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DAVID TWEED BANNING - AAT DECISION
The Australian Securities and Investments Commission (ASIC) notes the decision of the Administrative Appeals Tribunal (AAT) to set aside an order made by ASIC on 31 October 2006 permanently banning Mr David Tweed from providing financial services.ASIC banned Mr Tweed on the basis that he had failed to comply with a financial services law and would not comply with a financial services law in future.
Pending the outcome of the AAT review, Mr Tweed had stood down as the sole director and secretary of Country Estate and Agency Company Pty Ltd, which holds an Australian Financial Services (AFS) licence authorising it to provide financial product advice and deal in financial products. Generally, a director or employee of an AFS licensee will be permitted to provide financial services on behalf of that AFS licensee.
The banning order did not prohibit Mr Tweed or his associated companies from making unsolicited offers to investors. Making an unsolicited offer to purchase shares on one’s own behalf does not require an AFS licence. Under the Corporations Act 2001 a person who makes an unsolicited offer to buy shares off-market for a certain price must provide a written statement setting out the market value of those shares on the day the offer is made and a minimum of one month in which to accept the offer.The offer must also comply with strict legal requirements, including the prohibition against misleading or deceptive conduct.
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