Steadfast receives ASIC notice over employee investigation
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The news: Steadfast Group has received statutory notices from the Australian Securities and Investments Commission (ASIC) in relation to the trading of its shares by two of its employees earlier this year.
The context: The insurance broker said it has been asked by ASIC to produce certain documents and information relating to the activity, which occurred between 30 August and 2 September.
The company noted that it is reviewing the correspondence from ASIC and will respond in compliance with its legal obligations. It is not certain whether the regulator will take any action as a result of its investigation, or what may be the scope of any such action.
Earlier this month, Steadfast responded to allegations made by the national broadcaster ABC, that Australia's largest strata insurance broker was "caught misleading its clients".
The company said an ongoing independent review found no evidence so far of improper incentives or deliberate inactions relating to non-compliance with regulatory obligations.
The source: ASX annoucement
