Summary of enforcement outcomes: July to December 2023

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 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 July to 31 December 2023)

Note: Figure 1 summarises all enforcement outcomes recorded between 1 July and 31 December 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	4	3	8
Financial advice misconduct	2	2	22	26
Insurance misconduct	-	6	2	8
Investment management misconduct	-	1	6	7
Superannuation misconduct	-	1	-	1
Other financial services misconduct	-	-	1	1
Total	3	14	34	51

Table 2: Financial services enforcement litigation in progress (number of matters as at 8 January 2024)

Misconduct type	Criminal	Civil	Total
Credit misconduct	6	16	22
Financial advice misconduct	7	8	15
Insurance misconduct	2	4	6
Investment management misconduct	14	8	22
Superannuation misconduct	2	2	4
Other financial services misconduct	2	7	9
Total	33	45	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	-	1	-	1
Insider trading	-	-	-	-
Market manipulation	-	-	2	2
Other market misconduct	-	-	6	6
Total	-	1	8	9

Table 4: Markets enforcement litigation in progress (number of matters as at 8 January 2024)

Misconduct type	Criminal	Civil	Total
Continuous disclosure	-	4	4
Emerging misconduct (cyber, crypto)	1	2	3
Insider trading	7	1	8
Market manipulation	1	-	1
Other market misconduct	4	4	8
Total	13	11	24

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	-	-	23	23
Liquidator misconduct	-	-	-	-
Directors' duties and governance failures	1	-	1	2
Other corporate governance misconduct	-	-	2	2
Total	1	-	26	27

Table 6: Corporate governance enforcement litigation in progress (number of matters as at 8 January 2024)

Misconduct type	Criminal	Civil	Total
Auditor misconduct	3	-	3
Directors' duties and governance failures	25	6	31
Illegal Phoenix	3	-	3
Other corporate governance misconduct	6	1	7
Total	37	7	44

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	112	13	125
Total	112	13	125

Table 8: Small business criminal prosecutions in progress (number of matters by misconduct and remedy type) (number of matters as at 8 January 2024)

Misconduct type	Criminal	Total
Action against persons or companies	97	97
Total	97	97