This edition of the Update covers: Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products,.
<p><span>ASIC has commenced six civil penalty proceedings against Westpac in the Federal Court. The proceedings, each the result of an individual ASIC investigation, allege widespread compliance failures across multiple Westpac businesses. The alleged conduct occurred over many years and affected many thousands of consumers.</span></p>
The SDT ordered that the allegations against the respondent should be dismissed.
The respondent was a solicitor of the Supreme Court of Hong Kong and was admitted as a solicitor in Singapore. At the material time the respondent was in professional legal practice in Hong Kong. In addition to his professional practice, the respondent was an active participant in Hong Kong politics.
The allegations related to a public meeting held on 17 September 2017 and material made public by the respondent via Facebook between 17 and 19 September 2017. It was alleged that the respondent had made remarks supporting the incitement of violence against political opponents which supported and reinforced comments made by another person, and which breached principle 6 of the SRA Principles 2011.