ASIC, SQM Research to attempt agreement on facts

Mike Taylor

Managing Editor and Publisher

15 April 2026

The Australian Securities and Investments Commission’s (ASIC’s) Federal Court action against SQM Research initiated over the firm’s rating of the Shield Master Trust appears headed for mediation.

A Federal Court administrative hearing this week has resulted in a consent order that the parties will look to file an agreed statement of facts (SAFA) by the 16 June.

Under the consent order, ASIC is to provide a draft statement of agreed facts and admissions to SQM Research by 6 May, while SQM is to provide a response to ASIC by 27 May.

The consent orders also noted the separation of liability and relief, stating that the issue of liability in the matter would be heard and determined separately from, and in advance of, any issue relating to relief (including penalty).

ASIC announced in November, last year, that it was suing SQM Research alleging misleading report s related to Shield published in October 2021, March 2022 and October 2022 that rated Shield as 3 ¾ stars, Favourable.

ASIC alleges that the SQM Research reports did not accurately depict the standard, quality, value or grade of Shield, and that reflected deficiencies in the processes SQM followed.