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.”
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.
ASIC also banned an individual engaging in naked short selling. The regulator continues to monitor compliance with the short selling regime, it said.
Greenwashing has also been in the regulator’s crosshairs, while it has additionally urged financial institutions to improve how they tackle scams.
Last month, ASIC and the Australian Prudential Regulation Authority (APRA) opened a consultation on the Financial Accountability Regime (FAR), which is intended to boost risk and governance cultures across regulated firms involved in banking, insurance and superannuation.
