Poidevin wins AAT stay on ASIC banning order
Former Wallabies great and managing director of Corporate Broking at Bell Potter Securities, Simon Poidevin has succeeded in having the Administrative Appeals Tribunal (AAT) place a stay on an Australian Securities and Investments Commission (ASIC) order banning him from providing financial services for five years.
ASIC acknowledged Poidevin’s AAT stay order in a statement in which it noted that on 29 November, last year, it had banned him from providing financial services for five years following an investigation into trading in the shares of DirectMoney Ltd between 14 July, 2015 and 23 July, 2015.
The statement said Bell Potter had been the manager and underwriter to a capital raising, resulting in DirectMoney being admitted to the Australian Securities Exchange (ASX) on 13 July, 2015. ASIC's investigation found that in the two weeks following the commencement of trading, Poidevin took part in transactions carried out by a Bell Potter Designated Trading Representative on Bell Potter’s House Account that had the effect of creating and maintaining an artificial price.
The ASIC statement pointed out that the AAT stay orders were subject to the following conditions that would apply for the duration of the AAT proceedings.
Poidevin would not communicate by any means with:
- designated trading representatives at Bell Potter Securities Limited ACN 006 390 772 (Bell Potter) or at any other firm; and
- any member of the Bell Potter Institutional Sales Division, wherever they are located.
If Poidevin has any knowledge of and involvement in transactions where Bell Potter is trading as principal, he would ensure that:
- he seeks prior approval for such transactions by the Managing Director or his delegate; and
- such transactions are only executed by the Head DTR (Designated Trading Representative) in accordance with Bell Potter's internal policy on trading as principal; and
- Poidevin will actively and in good faith participate in a program of compliance training conducted by an appropriately qualified training provider with relevant industry expertise focused on compliance with the Corporations Act in respect of trading on markets.
ASIC said its investigation into trading in the shares of DirectMoney was continuing.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
