ASIC bans former Sydney portfolio manager
The Australian Securities and Investments Commission (ASIC) has banned former Sydney-based dealer and portfolio manager at Regal Funds Management, Dylan Rands, for five years from providing financial services for his engagement in market manipulation.
The corporate regulator found that Rands had been engaged in manipulative trading in relation to Clearview Wealth shares and breached the Corporations Act when:
- Between December 2018 and June 2019, he entered into 112 uncommercial transactions which created, or were likely to create, an artificial price for the shares of Clearview Wealth; and
- On 27 March, 2018, and 31 May, 2019, he created a false or misleading appearance of active trading in Clearview Wealth.
Additionally, Rands’ pattern of trading involved purchasing Clearview Wealth shares which had the effect of increasing or restoring the Clearview Wealth share price shortly following a price fall.
According to ASIC, such trading displayed “an absence of commerciality, in circumstances where Rands’ objective was to exit the Clearview Wealth position he managed at Regal, which he ultimately sold in June 2019”.
The regulator found Rands was deemed “not adequately trained” or not competent to provide financial services and perform functions as an officer of an entity that carried on a financial services business, and he was likely to contravene financial services law.
He had the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
In November 2019, Money Management reported that Regal Funds Management was under investigation by ASIC for an undisclosed issue.
Recommended for you
As ASIC chair Joe Longo pushes firms to prepare for the upcoming mandatory climate disclosure regime, what skills are necessary if firms are looking to expand their ESG teams?
First Sentier Investors has announced it will close four of its Australian investment teams amid a simplification of the business, with $14 billion expected to be returned to investors.
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards, to be held in Sydney on 13 June.
Clients may be asking their adviser whether there is still value in the US technology names after their rally, but Fidelity International’s Lukasz de Pourbaix believes they can still offer upside.
