Advisers have made it clear to the Australian Securities and Investments Commission that digital advice should not be counted as a big factor in its review of affordable advice delivery.
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The outgoing chair of the Australian Securities and Investments Commission (ASIC) James Shipton has confirmed retaining a phalanx of senior lawyers to defend his position in the face of the issues raised last year by the Australian National Audit Office (ANAO) about payment for his personal tax advice.
During a recent hearing of the Parliamentary Joint Committee on Corporations and Financial Services, Shipton confirmed he had retained the services of two Queen’s Counsels and two other lawyers with the objective of clearing his name with respect to issues raised by the ANAO over the payment of expenses.
Under questioning for Labor backbencher, Deborah O’Neill, Shipton insisted that rather than being stood aside last year by the Treasurer, Josh Frydenberg, he had offered to stand aside pending the outcome of an investigation into his expenses and those of his former ASIC deputy chair, Daniel Crennan QC.
Introduction
Corporation (Coronavirus Economic
Response) Determination (No.2)
2020
(
Corporations Act
Corporations Act) that apply to companies and
their officers.
Specifically, the amendments provided that a breach of the civil
penalty provisions under sections 674 and 675 of the Corporations
Act only occurs where information is withheld from disclosure with
knowledge that it would, or recklessness or negligence as to
whether it would, have a material effect on the price or value of a
company s securities.
The temporary amendments were supposed to last for six months
but were extended and due to expire in March 2021.
However, on 17 February 2021, the Australian Government
introduced the
Treasury Laws Amendment (2021 Measures No. 1)