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
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
