ASIC secures $190m in civil penalties

The corporate watchdog has secured $189.4 million in civil penalties during the last financial year, up from $24.9 million the year prior.

The Australian Securities and Investments Commission’s (ASIC’s) 2020-21 annual report said it completed 46 civil litigations during the year and commenced 83 (up 28% from the previous year). It also completed 29 criminal litigations, repatriated $1.8 million, and criminal outcome finds totalled $151,100.

It also issued three enforceable undertakings and recovered $9.1 million, and issued three infringement notices that totalled $392,000.

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ASIC chair, Joe Longo, said: “Across the financial year, ASIC made targeted interventions and implemented a number of relief measures to assist Australia’s corporate sector, while also making great strides towards implementing the Financial Services Royal Commission reforms.

“In addition to this important work, in 2020–21 ASIC finalised many of the enforcement matters arising from the Royal Commission and increased its enforcement action generally.”

Longo noted the regulator needed to be an “active and credible law enforcement agency” and would use its full enforcement agency and toolkit as appropriate.

He also said his first priorities as chair was to commission an independent review of the regulator’s infrastructure to enhance its strength and effective ness by improving internal capabilities and would implement recommendations of the review in the coming year.

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$95,000,000 to be paid to Advisers please ASIC.
Advisers as ASIC’s Legal & Litigation funders deserve the usual 50% cut of the proceeds.
Surely ASIC, Advisers deserve a fair commercial return for funding ASICs cases.

Can't wait for my fee for no service cheque from Asic to come through.

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