The Australian Securities and Investments Commission (ASIC) has released its Market Integrity Report for the second half of 2017.
The report provides an overview of the financial industry in Australia and aims to ensure its fair operational functionality.
ASIC’s report provides specifics with regard to its role in preventing unlawful financial activity in the region. The commission is responsible for sending one person to jail during this period, while also disqualifying 4 other individuals from providing financial services, due to their wrongful conduct within ASIC’s jurisdiction.
During the second half of 2017, ASIC was also responsible for issuing 10 infringement notices, which accounted for a combined $1.403 million.
Moreover, the Australian regulator issued 4 enforceable undertakings, as well as $40.08 million in community benefit payments.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
According to the report, ASIC has placed a great deal of emphasis on technology and cyber resilience, market conduct, and effective capital markets, as its areas of focus during the time frame of the report.
Commenting on the regulatory body’s role in overseeing the Australian financial industry, Cathie Armour, the Commissioner of ASIC, said: “At ASIC, we work hard to protect the success of Australia’s financial markets – so that firms can thrive and investors can participate with confidence. We do this by setting standards and educating stakeholders, pursuing behavioural change and taking enforcement action to disrupt market misconduct.”
ASIC’s role in Creating Safe Financial Environment
ASIC has been at the forefront of assessing regulatory confinement frameworks in Australia and the surrounding region. As part of its efforts, the regulator has been open to receiving input from various sources, with the intention of obtaining information that could be beneficial to its operational capacity.
Earlier this month, ASIC sought to obtain public consultation regarding the process of dispute resolutions, illustrating its commitment to creating an efficient regulatory environment.
ASIC is one of the most highly regarded regulatory authorities in the world. The Australian watchdog has maintained its reputation by absolving issues related to unlawful activity and misconduct, as well as monitoring the industry, issuing warnings of unlicensed firms, and taking further steps to ensure a safe financial environment.