disclosure-obl...q#ixzz5A9B2UOf6



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: lgrif  
 
 


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