asic

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ASIC today released a report on its regulation of corporate fundraising activities. http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-276mr-asic-publishes-fifth-report-on-corporate-finance-regulation/ While offering brief comments in relation to the Guvera IPO, the report's observations about technology company IPO prospectuses are worth noting: insufficient disclosure of the business model - aka how revenue will be generated; inadequate explanation of... Show More

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ASIC today released findings of its study of the due diligence processes adopted by 12 IPOs. http://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-484-due-diligence-practices-in-initial-public-offerings/ Two key findings are of particular concern. The first is evidence of superficial involvement by the issuer's Board of Directors: certain directors have little involvement in preparing the prospectus before signing off on... Show More

Avatar fallback

ASIC's report on its review of the management of conflicts of interest in the vertically integrated funds-management industry http://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-474-culture-conduct-and-conflicts-of-interest-in-vertically-integrated-businesses-in-the-funds-management-industry/ and its seven indicators of culture caught my eye. Currently the Criminal Code (Cth) defines corporate culture as meaning 'an attitude, policy, rule, course of conduct or practice existing within the... Show More

Clime Asset Management

Last week, the Australian Securities and Investment Commission (ASIC) published its review of HFT (REP 452: Review of high-frequency trading and dark liquidity). As computer-based trading dominates trading activities in our market, it makes a timely and important review by the Commission. While it concluded that HFT activity is not... Show More

Livewire Exclusive

BestEx provided Livewire with an exclusive Q&A on HFT: Much of the opposition to HFT in Australia has been emotional and ill-informed. HFT has been described as 'legalised front-running' and unfairly accused of causing market instability. Opponents have called for the practice to be banned, arguing that participants that don't... Show More

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BestEx Pty Ltd

Good news for UK investors with the FCA announcement overnight that they will ban investment managers use of dealing commission to fund corporate access. Hopefully the Australian authorities follow suit to address the problem here. http://www.fca.org.uk/news/fca-proposes-new-rules-on-dealing-commission-for-investment-managers Show More