by the royal commission, six civil court cases were filed, two criminal cases prosecuted by the Commonwealth Director of Public Prosecutions, while five were investigated and concluded with no further action.The royal commission also presented 32 cases studies, resulting in 12 civil cases being filed, four criminal cases prosecuted by the CDPP, one criminal brief referred to the CDPP, and 15 investigated that concluded with no further action.
Mr Longo, who became chairman of ASIC in June last year, said: “I’ve made it clear to the banks that legacy has to be respected. “With respect to commissioner Hayne and the report, the true significance and legacy of it for corporate Australia and the banks in particular will be with us for some time.
“We’re very closely monitoring the banks and I think it is a work in progress. The question is, are banks behaving better than they used to, and have they learnt the lessons of the royal commission? “Are we going to see sustained good behaviour and compliance from the big banks? I’m very focused on that’s what we’re going to get.”Mr Longo worked at Deutsche for 17 years, including as its general counsel in Europe and Asia, and had first-hand experience of banks getting into trouble with regulators.
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