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 month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
