ASIC forms market breaches panel
The Australian Securities and Investments Commission (ASIC) has established a Markets Disciplinary Panel that will deal with market breaches.
The establishment of the panel effectively signals ASIC’s readiness to take over market supervision from the Australian Securities Exchange (ASX).
Panel members have been selected from various companies in the financial services space. They include Richard Brasher of RBS Equities Australia, Ian Chambers of Morgan Stanley Australia, Leigh Conder of Commonwealth Bank, Geoffrey Louw of Bell Potter Securities, Simon Gray of Shaw Stockbroking, and Michael Manford and Russell McKimm of Patersons Securities.
The panel's chairperson is Lisa Gay, who is a member of ASIC’s Markets Supervision Advisory Panel. She will return to Goldman Sachs JB Were as policy and regulation advisory director later in the year after long service leave.
The role of the panel is to exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of the Market Integrity Rules, which take effect on 1 August, 2010.
As the panel members are employed in the industry, ASIC stated that they would not be involved in any cases where they have a conflict of interest. They will also sit on the ASX Disciplinary Tribunal.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
