ASIC vows further action on market misconduct
ASIC vows further action on market misconduct | Insurance Business Australia
Insurance News
ASIC vows further action on market misconduct
Last half saw nearly $110 million in civil penalties
Insurance News
By
Roxanne Libatique
The Australian Securities and Investments Commission (ASIC) has warned the financial services industry that it will take “strong, targeted enforcement action” against market misconduct in the coming months.
“Promoting market integrity and addressing misconduct that places consumers and investors at risk are enduring priorities for ASIC,” said ASIC deputy chair Sarah Court. “Our commitment to insider trading and market manipulation deterrence continues, and we expect further action for related misconduct in the coming months.”
Recent enforcement actions
Civil penalties totalling more than $109.1 million civil were levelled against organisations in the six months to June 30, 2023.
In addition to fines, ASIC made significant decisions, aimed at “maintaining market integrity. These included the cancellation of Binance Australia Derivatives’ AFS license, insider trading charges, and the sentencing of an individual who committed market manipulation.
Greenwashing has also been in the regulator’s crosshairs, while it has additionally urged financial institutions to improve how they tackle scams.
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