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Markets Disciplinary Panel



About the panel



The Markets Disciplinary Panel is the forum for disciplinary action against participant and market operators for alleged breaches of the market integrity rules. It is a peer review body, consisting of part-time members with relevant market or professional experience. The current members of the panel have, or have had, senior roles in broking firms and investment banks.

The panel has been established by ASIC to make decisions about whether to issue infringement notices or accept enforceable undertakings for alleged breaches of the market integrity rules. ASIC will decide which matters are referred to the panel.


What the panel does



For each matter, a three member sitting panel will be formed on the advice of the chairman of the panel. The person who is alleged to have breached the market integrity rules will be:
The sitting panel will decide whether it has reasonable grounds to believe that the person has breached the market integrity rules and if so, whether to issue an infringement notice or accept an enforceable undertaking.


Infringement notices



An infringement notice may require a person to do one or more of the following:
Compliance with an infringement notice is not enforceable. If a person elects to comply:
If a person does not comply with an infringement notice, ASIC may take civil (or civil penalty) proceedings for the alleged breach of the market integrity rules in the courts. The relevant conduct may also be a basis for civil proceedings or administrative action (for example, the imposition of a condition on an Australian financial services licence).

More about the infringement notice process
View the infringements notice register


Settlement of matters



The panel will also make decisions on proposed jointly agreed settlements for alleged breaches of the market integrity rules. It is open to those who are alleged to have breached those rules or who report their own possible breaches to ASIC, to seek to negotiate a settlement. Proposed settlements by way of entry into an enforceable undertaking or the issue of an infringement notice (which may include entry into such an undertaking) in negotiated terms, will be referred to a sitting panel for approval. The sitting panel will decide whether to accept the undertaking or issue the notice.


Panel members



Panel members are appointed by ASIC. The current members are as follows:


Counsel to the panel



The panel is assisted in its carrying out its functions by lawyers appointed by ASIC. These lawyers are operationally separated from the ASIC teams that are responsible for investigating possible breaches of the market integrity rules and presenting matters to sitting panels for determination.


More information


More information about the operation of the panel is set out in Regulatory Guide 216 Markets Disciplinary Panel (RG 216) and Regulatory Guide 225 Markets Disciplinary Panel practices and procedures (RG 225)

See also:
Media release about Markets Disciplinary Panel practices and procedures, 11-105MR, 25 May 2011
More about market supervision and surveillance

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