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ASIC, General discussion about our market watchdog
blacksheep
post Posted: Yesterday, 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





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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 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



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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
 
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



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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: Nov 23 2018, 10:26 AM
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Posts: 5,076
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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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Posts: 5,076
Thanks: 2039


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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Posts: 5,076
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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



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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: 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



--------------------
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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