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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInASIC beneficiary of data retention regime – InvestorDaily
In a submission to the parliamentary inquiry into the data retention regime, ASIC revealed it had used the laws 4,982 times to investigate white-collar crimes. The data retention laws require companies to retain phone and internet records for all Australians to assist law enforcement authorities like ASIC. As part of the legislation, agencies must report […]
Lawyers investigate whether ASIC website glitch assisted insider trading – Australian Broadcasting Corporation
Until late last year, a flawed search tool allowed people to access all ASIC documents sent to any email address. There was no identification required, so people could spy on the company research of private equity investors if they knew their email address. ASIC has now told 770 people that their records have been forwarded […]
Australia: Calls to recoup white collar crime earnings; bring in deferred prosecution deals — SMH
The ill gotten gains of corporates and individuals who have broken the law should be clawed back and deferred prosecution agreements introduced that could see multi-billion-dollar fines for corporate wrongdoing. Those are some of the recommendations from the nation’s leading regulators in how to better tackle white collar crime. Unlike the US, Canada and the […]
ASIC’s Houdini, Greg Medcraft, is in the firing line | afr.com
The government’s frustration has been exacerbated by a lack of confidence in Mr Medcraft, a Labor-appointee and former ALP member, who despite working as a Wall Street investment banker is seen as pro-regulation and is pushing hard for stronger penalties and powers to intervene in the market. via ASIC’s Houdini, Greg Medcraft, is in the […]
ASIC wants to prosecute executives for ‘bad culture’ | afr.com
Mr Medcraft said ASIC was planning a “major campaign” on culture this year. “We intend to: first, incorporate culture into our risk-based surveillance reviews; second, use the surveillance findings to better understand how culture is driving conduct among those we regulate; and third, communicate to industry and firms where we have a problem with their culture and conduct.” “We will […]
Australia–Inquiry will lay out blueprint for financial system; ASIC in prime spot for overhaul
Australia’s white-collar crime watchdog could be set for an overhaul with the release of the government’s wide-ranging inquiry into the financial system. via Inquiry will lay out blueprint for financial system; ASIC in prime spot for overhaul.
For One Day, At Least, Australia a ‘Paradise for White Collar Criminals’ | Compliance Week
Australian Securities & Investments Commission Chairman Greg Medcraft stated last week that Australia’s white collar criminal penalties were so weak that “it’s worth breaking the law to do the trade” and that Australia was a “paradise for white-collar criminals.” After a concerned call from the country’s Finance Minister, however, Medcraft quickly “hosed down” his prior […]
Australia: ASIC beefs up fight against insider trading, but will convictions flow? – TheBull.com.au
The Australian Securities and Investments Commission is moving to “real-time” monitoring of share trading as another weapon in the ongoing fight against insider trading. But will the use of this form of surveillance technology actually lead to an increase in the number of insider trading cases which are successfully mounted? via asic beefs up fight […]
Jailed executive hits out at ASIC — Business Day
A former executive who was sent to jail for insider trading but then released on appeal with his conviction quashed has slammed the corporate regulator for the way it conducted its case against him…. [Stuart Fysh] says ASIC’s practice of ”rushing to publicise” its suspicions of individuals, and its intentions to charge individuals, before any […]
Australia: ASIC loss in Opes case renews corporate crime debate — The Australian
Former Opes Prime director Julian Smith walked away from the Victorian Supreme Court yesterday a free man, not guilty of any crime associated with the $700 million collapse of the company. The acquittal of Smith on charges he duped a bank into lending him $95 million just days before Opes Prime collapsed is a loss […]