ASIC has published Report 281 ASIC enforcement outcomes: July to December 2011 (REP 281) detailing ASIC enforcement actions for the period 1 July to 31 December 2011.

The new report outlines categories of “gatekeepers” against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors and highlights examples of conduct targeted during this period.

ASIC has emphasised four principles of conduct gatekeepers must observe: they must display honesty by respecting other people’s property and not using a position of trust for self-advantage; diligence by applying due care and skill to advice or decision making; competence by meeting any applicable conduct, licensing, registration and training obligations; and independence by managing conflicts of interest appropriately

In the area of financial services, offences related to unlicensed conduct, dishonest conduct, misleading statements, unconscionable conduct, misappropriation, theft and fraud.

In matters of corporate governance, including in the areas of directors’ duties and external administration offences included where there has been a failure to perform duties with sufficient honesty, diligence, competence or independence.

In the case of directors in particular, enforcement outcomes relate to a wide range of matters, from serious non-compliance with director’s duties to record-keeping type offences.

It is anticipated that similar reports will be published every six months.