Comments on Debra A Valentine's 'Regulating in a high-tech marketplace - the import for remedies'
A presentation by Jillian Segal, ASIC Deputy Chair at the Australian Law Reform Commission conference, 7–9 June 2001.
The characteristics of the financial sector in the 21st century (i.e. the 'hallmarks of the high-tech marketplace' of which Debra spoke) such as globalisation and rapid change result in the need for flexible, timely and effective remedies.
The relative speed and ease with which things can be communicated on the Internet means that it is more important than ever that regulators move quickly against scams, and that they be innovative and resourceful in their approach to regulation.
Therefore, like the Federal Trade Commission (FTC), the Australian Securities and Investments Commission (ASIC) has also sought to use the powers and remedies available to it in creative ways – e.g. increasing its use of administrative remedies (such as enforceable undertakings (EUs), licensing powers and banning orders) in place of civil and criminal action where the same outcome can be achieved more quickly, as well as welcoming some proposed additions to its regulatory toolkit.
This morning, I would like to comment briefly on the following:
- Civil Penalties
- Administrative remedies including EUs, licensing, and banning
- Other approaches to deal with e-offences and issues in the 'new economy'.