Australian court orders Provide Capital to provide ASIC-requested documents
The documents were requested by the Australian Securities and Investments Commission (ASIC) as part of an ongoing investigation into Provide Capital.。
The Federal Court of Australia has ordered Provide Nomines Pty Ltd (trading in the name of Provide Capital) to produce documents it failed to produce without reasonable cause in response to a notice from the Australian Securities and Investments Commission (ASIC).。
As part of its ongoing investigation into Provide Capital, ASIC requested the documents and subsequently issued an order.。
Provide Capital, an investment firm, has yet to provide a reasonable justification for its failure to fully comply with the Australian Securities and Investments Commission's notice, including producing a number of documents that have been redacted in part.。
In rendering his judgement, Judge O'Bryan noted that "the evidence before the Tribunal indicates that there was delay and confusion in the compliance with the notice by Provide Capital."。The most obvious example is the editing of the file submitted to ASIC.。
Judge O'Bryan further stated that the evidence showed that customer documents should have existed during the relevant period as defined in the Notice, but that Provide had not explained at all why they had not been submitted。The evidence raises strong suspicions that Provide Capital intentionally did not seek or obtain from others... all documents in response to the notice。
Section 33 of the Australian Securities and Investments Commission Act allows the Australian Securities and Investments Commission to require documentation from individuals, including companies。If a person fails to comply with such a request, ASIC can prove that he did not comply with the request and, if the court considers that the person did not comply with the request without reasonable grounds, apply to the court for an order to compel the production of documents。
Provide Capital must submit previously unsubmitted documents within 28 days, including unedited copies of each previously submitted document in edited form。Edited as Provide Capital claims it complies with obligations under confidentiality and the Privacy Act。
Australian Securities and Investments Commission's investigation into Provide Capital continues。
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