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

Figure 1: Summary of enforcement outcomes (1 July to 31 December 2022)

Prosecutions

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CDPP criminal prosecutions:

15 individuals charged by the CDPP in criminal prosecutions

173 criminal charges laid against individuals prosecuted

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CDPP criminal prosecutions:

7 custodial sentences, including fully suspended sentences (two people imprisoned)

8 non-custodial sentences

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Internal summary prosecutions:

86 individuals charged with strict liability offences in summary prosecutions

205 criminal charges laid against individuals prosecuted for strict liability offences

Civil penalties

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$76.3m in civil penalties imposed by the courts

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11 civil penalty cases commenced

Bannings

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53 individuals removed or restricted from providing financial services or credit

13 individuals disqualified or removed from directing companies

Infringement notices and court enforceable undertakings

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12 infringement notices issued

$368,520 in infringement notice penalties paid

1 court enforceable undertaking accepted

Investigations

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62 investigations commenced

103 investigations ongoing

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

 

Last updated: 15/02/2023 09:31