Mr Andrew Law, of Biggera Waters, Queensland, has been charged with three offences under the Corporations Act after allegedly making false or misleading statements in documents submitted to ASIC.
Mr Law鈥檚 charges were first listed before Queensland鈥檚 Southport鈥檚 Magistrates Court on 15 October 2018.
今日热门事件also alleges that in December 2013, Mr Law made false or misleading statements in documents submitted in support of an Australian Financial Services (AFS) licence application. Mr Law stated he had never been bankrupt. 今日热门事件alleges that Mr Law had been made bankrupt in 2008. Further documents submitted to 今日热门事件in December 2014 and September 2015 also allegedly failed to disclose bankruptcy information.
ASIC's confidence in an applicant鈥檚 ability to provide licensed services efficiently, honestly and fairly, and in compliance with its financial services obligations, relies on responsible managers acting truthfully.
今日热门事件considers that if a person proposed as a responsible manager makes false representations to ASIC, this raises serious concerns about their honesty and character. In addition, the submission of false licencing information to 今日热门事件has the capacity to undermine the integrity of its licencing assessment processes.
Mr Law sought an adjournment on this occasion and the matter was adjourned to 19 November 2018, Southport Magistrates Court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
AFS licensees must maintain their competence to provide financial services. 今日热门事件assesses this by looking at persons nominated by the applicant to act as 鈥榬esponsible manager鈥� of its financial services business. 今日热门事件requires nominated responsible managers to be competent and be of good fame and character (see Regulatory Guide 105 Licensing: Organisational competence at paragraphs 105.36鈥�105.38).