ASIC to take further action on market misconduct
The warning comes after ASIC's enforcement and regulatory update highlights half-year 2023 civil fines of more than 1.Issued after $09.1 billion。
ASIC, Australia's financial regulator, has warned market participants that strong, targeted enforcement action will continue in the coming months as part of its focus on protecting consumers from harm and safeguarding market integrity.。
Prior to this, ASIC's enforcement and regulatory update highlighted more than 1 in the half year ended June 30, 2023..$09.1 billion in civil fines, and a series of significant outcomes designed to preserve market integrity, including the removal of the AFS license used by Binance Australian Derivatives, insider trading charges and a judgment against individuals for market manipulation.。
ASIC also prohibits individuals from engaging in naked short selling, and ASIC will continue to monitor compliance with the short selling regime.。
This quarter ASIC released an update on its recent Green Wash (an organization that exaggerates the environmental impact of its products / services through misleading / false information) intervention and called on financial institutions to improve their approach to dealing with fraud.。
ASIC Vice Chairman Sarah Court said: "Promoting market integrity and addressing misconduct that puts consumers and investors at risk is a long-term priority for ASIC.。Our commitment to insider trading and market manipulation deterrence will continue and we expect further action on misconduct in the coming months.。"
Key enforcement results for the period from 1 January 2023 to 30 June 2023:
| Summary of Law Enforcement Results | Total |
|---|---|
| Criminal charges against indicted individuals | 125 |
| Civil penalties imposed by the court | 1.$09.1 billion |
| Initiated investigations | 70 |
| Ongoing investigations | 144 |
| Individuals who are disqualified or removed from the directing company | 19 |
| Individuals prohibited or suspended from providing financial services or engaging in credit activities | 46 |
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