Equity Trustees pays $56k fine for alleged misleading investment statements
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The news: Equity Trustees has paid $56,340 to comply with three infringement notices issued by the Australian Securities and Investments Commission (ASIC) alleging its Artesian Green and Sustainable Bond Fund made misleading investment statements.
The context: ASIC said the fund had “significant exposure to government and supranational bonds”. This was inconsistent with its product disclosure statement, target market determination and website which said the fund invested in green, sustainable and social corporate bonds issued by companies.
The alleged misleading investment statements took place between 10 April 2024 and 7 November 2024. Payment of the infringement notices does not constitute an admission of guilt or liability.
What they said: “A responsible entity must have measures in place for ensuring it complies with its obligations as an AFS licensee,” ASIC deputy chair Sarah Court said.
“These include having adequate governance controls and procedures to ensure that disclosures made in relation to investments by managed investment schemes are accurate and are not misleading.”
The source: ASIC media release
