Members Warned To Take Care Preparing Annual Compliance Certificates

Mar 04 2016

Warning to Take Care When Completing ACC Or Any ASIC Document

A recent decision of the Administrative Appeals Tribunal reinforces warnings that care must be taken when filing Annual Compliance Certificates (“ACC”), or for that matter any ASIC document.  This decision, handed down on 29 February 2016, concerned an appeal against an ASIC decision to cancel a credit licence and to ban a person from providing or engaging in credit activities. 

Whilst the decision concerned other matters as well, the comments by the Tribunal in relation to errors in the ACCs lodged by the licensee are worth noting.  The case is Callychurn and Australian Securities and Investments Commission [2016] AATA 114.

After a brief summary of the case issues, CEO, Phil Johns, warns that there are two very clear and important messages for Members which don't just relate to ACC preparation but have ramifications for all documents required by ASIC.

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