Post-Trio ASIC primed on hedge funds
The Australian Securities and Investments Commission (ASIC) has suggested to the Government it consider imposing asset level disclosure with respect to hedge funds, consistent with its upcoming Stronger Super changes.
The regulator's suggestions were confirmed by ASIC chairman, Greg Medcraft and formed part of a submission to the Parliamentary Joint Committee inquiring into the collapse of Trio Capital.
He said the asset level disclosure would be consistent with the Stronger Super changes and the setting of more detailed requirements for compliance plan auditing.
Medcraft told a hedge fund forum this week that ASIC was actively working on the hedge fund issue with other regulators to ensure a coordinated approach.
Discussing the regulator's approach to deterrence, the ASIC chairman cited as "notable results" the conviction and sentencing of Astarra/Trio investment manager, Shawn Richard, enforceable undertakings and bannings imposed on five directors attaching to Trio's investment and risk committee and the suspension of the Australian Financial Services licence of South Australian-based financial planning firm, Seagrims.
He said Seagrims had advised 970 clients to invest in Astarra/Trio.
AUTHOR
Mike Taylor
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