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 Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.