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ASIC, General discussion about our market watchdog
blacksheep
post Posted: Jan 23 2019, 10:35 AM
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Watchdogs wined, dined and given corporate gifts without scrutiny
By Royce Millar & Chris Vedelago
22 January 2019 — 11:48pm

QUOTE
Australia’s corporate and consumer watchdogs are allowing commissioners and staff to accept gifts and hospitality from the industries they regulate but refuse to publicly disclose the largesse or potential conflicts of interest.

Presents in recent years include champagne and vintage wines, expensive dinners, concert tickets, airline upgrades and customised “training seminars” supplied by stockbrokers, banks, law firms and industry lobby groups.

In 2017, investment bank Macquarie Group wined and dined Australian Securities and Investments Commission staff at Sydney's Beta Bar at the same time the bank was the subject of multiple ASIC investigations and had been ordered to pay former clients tens of millions of dollars in compensation.

And in 2016, Australian Competition and Consumer Commission staff justified being guests of Energy Australia for dinner at a Melbourne restaurant because the ACCC was not “actively considering a significant energy matter”. Less than a year later, then treasurer Scott Morrison commissioned the ACCC to run an inquiry into pricing and competition in the retail electricity industry.

The gifts of dinners revealed here were exposed only due to freedom of information requests and media pressure.

The federal regulators – ASIC, ACCC as well as the banking regulator and the tax office – keep gift and hospitality records but do not routinely publish them.


read more - https://www.theage.com.au/national/watchdog...122-p50sy8.html

These "gifts" should be made public automatically



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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: Dec 20 2018, 12:47 PM
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Thursday 20 December 2018
18-389MR ASIC reviews allocations practices in equity raising transactions
QUOTE
ASIC's review of allocations in equity raising transactions underscores the potential impact of conflicts of interests in allocation decisions. ASIC highlights areas of improvement for both financial services licensees (licensees) and issuers when raising equity on our listed markets.

ASIC Commissioner Cathie Armour said, 'The fair and efficient allocation of securities in equity raising transactions promotes market integrity, improves market efficiency and increases investor confidence.

'Issuers should be engaged with their capital raising transactions with particular focus on raising funds on the best terms possible. The licensees appointed to manage these transactions for the issuer must appropriately manage conflicts of interest and confidential information about transactions. Otherwise, there is a risk that a breach of financial services laws may occur. This may include misleading and deceptive conduct, breaches by licensees of their general conduct obligations, insider trading and market manipulation', Ms Armour said.

ASIC's review of a range of large and mid-sized Australian-based licensees found a range of discretionary factors are taken into account in an allocation recommendation, including the objectives of the transaction, investor types and the investor bidding into the bookbuild. The issuer’s objectives should be the primary driver of allocation recommendations.

ASIC makes recommendations on improvements to licensee practices in the conduct of allocations. These include:

improving the documentation, accuracy, timing and delivery of messages (including updates) to investors during equity raising transactions to ensure they are not misleading and deceptive. This includes reviewing whether information previously provided, particularly about the level of demand for a capital raising, is correct
engaging with issuers at various stages during a transaction (issuers are also encouraged to take an active interest in the allocation process)
reviewing the adequacy of their allocation policies and procedures, compliance arrangements and record keeping for allocations;
avoiding allocations to connected persons as they can present a significant conflict of interest, and
identifying and managing potential conflicts of interest when making allocation recommendations, for example, disclosing the conflict to the issuer with an explanation of how it is being managed.
Ms Armour said, 'All licensees should review this report and consider whether their controls for the allocation process in equity raising transactions– including policies, procedures and monitoring – are appropriate and sufficiently robust to meet legal and regulatory requirements.’

ASIC will continue to monitor selected transactions to test that allocation decisions are being made consistently with financial services laws.


Download the draft summary report (PDF 330KB)

Read the full report
https://asic.gov.au/regulatory-resources/fi...ummary-version/



--------------------
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: Dec 10 2018, 07:53 PM
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A Three part opinion piece by Benjamin John Pauley - The unspoken crimes of the ASX

https://independentaustralia.net/life/life-...y/banking,11882

https://independentaustralia.net/life/life-...---part-2,11955

https://independentaustralia.net/business/b...x--part-3,12185





--------------------
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: Dec 5 2018, 03:17 PM
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Not ASIC - but SEC. Maybe ASIC can take a leaf out of their book

Two Celebrities Charged With Unlawfully Touting Coin Offerings

"Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements," said Enforcement Division Co-Director Steven Peikin.

"Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds."

https://www.sec.gov/news/press-release/2018-268



--------------------
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
 
early birds
post Posted: Nov 24 2018, 07:15 AM
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In Reply To: blacksheep's post @ Nov 23 2018, 11:40 AM

lmaosmiley.gif
not surprised as ASIC always a paper tiger ...........

 
blacksheep
post Posted: Nov 23 2018, 11:40 AM
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Banking royal commission: ASIC boss James Shipton questioned about regulatory failures
By business reporter Stephanie Chalmers
QUOTE
The banking royal commission is wrapping up its Sydney hearings with a further grilling of ASIC chairman James Shipton.

The head of the corporate regulator is facing scrutiny for negotiating penalties and community benefit payments with the banks.

https://www.abc.net.au/news/2018-11-23/bank...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: Nov 23 2018, 10:26 AM
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Posts: 5,707
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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



--------------------
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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Posts: 5,707
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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



--------------------
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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Posts: 5,707
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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
 
 


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