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Tuesday 22 August 2017

17-274MR Latest enforcement report outlines ASIC's enforcement outcomes from the first half of 2017

ASIC has today released its enforcement report for the period 1 January 2017 to 30 June 2017.

The enforcement outcomes over that six-month period include:

Magnifying Glass 57 investigations commenced Criminal Proceedings 5 persons charged in criminal proceedings
Magnifying Tick 80 investigations completed Charges 32 criminal charges laid
Exit Door 23 individuals removed from financial services Infringement Notices 11 infringement notices issued
Compensation $618.8m compensation/ remediation Infringement Notices Paid $1.4m infringement notices paid
Prosecutions 203 persons charged in summary prosecutions for strict liability offences Strict Liability 399 criminal charges laid in summary prosecutions for strict liability offences

ASIC has several ongoing areas of focus covered in the report, including but not limited to risks presented by the following areas we enforce:

  • Market integrity: Conduct risk in Australia's markets and the integrity of financial market benchmarks, especially in terms of technology-enabled offending and malicious cyber crime
  • Corporate governance: Gatekeepers who do not meet the high standards required by law, particularly when it comes to undisclosed associations and substantial holdings in shares in public companies and poor financial reporting
  • Financial services: Responsible lending practices in the consumer credit industry, particularly the assessment of the legitimacy of a loan and the customer's ability to repay a loan.

Also in this edition of the enforcement report is a graphic outlining ASIC's approach to enforcement and how we assess the matters we investigate and take action on, as well as key matters completed over the past six months that have supported those processes and objectives. Such matters include:

  • Enforceable undertakings against Westpac, ANZ and Macquarie over the banks wholesale FX businesses
  • Steven Noske (insider trading)
  • Benjamin David Kirkpatrick (continuous disclosure obligations breach)
  • Shun Yuen Li & Bingxing Hu (banned from providing financial services)
  • Channic and Cash Brokers (consumer credit)
  • Octaviar (holding gatekeepers to account)

ASIC Commissioner Cathie Armour said 'This report covers some of the important work done by ASIC over the last six months across a wide range of areas. We will continue to detect misconduct and take enforcement action where necessary to ensure investors and consumers can have trust and confidence in our financial system.'


Last updated: 30/03/2021 09:31