Class actions and regulatory intervention – Two sides of the same sword?

Since 1992, when class actions were enshrined in Australia's legal framework, the link between them and regulatory interventions has been ever-present, and evolving.

Having acted for parties on either side of both types of action, in this article, we explore:

• the established pattern of private enforcement following public enforcement
• some key differences and similarities between them
• what this all means for regulated entities aiming to manage these related risks.

ASIC's role in class actions

It may come as a surprise to some, that ASIC may (subject to limitations) provide to third parties copies of, or access to, documents and interview transcripts obtained during its investigations, for use in private litigation (see ASIC Information Sheet 181). Such records may also be produced by ASIC in response to a court order for non-party discovery, or a notice to produce. These valuable sources of information are commonly used by litigants or their lawyers