ASIC asked for more details on Shield handling

Mike Taylor

Managing Editor and Publisher

14 July 2026

The Australian Securities and Investments Commission (ASIC) is being interrogated around the details and timings of its handling of the Shield Master Fund collapse.

The publication of Senate Estimates questions on notice from NSW Labor Senator, Deborah O’Neill has placed ASIC on notice to provide more detail around what it knew and when and granular detail around what information it provided to those potentially affected.

At the heart of O’Neill’s questions are a high level chronology ASIC provided to the Joint Parliamentary Committee on Corporations and Financial Services in May and the regulator’s admission that “from May 2022, ASIC receives occasional reports about conduct involving cold calling, lead generation, and unlicensed advice. Some of these reports refer specifically to the Shield Master Fund as an underlying investment”

O’Neill also referenced the chronology’s April, 2023, reference to a “Report of misconduct is received about the Shield Master Fund itself and the investments held by the Shield Master Fund”.

The chronology then stated that ASIC had commenced a preliminary investigation into the Shield Master Fund.

O’Neill to explain “what is the threshold applied by ASIC for when reports alleging spurious financial conduct shift from being regarded as occasional to regular?”

She has also asked ASIC whether it issued any 912C directions (compelling delivery of information) were made to any other organisations in the sector who had Shield Master Fund included on their platforms at the same time.

She then asked:

1. Were any other organisations in the sector also alerted to any concerns regarding Shield Master Fund, if not, why not?
2. Had Macquarie reported any concerns regarding Shield Master Fund prior to the 912c direction being issued?
3. What exactly was stated in the 912C direction sent to Macquarie?

O’Neill’s question noted that, according to the timeline, in November 2023 Equity Trustees Superannuation Limited (ETSL) lodged a reportable situation with ASIC in relation to Venture Egg.

“Can you advise what exactly was reported by Equity Trustees about Venture Egg?

1. Prior to the report from Equity Trustees, had any other organisation in the sector reported concerns regarding Venture Egg?
2. Did ASIC commence the formal investigation into Shield Master Fund before or after this report from Equity Trustees?

“Can ASIC please account for time between the preliminary investigation and 912C direction to Macquarie in April 2023 and the interim stop order in February 2024?

“Does ASIC know how many people moved their money from Shield in Macquarie to Shield on other platforms during this period?” O’Neill asked.