Company regulator ASIC has warned of additional motion towards market misconduct over the approaching months, as a part of its concentrate on defending shoppers from hurt and upholding market integrity.
The warning follows ASIC’s enforcement and regulatory replace, which highlighted greater than $109.1 million in civil penalties for the half yr to June 30, plus a number of important outcomes geared toward sustaining market integrity, together with the cancellation of Binance Australia Derivatives’ AFS licence, insider buying and selling expenses, and the sentencing of an individual for market manipulation.
ASIC additionally banned somebody who was partaking in bare brief promoting, with the regulator persevering with to watch compliance with the short-selling regime.
Throughout the quarter, ASIC printed an replace on its latest greenwashing interventions and urged monetary establishments to enhance their approaches to dealing with scams.
“Selling market integrity and addressing misconduct that locations shoppers and buyers in danger are enduring priorities for ASIC,” mentioned Sarah Courtroom (pictured above), ASIC deputy chair. “Our dedication to insider buying and selling and market manipulation deterrence continues and we anticipate additional motion for associated misconduct within the coming months.”
ASIC scooped the Australian Public Service Knowledge Analytics and Visualisation Award for 2023 for growing its insider buying and selling surveillance and detection functionality. The regulator mentioned it has now embedded core performance from Challenge Artemis into its surveillance processes “to extra effectively determine suspicious buying and selling by related events proximate to market delicate bulletins,” thereby facilitating extra environment friendly investigation of insider buying and selling issues.
See the desk under for ASIC’s key enforcement outcomes between Jan. 1 and June 30.
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Abstract of enforcement outcomes
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Complete
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Prison expenses laid towards people prosecuted
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125
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Civil penalties imposed by the courts
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$109.1 million
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Investigations commenced
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70
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Investigations ongoing
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144
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People disqualified or faraway from directing firms
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19
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People banned or suspended from offering monetary companies or partaking in credit score actions
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46
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For extra info, obtain the ASIC enforcement and regulatory replace: April to June 2023 and the Abstract of enforcement outcomes. Additionally try the Regulatory developments timetable.
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