The Australian Securities and Investments Commission (ASIC) has released its first report detailing its enforcement actions for the period 1 July to 31 December 2011.

The report outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors.

ASIC Chairman Greg Medcraft said, ‘Broadly, there are four principles of conduct gatekeepers must observe. They must display honesty by respecting other people’s property and not using a position of trust for self-advantage; diligence by applying due care and skill to advice or decision making; competence by meeting any applicable conduct, licensing, registration and training obligations; and independence by managing conflicts of interest appropriately.”

‘When gatekeepers do not demonstrate these behaviours, we act. We are committed to tracking down and punishing wrongdoers and deterring further misconduct. No one is beyond the law, and we have the resources to take on the big cases where it is in the public interest to do so,’ he said.

The Australian Securities and Investments Commission (ASIC) has released a report on exchange traded funds, outlining how the growing industry is regulated in Australia and the impact if proposed international principles to address concerns by overseas regulators. 

The Queensland Government has announced it has appointed Peter Costello as the head of the Independent Commission of Audit into the state’s finances.

The Australian Stock Exchange (ASX) has appointed Roderic Holliday-Smith to succeed David Gonski as Chairman of Directors.


Mr Holliday-Smith will take the position as Mr Gonski departs the ASX Board to to take up his appointment as Chair of the Future Fund Board of Guardians on April 3.


Mr Holliday-Smith has served as a director of the ASX since 2006, prior to the merger of the ASX and SFE he was Chairman of SFE Corporation Limited from 1998.


Mr Holliday-Smith is considered a specialist in capital markets, derivatives and venture capital activities. He is Chairman of Cochlear Limited and a director of Servcorp Limited. He recently retired as Chairman of Snowy Hydro Limited.  Prior to 1998 Mr Holliday-Smith spent 11 years in Chicago, first as CEO of Chicago Research and Trading (CRT), and then as President of NationsBanc-CRT. During the 1980s he was an executive director with Wardley Australia Limited and Managing Director of Hong Kong Bank Limited, London.


The Bank of Queensland (BoQ) has announced it will seek to raise $500 million through a placement of shares with institutional investors.

The latest figures released by the Australian Bureau of Statistics (ABS) shows an in increase job vacancies by 0.7 per cent in February, showing a turn around from a previous spate of declines.

RateCity has found that less than five per cent of credit card holders spend enough to benefit from card reward programs, with the average Australian having to spend over $60,000 a year to get any real value from rewards.

RateCity has warned that slow credit growth has become the new normal as credit card spending growth, and subsequently credit card profitability, has slumped to a three year low.

The Reserve Bank of Australia’s Assistant Govenor, Guy Debelle, has hit out at the country’s banks for raising interest rates to shield their profits from increased borrowing costs during the global financial crisis.

The Federal Government has passed its Future of Financial Advice Bill through Parliament after it made a series of key amendments to the legislation.

The National Australia Bank (NAB) has announced a suite of upgrades to its mobile banking platforms that will see small business customers able to accept credit card payments via mobile phones and tablets.

The Australian Competition and Consumer Commission proposes to grant reauthorisation to the High Value Clearing System (HVCS) Regulations and Procedures, operated by the Australian Payments Clearing Association (APCA).

The Federal Government has introduced the third tranche of legislation to implement the Government’s anti-dumping reforms.

Legislation has been passed through Parliament to increase the Superannuation Guarantee Levy from 9% to 12%.

The Federal Government has released an exposure draft of proposed amendments that will implement the first stage of reforms to transfer pricing.

The Financial Services sector is quickly becoming one of the key backers of the Federal Government’s Clean Energy Finance Corporation (CEFC) according to a new study released by Deloitte.

The Assistant Treasurer, David Bradbury, has released the Inspector-General of taxation’s Review into the Australian Taxation Office’s administration of class ruling.

The Federal Government has announced the appointments of David Gonski and Steven Harker to the Future Fund Board of Guardians.

The Federal Government has released draft legislation that will cut company tax from 30 per cent to 29 per cent. For the 2013-14 income year.

ANZ has announced it has opened its first branch in Malaysia after it opened the doors of its office in Labuan International Business and Financial Centre.

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