The Australian Securities and Investments Commission (ASIC) today announced that ANZ Banking Group Limited (ANZ) has won an information disclosure case.。

The Federal Court today found that ANZ violated the Continuing Disclosure Act by failing to disclose a material shortfall in the amount of rights issue subscriptions allocated to underwriters when it conducted a $2.5 billion institutional rights issue in 2015.。

The judgment confirms that the underwriter's large subscription of shares in the capital raising can be considered price-sensitive information and needs to be disclosed in the market.。

The court found ANZ breached continuous disclosure laws by failing to notify the Australian Securities Exchange (ASX) that about 7 of the $2.5 billion in shares offered in the institutional placement.A $5.4 billion to 7.$9.1bn to be acquired by underwriters, not placed to investors。

In making his decision, Judge Moshinsky deemed the information significant.。Judge Moshinsky noted that he accepted the Australian Securities and Investments Commission's argument that if the information contested was disclosed, then those who normally invest in securities would expect the underwriters to immediately sell the allotted or acquired allotted shares, putting downward pressure on ANZ's share price.。

The Australian Securities and Investments Commission will now comment on the appropriate penalties。The court will issue a judgment on the appropriate penalty on a date to be determined.。