ASIC civil proceedings increased 64% In late 2017, the ASIC Enforcement Review Taskforce (Taskforce) released its report which made a suite of recommendations relating to the corporate and financial sectors and the legislation that ASIC is responsible for enforcing. ASIC investigations and enforcement: trends to watch in 2021. many of the outstanding investigations into referrals and case studies from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The report states that of the 45 Royal Commission investigations, only 11 remained on foot as of December 31, 2020. Another 16 cases did not require any further action. ASIC chair James Shipton steps aside pending outcome of investigation into $118,000 tax advice bill By business reporter Gareth Hutchens and political reporters Georgia Hitch and Matthew Doran ASIC investigations kneecapped by COVID crisis. ASIC emphasises the higher civil penalties obtained in two recent enforcement cases, including a penalty of $75 million. New breach reporting regime. In H1 2020, $160m was paid in compensation and remediation for consumers/investors (up from $22.2m in H2 2019). It provides an interesting insight into ASIC's activities and current and future priorities. Investigations. The Federal Government has implemented the latest round of legislative changes to strengthen ASIC's powers: the Financial Sector Reform (Hayne Royal Commission Response – Stronger Regulators (2019 Measures)) Act 2020 (Stronger Regulators Act).The Stronger Regulators Act, which commenced on 18 February 2020, implements those recommendations from the ASIC … ASIC has released its bi-annual enforcement update for the period July to December 2020. Our expectation is that these changes will impact on the way ASIC conducts investigations and approaches enforcement towards licensees in 2021. 21-074MR ASIC enforcement update July to December 2020 ASIC has today released its enforcement update report for the period 1 July to 30 December 2020. ASIC commenced and completed significantly more investigations during H1 2020 than it did in the last six months of 2019. In H1 2020 $536,000 was paid in infringement penalties (up from $70,000 in H2 2019). 18 March 2021. Ms Chester described ASIC's new 'express investigation' (EI) approach to enforcement as follows. By business reporter David Chau. The corporate regulator has revealed the extent to which its investigations have been impacted by the COVID crisis, reporting an almost 40 per cent drop in notices issued to the entities it is tasked with monitoring. Freedom Foods accounting scandal worsens, as ASIC begins its investigation. A copy of the report - outlining key actions taken during the period to enforce the law and support ASIC’s enforcement objectives - can be found here .
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