APAC

ASIC notes the announcement to the ASX by Earlypay Limited (Earlypay) of an error in the classification of an unsecured corporate bond of $19.9 million. Earlypay incorrectly classified the bond as non-current in its financial report for the year ended 30 June 2021 and will amend this error in its financial report for the half-year ended 31 December 2021. ASIC had raised concerns about the non-current classification in Earlypay’s financial report for the year ended 30 June 2021. The bond should have been classified as current because Earlypay did not have an unconditional right to defer settlement for at least twelve...

Former Cap Coast Telecoms Pty Ltd director Richard Ludwig, of Broadbeach Waters, Queensland, has been jailed for illegally removing assets from his company to prevent creditor access. Appearing before the District Court of Queensland on 2 December 2021, Mr Ludwig was convicted of intentionally dealing with the proceeds of crime and breaching his directors’ duties. The Court imposed a five year prison sentence, with a non-parole period of 20 months. ASIC Deputy Chair Sarah Court said, ‘A critical duty of company directors is to ensure creditor debts are properly paid. Not only did Mr Ludwig fail in this duty, he actively...

December 3, 2021 10:39 AM

Japanese December 3, 2021Financial Services Agency Following the announcements by major banks, etc.

On 4 November 2021, the Administrative Appeals Tribunal (Tribunal) varied ASIC’s decision to ban Ms Lisa Lee from providing financial services (21-096MR). In January 2021, ASIC banned Ms Lee from providing financial services for eight years. Ms Lee appealed ASIC’s decision to the Tribunal. The Tribunal considered that a ban for a period of six years from providing financial services was an appropriate regulatory response. The full decision is available via the website of the Administrative Appeals Tribunal. This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: December 3, 2021 9:52 AM

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: December 3, 2021 9:52 AM

FMA has published its annual accredited body reports for CPA Australia and the New Zealand Institute of Chartered Accountants (NZICA), 2021. Read more in this media release.

ASIC is seeking feedback on its proposals to change its approach to the communication of audit quality findings identified from ASIC’s review of audit files to the directors of the entities audited. Consultation Paper 352 Communicating audit findings to directors, audit committees or senior managers (CP 352) outlines ASIC’s proposal to communicate the findings directly to directors on a routine basis rather than communicating findings on the current exception basis and the circumstances in which that would apply. ASIC Commissioner Sean Hughes said, ‘Our proposal to communicate our audit review findings to directors of entities audited on a routine basis, rather than...

(Excerpt) (Friday, November 5, 2021, 11:59 am to 12:12 pm) [Questions and answers:] Q. The Tokyo Stock Exchange decided to extend the trading hours by 30 minutes.

(Excerpt) (Friday, November 12, 2021, 10:14 am to 10:16 am) [Questions and answers:] Q. My question is about shares of Shinsei Bank held by the national government.

December 2, 2021 What’s New on the FSA Website Week of November 19, 2021 – November 25, 2021 This page contains the latest in events, developments, and updates to the FSA website.