ASIC’s latest enforcement report highlights outcomes from the first half of 2018

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

67
investigations commenced

73
investigations completed

Bannings and disqualifications

68
people or companies removed or restricted from providing financial services or credit

20
people disqualified or removed from directing companies

Prosecutions

13
people charged in criminal proceedings

210
criminal charges laid

176
people charged in summary prosecutions for strict liability offences

342
criminal charges laid in summary prosecutions for strict liability offences

Civil penalties

$20.44 million
in civil penalties

$256.69 million
compensation and remediation for investors and consumers

Infringement notices, compensation and enforceable undertakings

16
infringement notices issued

$213,000
in infringement notices paid

12
court enforceable undertakings

$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.