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Thursday 14 September 2017



The discussion paper on the phased licensing approach, Licensing: a phased approach to authorising new entrants to the banking industry, is intended as a step towards lowering the barriers of entry and making it easier for new potential banks, while at the same time using licensing to maintain the integrity of the Australian financial market.

...

By Kwame Slusher

ASIC Media Release

From 29 September 2017, the new crowd-sourced funding (CSF) regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries.

Under the CSF regime, eligible public companies will be able to make offers of fully paid ordinary shares to a large number of investors via the online platform o...

By Kwame Slusher



In light of the announcement of the Australian Financial Complaints Authority (AFCA), GRC Professional reached out to the Financial Ombudsman Service (FOS) about the role they have played in Australia’s financial system.

Shane Tregillis, Chief Ombudsman at the FOS, spoke about the inception of the complaints body and speculated on what will ch...

By Kwame Slusher

Wednesday 13 September 2017



Recently, GRC Professional got an opportunity to pose some questions to Marcus Bezzi, Executive General Manager of Competition Enforcement at the Australian Competition and Consumer Commission (ACCC).



What are some of the major challenges to competition you see in the market?
The ACCC reviews its compliance and enforcement priorities annual...

By Kwame Slusher

ASIC Media Release

Steven Andrew Soong, of Concord New South Wales, has been banned by ASIC from managing corporations for three and a half years.

Mr Soong's banning follows the appointment of liquidators to three companies he managed, Kalnosa Pty Ltd, Linsari Pty Ltd and Larsay Pty Ltd.

As a result of information shared between members of t...

By Kwame Slusher

ASIC Media Release

During the period March to August 2017, ASIC assisted employees gain access to the Fair Entitlements Guarantee scheme (FEG) by exercising its wind-up powers and appointing liquidators to 11 abandoned companies.

The appointment of liquidators also facilitates a full and proper investigation into the reasons why the companies f...

By Kwame Slusher

ASIC Media Release

ASIC has banned Daniel Gerard Manley from providing financial services for five years.

ASIC found that Mr Manley engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, clients and employees of Wilson Advisory and Stockbroking Limited (Wilsons).

Mr Manley's conduct led to trading in Exchange T...

By Kwame Slusher

Thursday 7 September 2017





Introduction

The benefit of a conference is that it forces you to look outside of your own framework and see other possible ways of considering your own profession.

In this article, Dr. Bob Murray challenges GRC professionals to really reflect on their profession and why they do what they do. 

So while you wait for GRC 2017 Conferenc...

By Kwame Slusher


ASIC Media Release

ASIC has formally banned flex commissions in the car finance market, with the legislative instrument to ban these commissions registered on the Federal Register of Legislative Instruments today.


Flex commissions are paid by lenders to car finance brokers (typically car dealers), allowing the dealers to set the interest rate...

By Kwame Slusher

ACCC Media Release 

6 September 2017

The Australian Competition and Consumer Commission has instituted proceedings in the Federal Court against JJ Richards & Sons Pty Ltd (JJ Richards) alleging that eight clauses in its standard form small business contract are void because they are unfair under the Austra...

By Kwame Slusher