ASIC has released its enforcement outcomes report for the period 1 January 2018 to 30 June 2018.
ASIC Commissioner Cathie Amour said, “ASIC’s enforcement work plays an important role in promoting trust and integrity in the financial system, which in turn ensures that all Australians can enjoy the benefits of a strong economy. This report highlights how we use our regulatory tools to address misconduct in the financial system.”
The enforcement outcomes over that six-month period include:
Investigations |
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67 investigations commenced |
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73 investigations completed |
Bannings and disqualifications |
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68 people or companies removed or restricted from providing financial services or credit |
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20 people disqualified or removed from directing companies |
Prosecutions |
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13 people charged in criminal proceedings |
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210 criminal charges laid |
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176 people charged in summary prosecutions for strict liability offences |
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342 criminal charges laid in summary prosecutions for strict liability offences |
Civil penalties |
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$20.44 million in civil penalties |
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$256.69 million compensation and remediation for investors and consumers |
Infringement notices, compensation and enforceable undertakings |
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16 infringement notices issued |
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$213,000 in infringement notices paid |
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12 court enforceable undertakings |
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$7.57 million community benefit fund payments |
The report presents key actions taken over the past six months to enforce the law and support ASIC’s enforcement objectives. These matters relate to several ongoing areas of focus, presented by the areas ASIC enforces:
1. Corporate governance
2. Financial services
3. Market integrity
4. Small business
You can access the report here.
