The report reveals a record number of court filings and
monetary penalties and confirms a continued focus on
COVID-19-related issues going forward.
On 16 April 2021, the Australian Securities and Investments
Commission ("ASIC") released its enforcement update
report for July to December 2020. The report demonstrates
ASIC's continued focus on litigation as its primary enforcement
tool.
The report records that, in the second half of 2020, ASIC's
civil penalty proceeding filings increased by 64% compared to 2018.
A total of $159.8 million in civil penalties was imposed by courts
across the relevant period, including the two largest-ever civil
penalty outcomes ($75 million and $57.5 million, respectively) for
financial services and market misconduct. There was a 36% increase
in criminal proceeding filings compared to 2018, with 194 criminal
charges laid and 27 individuals charged. In addition, 107
investigations were commenced, with 211 investigations remaining
