The final report of a Senate inquiry into the Australian Securities and Investments Commission recommended the nation’s corporate regulator be abolished.
Demanding that the 33-year-old commission be split into a regulator and a financial conduct investigator, a Senate investigation revealed an overwhelmed ASIC is failing to deliver justice to mum-and-dad investors while its timid legal approach does not deter criminal behaviour. But the inquiry found that despite a 19 per cent increase in staff since 2016-17, the scope and complexity of ASIC’s responsibilities were beyond the regulator.
Four years since the regulator started action against Dixon, it has been fined $7.2 million – which ASIC does not expect to be ever paid – while a trial against a former company director only started last month. The Securities and Exchange Commission, America’s equivalent of ASIC, gives between 10 per cent and 30 per cent of fines worth more than $1 million to whistleblowers with “high-quality original information”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deloitte to be appointed receiver of Keystone amid ASIC investigationDeloitte will be appointed receiver of Keystone Asset Management as the corporate watchdog continues its investigation into the use of money from funds managed by the firm.
Source: FinancialReview - 🏆 2. / 90 Read more »
AMP royal commission exec “Jack” Regan sues The Australian newspaperAMP’s former head of advice, “Jack” Regan, claimed an article imputed he misled ASIC and admitted to misleading ASIC during the Hayne banking royal commission.
Source: FinancialReview - 🏆 2. / 90 Read more »
A toothless cop on the corporate beat: ASIC ‘has failed’In most cases, the nation’s corporate regulator responded with an automated “no further action” email within 40 seconds of the complaint being received.
Source: smh - 🏆 6. / 80 Read more »
A toothless cop on the corporate beat: ASIC ‘has failed’In most cases, the nation’s corporate regulator responded with an automated “no further action” email within 40 seconds of the complaint being received.
Source: theage - 🏆 8. / 77 Read more »
Bank fees: ASIC chairman Joe Longo warns banks not to become complacent, five years after Hayne inquiryASIC has approved a new Banking Code of Practice, but chairman Joe Longo says lenders must be alive to the dangers of “apathy, complacency and backsliding”.
Source: FinancialReview - 🏆 2. / 90 Read more »
And the leases? Guzman y Gomez’s IPO docs may give ASIC heartburnIs GyG’s disclosure in its prospectus enough to prevent ASIC requesting a supplementary disclosure to give prospective investors a truer picture?
Source: FinancialReview - 🏆 2. / 90 Read more »