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ASIC enhances enforcement actions

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Advancing regulatory applied sciences

ASIC chair Joe Longo (pictured above) opened his assertion on the Parliamentary Joint Committee on Corporations and Financial Services by highlighting the company regulator’s latest enforcement actions and digital developments.

Joined by deputy chair Sarah Court, commissioners, and different senior ASIC officers, Longo outlined vital enforcement outcomes and future initiatives.

ASIC enforcement actions and outcomes

Longo reported substantial will increase in ASIC’s enforcement actions over the previous 12 months.

“As at thirtieth April, now we have commenced over 130 new investigations, this is a rise of round 25% on the earlier 12 months; and filed 29 new civil proceedings within the Federal Court (in opposition to 64 defendants), representing a rise of 11% in civil proceedings on the earlier 12 months,” he mentioned.

Longo mentioned that ASIC is among the nation’s most lively legislation enforcement businesses, pushed to pursue court-based outcomes in opposition to critical misconduct.

Key authorized victories and ongoing instances

Highlighting particular successes, Longo shared two instances that show ASIC’s dedication to defending customers and sustaining market integrity.

He mentioned the ultimate cease order in opposition to Coral Coast Distributors, celebrating a beneficial tribunal choice.

“On Wednesday, the Tribunal rejected Coral Coast’s utility for a keep,” Longo mentioned. “This is a optimistic and welcome end result for susceptible First Nations customers.”

He additionally talked about the responsible plea secured in proceedings in opposition to John Bigatton, promoter of the collapsed funding automobile BitConnect, who will proceed to a sentencing listening to quickly.

Digital transformation and cybersecurity initiatives

Addressing the essential want for technological enhancement, Longo detailed ASIC’s digital transformation efforts, which have been bolstered by federal funding.

“We must be a number one digitally enabled and data-informed regulator who’s forward of the sport,” he mentioned.

The implementation of a brand new risk intelligence platform and different cybersecurity measures purpose to enhance ASIC’s functionality to detect and reply to threats extra effectively.

Global recognition and future instructions

Longo concluded his assertion by reflecting on ASIC’s international standing and the popularity it has acquired for its efforts to fight scams and improve digital safety.

He highlighted the formation of an anti-scams working group within the Asia-Pacific, showcasing ASIC’s management in addressing cross-border monetary crimes.

“This is figure that has been recognised globally within the final fortnight, with ASIC to assist lead a brand new anti-scams working group of regulators in Asia-Pacific to deal with the difficulty in our area,” he mentioned.

Read Longo’s speech in full right here.

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