ASIC is warning market participants that strong, targeted enforcement action will continue in the coming months as part of its focus on protecting consumers from harm and upholding market integrity.
The warning comes after ASIC’s enforcement and regulatory update highlighted over $109.1 million in civil penalties for the half year to 30 June 2023, along with a number of significant outcomes aimed at maintaining market integrity, including the cancellation of the AFS licence used by Binance Australia Derivatives, insider trading charges and the sentencing of an individual for market manipulation.
ASIC Deputy Chair Sarah Court said, ‘Promoting market integrity and addressing misconduct that places consumers and investors at risk are enduring priorities for ASIC. Our commitment to insider trading and market manipulation deterrence continues and we expect further action for related misconduct in the coming months.’
Why you should care
- ASIC’s recent restructure means that more resources have been allocated to enforcement.
- This is a signal to review recent ASIC actions and then review and amend your Trading and Conduct policies.