Qantas Airways Ltd. Chief Executive Officer Vanessa Hudson and her top leadership team were docked A$800,000 ($522,000) in pay for a cyberbreach that impacted millions of customers, as the airline attempts to show it’s taking a harder line on accountability and governance. Hudson forfeited A$250,000 in compensation, while the airline’s five executive managers lost a combined A$550,000, Qantas said in…
Australia’s Securities and Investment Commission (ASIC) has turned to three of the country’s most seasoned finance figures to probe the inner workings of the Australian Securities Exchange, including the exchange’s doomed blockchain project. ASIC launched the inquiry on June 16 over “ongoing concerns” it and the Reserve Bank of Australia expressed about the exchange’s ability to run stable and secure…
Australia’s Securities and Investment Commission (ASIC) has sued the country’s largest market operator, ASX Limited, for allegedly making misleading statements about how its blockchain project to replace its aged Clearing House Electronic Subregister System (CHESS) was progressing, before revealing that it had cancelled the project, the regulator announced on Wednesday. In Nov. 2022, ASX cancelled its planned blockchain system for…
Australia’s securities regulator will establish a new team dedicated to insider trading investigations as it ramps up efforts to crack down on market manipulation. The Australian Securities and Investments Commission will target “pump and dump” schemes, intervene in chat rooms, and review “finfluencer” activity among other things, according to its latest market cleanliness report released on Wednesday. The watchdog said…
The Public Company Accounting Oversight Board (PCAOB) today announced a settled disciplinary order(PDF) sanctioning PricewaterhouseCoopers LLP (“PwC Australia” or the “Firm”) for violations of PCAOB rules and quality control standards. Specifically, the sanctions address the Firm’s failure to timely report the initiation and conclusion of proceedings against the Firm by the Australian Tax Practitioners Board (TPB). The TPB proceedings related…
Binance’s offices in Australia were searched by the country’s financial markets regulator as governments around the world turn up the heat on the biggest cryptocurrency exchange. The Australian Securities and Investments Commission conducted searches at several Binance Australia locations on Tuesday, people with knowledge of the matter said, asking not to be identified discussing private information. The action was part…
Schlosser was sentenced in the Sydney District Court to two years and six months in prison, though was immediately released on a good behavior bond, Australia’s securities regulator said Tuesday. Schlosser bought 86,478 shares in Piedmont Lithium Ltd. on Sept. 16., 2020 after becoming aware that Tesla had struck a supply deal with the Australia-listed mining company. Schlosser also told…
Commonwealth prosecutors feared a man, accused of insider trading, would leave and not return to Australia, having discovered he had a one-way ticket overseas. Cameron Waugh appeared in Perth’s Stirling Gardens Magistrates Court on Wednesday, where he’s facing six charges of insider trading. Seeking a 12-week adjournment, Crown prosecutor Rhionagh Rowley said the socialite’s bail conditions specifically prevented him leaving…
Investors suing multinational companies for securities fraud are finding their footing in the Netherlands and other courts outside the US. US courts are the epicenter of securities fraud litigation. But legal procedures in other countries’ courts are maturing, and litigation funders are flowing money into these jurisdictions, helping to remove obstacles. Source: Investors Gain Traction Overseas in Securities Fraud Litigation
Former Tesla Motors Australia Pty Ltd (Tesla Australia) director Kurt Schlosser, of Sydney, New South Wales, has pleaded guilty at the Sydney Downing Centre Local Court to two counts of insider trading. On 16 September 2020, Mr Schlosser acquired 86,478 shares in the mining company Piedmont Lithium Limited after being informed, in his role as country director of Tesla Australia,…