The Australian Securities and Investments Commission (ASIC) has released its first report detailing its enforcement actions for the period 1 July to 31 December 2011.

 

The report outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors.

 

ASIC Chairman Greg Medcraft said, ‘Broadly, there are four principles of conduct gatekeepers must observe. They must display honesty by respecting other people’s property and not using a position of trust for self-advantage; diligence by applying due care and skill to advice or decision making; competence by meeting any applicable conduct, licensing, registration and training obligations; and independence by managing conflicts of interest appropriately.”

‘When gatekeepers do not demonstrate these behaviours, we act. We are committed to tracking down and punishing wrongdoers and deterring further misconduct. No one is beyond the law, and we have the resources to take on the big cases where it is in the public interest to do so,’ he said.

 

The enforcement outcomes set out in the report relate to a wide range of matters from offences attracting significant penalties to record-keeping type offences grouped under the heading compliance and deterrence. They include 355 enforcement outcomes, including 252 criminal actions, in the six-month period.

 

The report can be found here