Summary of enforcement outcomes: January to June 2023

This page provides an overview on ASIC’s enforcement actions in a particular six-monthly period. The data below reflects the period 1 January to 30 June 2023.

Contents:

• Summary of enforcement outcomes
• Financial services enforcement outcomes
• Markets enforcement outcomes
• Corporate governance enforcement outcomes
• Small business enforcement outcomes

Summary of enforcement outcomes

Figure 1: Summary of enforcement outcomes (1 January to 30 June 2023)

Note: Figure 1 summarises all enforcement outcomes recorded between 1 January and 30 June 2023, including those that have not been reported in public announcements. For example, outcomes arising from summary prosecutions for strict liability offences are not generally announced in ASIC media releases.

Financial services enforcement outcomes

Table 1: Financial services enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type	Criminal	Civil	Administrative	Total
Credit misconduct	1	8	7	16
Financial advice misconduct	6	-	14	20
Insurance misconduct	1	6	1	8
Investment management misconduct	1	6	18	25
Superannuation misconduct	1	-	2	3
Other financial services misconduct	-	1	1	2
Total	10	21	43	74

Table 2: Financial services enforcement litigation in progress (number of matters as at 6 July 2023)

Misconduct type	Criminal	Civil	Total
Credit misconduct	8	14	22
Financial advice misconduct	9	7	16
Insurance misconduct	2	6	8
Investment management misconduct	9	9	18
Superannuation misconduct	2	9	11
Other financial services misconduct	1	2	3
Total	31	47	78

Markets enforcement outcomes

Table 3: Markets enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type	Criminal	Civil	Administrative	Total
Continuous disclosure	-	4	3	7
Insider trading	1	-	-	1
Market manipulation	2	1	3	6
Other market misconduct	-	-	2	2
Total	3	5	8	16

Table 4: Markets enforcement litigation in progress (number of matters as at 6 July 2023)

Misconduct type	Criminal	Civil	Total
Continuous disclosure	-	5	5
Emerging misconduct (cyber, crypto)	1	2	3
Insider trading	6	1	7
Market manipulation	-	-	-
Other market misconduct	4	2	6
Total	11	10	21

Corporate governance enforcement outcomes

Table 5: Corporate governance enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type	Criminal	Civil	Administrative	Total
Auditor misconduct	-	-	444*	444
Liquidator misconduct	-	-	2	2
Directors' duties and governance failures	8	2	1	11
Other corporate governance misconduct	-	-	-	-
Total	8	2	447	457

*Table note:

As part of a 2022-23 compliance program, ASIC communicated to over 1,400 SMSF auditors that they had outstanding annual statements. Most of these auditors subsequently lodged their statements. Those SMSF auditors with outstanding annual statements were advised on 3 August 2022 that ASIC was considering cancelling their registration. Notice of cancellation was sent to these auditors on 23 January 2023, following their continued non-compliance (23-012MR).

Table 6: Corporate governance enforcement litigation in progress (number of matters as at 6 July 2023)

Misconduct type	Criminal	Civil	Total
Auditor misconduct	2	-	2
Directors' duties and governance failures	21	4	25
Illegal Phoenix	3	-	3
Other corporate governance misconduct	2	1	3
Total	28	5	33

Small business enforcement outcomes

Table 7: Small business enforcement outcomes (number of respondents by misconduct and remedy type)

Misconduct type	Criminal	Administrative	Total
Action against persons or companies	137	14	151
Total	137	14	151

Table 8: Small business criminal prosecutions in progress (number of matters by misconduct and remedy type)

Misconduct type	Criminal	Total
Action against persons or companies	93	93
Total	93	93