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14-184MR ASIC enforcement report – January to June 2014

Thursday 31 July 2014


ASIC today released its sixth six-monthly enforcement report, detailing outcomes achieved between 1 January 2014 and 30 June 2014.

ASIC achieved 256 enforcement outcomes to protect financial consumers and enhance the fairness and efficiency of the financial markets. This included criminal as well as civil and administrative (e.g. a banning or disqualification) actions, and negotiated outcomes, including enforceable undertakings.

There were 83 outcomes achieved in the market integrity, corporate governance and financial services areas, and 173 in the small business area.

Current areas of focus for ASIC include taking action against credit providers for misleading consumers and loan fraud, and working with our overseas counterparts to combat cross-border fraud.

‘The National Credit Act has been in force since 2010. Industry has had sufficient time to familiarise itself with its obligations under the legislation. Where we see loan fraud or misleading conduct ASIC will take enforcement action. The last six months has seen 24 enforcement outcomes in consumer credit,’ ASIC Commissioner Greg Tanzer said.

‘Other future and current areas of focus include the treatment of confidential information by listed companies, manipulation of financial benchmarks and improving auditor and liquidator standards, as well as the ongoing focus on advertising of financial products and the quality of financial advice.’

For the last six months some of the more notable outcomes included:

The report also includes discussion of the life cycle of some enforcement actions taken by ASIC recently to demonstrate the factors that need to be accounted for in an enforcement action.

Download Report 402 ASIC enforcement outcomes: January to June 2014 (REP 402)


Enforcement outcomes: 1 January to 30 June 2014


Below are the key statistics from REP 402, adapted from Table 1 of the report. All figures in tables are outcomes per defendant.


Area of enforcement
Criminal
Civil
Administrative remedies
Enforceable undertakings / negotiated outcomes
Public warning notice
Total
Market integrity
6
3
9
-
18
Insider trading
4
4
Market manipulation
1
1
Continuous disclosure
1
2
3
Market integrity rules
7
7
Other market misconduct
1
2
3
Corporate governance
8
1
4
4
17
Action against directors
7
1
8
Insolvency
Action against liquidators
3
1
4
Action against auditors
1
3
4
Other corporate governance misconduct
1
1
Financial services
5
2
26
15
48
Unlicensed conduct
1
1
Dishonest conduct, misleading statements, unconscionable conduct
2
9
3
14
Misappropriation, theft, fraud
3 [1]
3
Credit
2
1
10 [2]
5
18
Other financial services misconduct
1
4
7
12
Subtotal
19
6
39
19
83
Small business compliance and deterrence
143
30
173
Action against directors
138
30 [3]
168
Efficient registration and licensing
5
5
Total
162
6
69
19
256

[1] Includes one outcome currently under appeal.
[2] Includes two outcomes currently under appeal.
[3] Includes six credit-related outcomes.

Download previous enforcement reports

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