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ARTICLE · 12 AUGUST 2016

Must try harder: ASIC's half term report card

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There has been a marked increase in criminal charges and a dramatic rise in infringement notices from ASIC recently.

AustraliaFinance and Banking
Sarah Jackson (Formerly With Corrs Chambers Westgarth)
Sarah Jackson (Formerly With Corrs Chambers Westgarth)
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Fair, orderly and transparent. These were the key words when ASIC Chairman Greg Medcraft commented on ASIC's enforcement goals amid the Oliver Curtis media blitz. Throw in the regulator's proceedings against a number of major banks around bank bill swap rates and it's clear where ASIC's focus lies with regard to enforcement right now.

This commitment to pursuing misconduct and the importance of deterrence appears loud and clear, courtesy of the ASIC Report on enforcement outcomes. There has been a marked increase in criminal charges and a dramatic rise in infringement notices.

The number of criminal charges laid has gone up by almost 129% compared with the previous six months. The rise is even greater in terms of infringement notices – a 275% jump compared to the second half of 2015. At the same time, the value of compensation or remediation paid has significantly reduced by over 90%.

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