The Australian Securities and Investments Commission will be given greater power to crack down on market misconduct under proposed changes released today. The changes are aimed at improving Australia’s reputation as a regional financial center.
According to the Wall Street Journal, the Australian government will increase the maximum civil and criminal penalties that can be handed down for insider trading, market manipulation, false trading, market rigging and making false statements. The Wall Street Journal reports that after the changes are implemented, Australia will be aligned with the U.S. in imposing the toughest penalties for market offenses.
ASIC will also supervise real-time trading from the ASX under separate legislation currently being drafted by the government.
Read the Wall Street Journal article
