Summary of enforcement outcomes: July to December 2022

This page provides an overview on ASIC’s enforcement actions in a particular six-monthly period. The data below reflects the period 1 July to 31 December 2022.

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 July to 31 December 2022)

Note: Figure 1 summarises all enforcement outcomes recorded between 1 July and 31 December 2022, 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. Also see summary of enforcement outcomes: January to June 2022

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	-	3	13	16
Financial advice misconduct	-	2	17	19
Insurance misconduct	-	4	-	4
Investment management misconduct	1	-	15	16
Superannuation misconduct	2	7	1	10
Total	3	16	46	65

Table 2: Financial services enforcement litigation in progress (number of matters as at 9 January 2023)

Misconduct type	Criminal	Civil	Total
Credit misconduct	7	16	23
Financial advice misconduct	14	8	22
Insurance misconduct	3	6	9
Investment management misconduct	12	11	23
Superannuation misconduct	3	8	11
Other financial services misconduct	-	1	1
Total	39	50	89

Markets enforcement outcomes

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

Misconduct type	Criminal	Civil	Administrative	Total
Continuous disclosure	-	2	1	3
Insider trading	-	-	-	-
Market manipulation	1	1	-	2
Other market misconduct	1	2	4	7
Total	2	5	5	12

Table 4: Markets enforcement litigation in progress (number of matters as at 9 January 2023)

Misconduct type	Criminal	Civil	Total
Continuous disclosure	-	6	6
Emerging misconduct (cyber, crypto)	1	1	2
Insider trading	4	1	5
Market manipulation	1	1	2
Other market misconduct	3	2	5
Total	9	11	20

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	1	-	24	25
Liquidator misconduct	-	-	-	0
Directors' duties and governance failures	1	-	-	1
Other corporate governance misconduct	1	-	1	2
Total	3	0	5	8

Table 6: Corporate governance enforcement litigation in progress (number of matters as at 9 January 2023)

Misconduct type	Criminal	Civil	Total
Auditor misconduct	2	-	2
Directors' duties and governance failures	22	3	25
Illegal Phoenix	3	-	3
Total	27	3	30

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	93	16	109
Total	93	16	109

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	98	98
Total	98	98