Somebody at G Spot Investments Pty Ltd, and their financial...

Somebody at G Spot Investments Pty Ltd, and their financial advisers, Collins Wentworth, will be having a real bad day today.  

ASIC has acted quickly to last week's share offer with an interim order issued on 7/8/14 pursuant to Section 1020E(5) of the Act.  These provisions relate to the issue of a defective statement.

Under S1020E(5), ASIC  can make an interim order without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.

Section 1020E applies if:
(a) either:
(i) a disclosure document or statement is defective (see subsection (11)); or
(ia) a disclosure document or statement does not comply with a requirement of this Part that it be worded and presented in a clear, concise and effective manner; or

(ii) an advertisement or statement of a kind referred to in subsection 1018A(1) or (2) that relates to financial products is defective (see subsection (11)); or

(b) an issuer of financial products is in breach of section 1017G; or

(c) information made publicly available under section 1017BA or 1017BB, or provided under subsection 1017BC(3), is defective (see subsection (11)).