Released by the Department of Finance under the Freedom of Information Act 1982
FOI 23-24/160 - Document 23
Australian Securities
and Investments Commission
Office address (inc courier deliveries):
Level 5, 100 Market Street,
Sydney NSW 2000
Mail address for Sydney office:
GPO Box 9827,
Brisbane QLD 4001
Tel: +61 1300 935 075
Discretionary Payments Team
Fax: +61 1300 729 000
Risk & Claims Branch
www.asic.gov.au
Department of Finance
25 November 2020
Dear Sir/Madam
ACT OF GRACE PAYMENT APPLICATIONS SUBMITTED TO APRA BY s22(1)(a)(ii)
I refer to a letter from s22(1)(a)(ii) dated October 2020 (
Letter) responding to
submissions from APRA with respect to act of grace applications submitted by
s22(1)(a)(ii) on behalf of investors in schemes managed by Trio Capital Limited
(
Trio Capital).
ASIC notes an additional point raised in the Letter that the s22(1)(a)(ii) believes
should qualify as
'special circumstances' for the purposes pf s65(1) of the
Public
Governance, Performance and Accountability Act 2013 (Cth) (
PGPA Act). Trio
Capital, as the responsible entity of the Astarra Strategic Fund (
ASF), held an
Australian financial services licence (
AFSL). s22(1)(a)(ii) asserts that in 2009, when
Trio Capital collapsed, there was no legislative requirement for Trio Capital, as
an AFSL holder, to be a member of an external dispute resolution (
EDR) scheme.
ASIC understands that Trio Capital was a member of the Financial Industry
Complaints Service from early 2004 until its membership was transferred to the
Financial Ombudsman Service (
FOS) in July 2008 as part of a scheme merger.
Trio Capital was a member of FOS until June 2010.
ASIC notes that Trio Capital's membership of FOS in 2009 was in accordance
with its obligation as an AFSL holder under ss 912A(1)(g) and 912(2)(b), as these
provisions existed in 2009.
ASIC makes no further comment about the concerns raised by the s22(1)(a)(ii) in
the Letter.
Yours faithfully,
Australian Securities and Investments Commission
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