Normal
As stated in the above referenced article by Solly, Mr. D'Aloisio refers to potential "compensataion action". This possible action would be initiated under section 50 powers of the ASIC Act where ASIC fund the action by way of the tax payer. The main criterion for ASIC to declare a section 50 action is that it is considered to be "in the publc interest".If a section 50 action is declared by ASIC it doesn't mean that compensation is automatically paid to affected investors. It just means that ASIC will use its own nominated legal people and funds to purse the so called "wrong doers". ASIC would still have to go through the same process as say eg. Slater & Gordon in pursuing recovery litigation. It is a possibility that ASIC won't be able to recover any funds.Hopefully for Storm investors, ASIC will declare a section 50 action and be successful in obtaining some compensation.
As stated in the above referenced article by Solly, Mr. D'Aloisio refers to potential "compensataion action". This possible action would be initiated under section 50 powers of the ASIC Act where ASIC fund the action by way of the tax payer. The main criterion for ASIC to declare a section 50 action is that it is considered to be "in the publc interest".
If a section 50 action is declared by ASIC it doesn't mean that compensation is automatically paid to affected investors. It just means that ASIC will use its own nominated legal people and funds to purse the so called "wrong doers".
ASIC would still have to go through the same process as say eg. Slater & Gordon in pursuing recovery litigation. It is a possibility that ASIC won't be able to recover any funds.
Hopefully for Storm investors, ASIC will declare a section 50 action and be successful in obtaining some compensation.
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