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30 Jul 2020 ASIC Updates

ASIC takes action to wind up the illegal investment scheme, MyWealth Manager

The Federal Court has made orders to wind up MyWealth Manager, an unregistered managed investment scheme (the Scheme). The Court found the Scheme had been operated by Mustafa Mohammed, Mahek Mustafa, Mubashir Mohammed.

It included related companies, MyWealth Manager Financial Services Pty Ltd (trading as MyWealth Manager) and 3M Financial Planning Pty Ltd (trading as MCube Planners).

From at least February 2017, My Wealth Manager encouraged clients of MCube Planners to roll-out of their existing superannuation funds, establish their own self-managed superannuation funds (SMSF) and invest in MyWealth Manager.

Approximately $7 million was raised by the Scheme but the funds were not invested for the promoted purposes. The Federal Court found the evidence established that nearly all of the investors’ funds were misappropriated by those operating the scheme.

Read more here.

The ASIC Regulatory Portal is now the only place to lodge relief applications

As of July 27, the ASIC Regulatory Portal has replaced other channels as the primary way to submit applications for relief and various fundraising and corporate finance documents to ASIC.

Applications and documents should now be submitted through the portal using online forms known as transactions - which are structured to make it easier for stakeholders to provide ASIC with the required information.

For more details about the new portal transactions available visit: applications for relief and fundraising and corporate finance documents.

Using the portal for the first time requires registering for an account which can be done by selecting the "I just want to register" tile on the ASIC registration page.

ASIC releases minor updates to RG 97

ASIC has slightly amended Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97) and the associated legislative instrument.

This has been done to adjust the transitional timeframes in response to COVID-19 and to provide greater clarity on the obligations following additional feedback from industry.

The following transitional arrangements for product disclosure statements (PDSs) in response to COVID-19 have been amended:

  • PDSs given on or after 30 September 2022 must comply with the new requirements.
  • Issuers can choose to apply the new requirements from 30 September 2020.
  • Once an issuer has elected to apply the new requirements, all subsequent PDSs for that financial product must comply with the new requirements.

There is no change to the transition arrangements for periodic statements.

Read more here.

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