‘We’re not soft’: ASIC lays out misconduct hit list

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Greenwashing, social media misinformation and cryptocurrency “misconduct” are among the corporate watchdog’s enforcement priorities for the next year.

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Crypto spruikers, social media finfluencers and fake green funds are in the Australian Securities and Investments Commission’s sights, as the corporate regulator promises to prosecute misconduct and lists its top enforcement priorities in a rare disclosure.

“If anything came out of the royal commission, it was that the public wants the regulator to be taking significant court action,” said Ms Court, who joined ASIC from the Australian Competition and Consumer Commission last year. But Ms Court said she “bristled slightly” at Mr Hastings’ comments. “That’s not good enough,” she said of businesses that prefer to negotiate with regulators only behind closed doors. “That’s not the approach the public expects.”under new leadership following the previous government’s purge of the regulatory top brass., supported by both Coalition and crossbench MPs.ASIC took the unusual step on Thursday of releasing an official list of enforcement priorities for 2023.

ASIC last week announced it was taking its first court action alleging a crypto offering against Gold Coast-based BPS FinancialIt also used the powers gained under the design and distribution obligation reforms to stop crypto fund manager Holon from taking new business for 21 days.

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Hard to imagine ever separating social media and misinformation. Been that way since it’s inception. Nothing beats great journalism. PickUpAPaper

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