ASIC has published Report 476 ASIC enforcement outcomes: July to December 2015 (REP 476) detailing its enforcement actions for the period 1 July to 31 December 2015 and its enforcement priorities for 2016.
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The focus of ASIC’s enforcement activity over the next six months from 1 January to 30 June 2016, will be on the following types of misconduct:
- Market integrity: Conduct risk and the integrity of financial market benchmarks remain a high enforcement priority. ASIC remains committed to ensuring that disclosure obligations by entities and market abuse are addressed through enforcement action.
- Corporate governance: ASIC will continue its focus on companies with poor corporate governance; issues concerning related party transactions; inadequate company disclosure; and financial reporting and accounting fraud.
- ASIC will also continue work in ensuring that auditors and insolvency practitioners adhere to the highest standards.
- Financial services: The ASIC Wealth Management Project will continue its investigations and surveillance in pursuing a range of regulatory outcomes with the objective of lifting the standards of major financial advice providers, the quality of their financial advice, and their remediation of clients who have suffered loss as a result of their failure or action.
Other work by ASIC includes progressing court proceedings to wind up land banking schemes and their developers or promoters.
