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ASIC explains its enforcement policy.

21/02/2012

ASIC has a range of enforcement options at its disposal.  It has published its policies about investigations and enforcement in an attempt to improve the transparency of its enforcement decisions.  It provides guidance about the kind of issues ASIC will – and will not – pursue and the kinds of remedies it will seek.  

Information Sheet 151 explains why ASIC responds to different breaches of the law in different ways.  Information Sheet 152 outlines when ASIC makes public comments about investigations and enforcement actions and replaces Regulatory Guide 47.  Regulatory Guide 100 explains when ASIC will accept an enforceable undertaking and the terms that may be acceptable to ASIC.

In brief, ASIC will assess:

  • the available evidence to ensure there is a reasonable prospects of a conviction
  • cost of enforcement in comparison the the regulatory benefit; and
  • the degree of harm or loss suffered by thee community at large

According to ASIC’s Chairman, “Every year ASIC conducts scores of investigations, some of which will never reach the courts. So ASIC has to balance the need for public transparency with the need to protect individual reputations,’ 

 

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