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Wednesday 8 March 2017

17-055MR ASIC's Enforcement Report highlights key outcomes from the second half of 2016

ASIC has today released its enforcement report for the period 1 July 2016 to 31 December 2016.

ASIC's enforcement results over the six-month period include:

98 investigations commenced. 102 investigations completed. 39 individuals removed from financial services. 63 infringement notices issued. $2.9m infringement notices paid. 5 persons charged in criminal proceedings. 47 criminal charges laid. 194 persons charged in summary prosecutions for strict liability offences. 382 criminal charges laid in summary prosecutions for strict liability offences. $159.4m compensation/remediation.

The report also covers ASIC's key priorities and long-term challenges going forward, including:

  • aligning conduct in a market-based system with investor and consumer trust and confidence;
  • digital disruption and cyber resilience in our financial services and markets;
  • structural change in our financial system;
  • complexity in financial markets and products; and
  • globalisation of financial markets, products and services.

Some of ASIC's key outcomes over the last six months are covered in detail, in areas such as insider trading (Hochtief AG, Oliver Curtis), consumer credit (Cash Converters, Mintabie), protecting retail investors (21st Century), and continuous disclosure (Padbury Mining).

ASIC Commissioner Cathie Armour said, "ASIC is working hard to protect all participants in our markets and financial services industry from those that would seek to break the law. This report demonstrates our ongoing dedication to that cause."

ASIC's future areas of focus remain consistent, including but not limited to:

  • ensuring gatekeepers adhere to the high standards required by law, particularly where breaches indicate poor corporate culture or governance;
  • enforcing responsible lending practices in the credit industry, including a focus on systemic breaches by licensees; and
  • conduct risk and the integrity of financial market benchmarks.

Download REP 513 ASIC enforcement outcomes: July to December 2016.

Last updated: 08/03/2017 10:26