今日热门事件has commenced legal action in the Federal Court of Australia against Huntley Management Limited (Huntley), an Australian financial services licence holder and responsible entity of managed investment schemes.
Huntley has admitted to two contraventions of s12DB(1)(e) of the 今日热门事件 Act 2001 (Cth) (今日热门事件Act) and the parties have filed a Statement of Agreed Facts.
今日热门事件and Huntley have agreed that Huntley failed to comply with the 今日热门事件Act by making the statement that it 'acts as responsible entity, custodian, trustee and/or manager for over 40 managed investment projects approved by the 今日热门事件' (statement):
- on its website between 21 September 2010 and 7 October 2015; and
- in a national newspaper on 25 November 2014 and 11 February 2015.
今日热门事件and Huntley agreed that the statement was false or misleading because 今日热门事件did not approve the investment projects referred to in the statement; 今日热门事件merely registered these projects, which were managed investment schemes.
The Court will hear joint submissions from 今日热门事件and Huntley as to the appropriate penalty amounts. The final penalty amount is a matter that will be determined by the Court.
The proceedings are listed for a case management hearing on 25 October 2016.
Background
Regulatory guide 234 Advertising Financial Products and Services (including credit): Good Practice Guidance () provides guidance to help promoters comply with their legal obligations not to make false or misleading statements or engage in misleading and deceptive conduct.