ASIC considering prosecutions
The Australian Securities Exchange (ASX) has referred 40 matters to the Australian Securities and Investments Commission (ASIC) this year, some of which are likely to be prosecuted as civil or criminal matters.
Amid continuing calls for the ASX to be stripped of its regulatory capacity, the chairman of ASIC has revealed the degree to which ASIC and the ASX have been working together.
In an address to the Securities and Derivatives Industry Association Conference in Melbourne this week, ASIC chairman Tony D’Aloisio said ASIC had been working with the ASX with respect to fighting market manipulation and insider trading.
He said that as a result of the co-operative approach, since January this year the ASX had referred 40 matters to ASIC.
“As of today, we are investigating 11 of them for possible civil, criminal or administrative proceedings, 14 are under surveillance and 11 have been referred to our licensing unit for other possible action.”
D’Aloisio said that only four had been closed for insufficient evidence.
He said that in addition, ASIC had one insider trading matter before the courts and five with the Commonwealth Director of Public Prosecutions along with two market manipulation matters.
AUTHOR
Mike Taylor
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