ASIC on notice for inaccurate statements
Union Standard International Group (USGFX) has put the Australian Securities and Investments Commission (ASIC) on notice that it may bring proceedings against it for damages arising from inaccuracies surrounding an announcement.
The multi-asset Australian foreign exchange and derivatives broker allege that ASIC’s announcement regarding the Federal Court’s asset restraint orders against two corporate authorised representatives of USGFX while the corporate watchdog pursued investigations failed to mention a number of key matters.
“ASIC’s media release fails to mention a number of key matters, including that on 17 December, 2019 the Federal Court dismissed, effectively in full, the application as against USGFX,” USGFX said.
“In doing so Justice Gleeson of the Federal Court was highly critical of ASIC’s application as against USGFX, which was not substantiated by the evidence provided to the court.”
The firm noted that ASIC said the court had imposed orders restricting the overseas travel of USGFX director, John Carlton Martin, but that despite ASIC’s attempts to restrict his travel Martin was permitted to travel overseas.
“ASIC had been advised as to the inaccuracies included in its media release and USGFX has put ASIC on notice that it may bring proceedings against it for damages arising from its conduct in this matter,” it said.
Recommended for you
The merger with L1 Capital will “inject new life” into Platinum, Morningstar believes, but is unlikely to boost Platinum’s declining funds under management.
More than half of the top 20 most popular shares bought by advised investors during the first half of 2025 were ETFs, according to AUSIEX data.
At least two-thirds of ETF flows are understood to be driven by intermediaries, according to Global X, as net flows into Australian ETFs spike 97 per cent in the first half of 2025.
Inflows for the first half of 2025 for GQG Partners stand at US$8 billion, but the firm has flagged fund underperformance could be a headwind for future flows.
