ME Bank charged
The Australian Securities and Investments Commission (ASIC) has made criminal charges against formerly industry fund-owned Members Equity Bank (ME Bank) in the Federal Court of Australia.
These charges related to alleged contraventions of sections 12DB(1)(g) and 12GB(1) of the Australian Securities and Investments Commission Act 2001 and sections 64(1) and 65(1) of the National Credit Code, between 2 September, 2016 and 3 September, 2018.
The court had not yet set a date for the first return of the matter, but further details would be released following after the hearing.
The matter was being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
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.