Articles on ASIC

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Simplifying the disclosure required for employee share schemes will be welcomed by companies, but employees still need to read the fine print. jeff_golden/Flickr

Read the fine print on simpler employee share schemes

The implementation of employee share schemes could be expanded and the red tape surrounding them relaxed under policy reforms being considered by the Australian Securities and Investments Commission. While…
Former Gunns chairman John Gay is the most senior executive to have been convicted of insider trading in Australia. He received a fine of $50,000. David Beniuk/AAP

Insider trading gets more scrutiny, but convictions may not flow

The Australian Securities and Investments Commission is moving to “real-time” monitoring of share trading as another weapon in the ongoing fight against insider trading. But will the use of this form of…
ASIC Chairman Greg Medcraft. Dan Peled/AAP

ASIC underwhelms with call for greater powers

The Australian Securities and Investments Commission has called for more powers, including a broadening of the definition of “whistleblower”, in a paper defending its role as the corporate watchdog. ASIC’s…
While ASIC Chairman Greg Medcraft this week warned the Australian funds management industry to clean up their act, in the UK, financial regulators will soon have the power to intervene directly in the market. AAP

ASIC lacks bite as UK regulators chew down on financial spruikers

In opening the Australian Securities and Investment Commission (ASIC) forum this week, chairman Greg Medcraft pulled no punches. “Manufacturers [i.e. banks and financial institutions] - and, frankly, this…
Are the algorithms used in high frequency trading a threat to the markets themselves? ASIC says the danger is “overstated” but the FBI and the SEC have joined forces. AAP

The rise of the machines: High Frequency Trading and dark pools

In language that is more in keeping with hackers and crime syndicates, the Financial Times reported last week that the FBI was going to assist securities regulators in the US to tackle “dark pools” and…
As the ABC’s Four Corners explored, small investors are being caught in an unregulated investment market, often with devastating results. Has the corporate regulator dropped the ball - or is it juggling too many? ABC Four Corners

As casualties pile up, has our investment sector become too big to regulate properly?

Stephen Long’s story last night on the ABC’s Four Corners beautifully illustrated the human cost of financial misconduct, as retirees and widows described the pain of having lost their super funds and…
The Whitehaven Coal hoax showed changes to continuous disclosure guidelines to address the role of social media and trading halts are needed, but the guidelines are not without their problems. AAP

Continuous disclosure: social media and the two sides to trading halts

In a fragile world and with a particularly fragile share market, Australia’s corporate regulators have seen their role in policing the area of continuous disclosure multiply. Disclosure requirements are…
How will ASIC cope with the pressure it’s under to punish coal hoaxer Jonathan Moylan? State Records NSW

ASIC and the great coal hoax

Will anti-coal activist Jonathan Moylan receive justice if he is charged over his hoax? ASIC, which will formally interview Moylan next week, is under enormous pressure to “make an example” of the 24-year…
Old methods of protest are looking distinctly shabby in the face of climate change. Now activists are making it harder for miners to do business. Paul Miller/AAP

ANZ imposter takes up new climate tactic

Yesterday an anti-coal activist, Jonathan Moylan issued a media release purportedly from the ANZ Bank withdrawing a $1.2 billion loan to Whitehaven Coal, which is developing a project in Maules Creek in…
A suggestion from ASIC chief Greg Medcraft that investors should be tested on their knowledge of risky investments acknowledges standard product disclosure statements tend to be ignored. AAP

Testing investor mettle and consumer protection

It seems that ASIC’s Christmas present to investors is to get them to undertake an exam to see if they really know what is in the product disclosure statements that they agree to. Well, not exactly, but…
The growth in high-frequency trading and the changing nature of dark liquidity in equities markets have prompted ASIC to release new rules for market integrity. AAP

Making sense of ASIC’s new rules on dark liquidity and high‑frequency trading

The Minister for Financial Services and Superannuation recently announced new ASIC Market Integrity Rules to address the growth in automated trading and the changing nature of dark liquidity in equities…
After the High Court case involving ASIC and Fortescue Metals, the ASX has released a Guidance Note that provides more clarification on continuous disclosure for listed companies. AAP

ASX makes a timely revision to continuous disclosure guidelines

Investor confidence is an obvious imperative of corporate legislation. Section 674 of the Corporations Act, which requires disclosure of information concerning securities that is not generally available…
Relieved: Fortescue Metals Chairman Andrew Forrest wins his High Court appeal - but the message to ASIC is the need for greater transparency. AAP

Sharp message to ASIC as Forrest wins High Court appeal

Fortescue Metals Chairman Andrew Forrest can breathe a huge sigh of relief after winning his High Court appeal against a Federal Court finding that might have seen him banned as a company director. The…
As high frequency trading and dark pools worry Australian regulators, can a market be too fluid? AAP

Could high frequency trading lead to our own ‘flash crash’?

The dangers of massive high frequency trading are becoming increasingly clear in equity markets. Greg Medcraft, the chairman of corporate regulator ASIC, confirmed to a Federal parliamentary committee…
An extraordinary attack on ASIC chairman Greg Medcraft this week will do much to weaken confidence in the efficacy of the financial architecture, without any obvious potential upside.

Attack on ASIC chief draws corporate governance into political mire

The attack on the authority, integrity and judgement of the chairman of the Australian Securities and Investments Commission, Greg Medcraft, by the shadow minister for financial services and superannuation…
James Packer’s raid on Echo Entertainment has put Australia’s takeover laws under the spotlight. AAP

ASIC’s review of creep provisions puts corporate raiders on notice

It’s been an interesting time for Australia’s corporate watchdog. Financial manoeuvres by Gina Rinehart and James Packer, which saw them increase their holdings in Fairfax Media and Echo Entertainment…
The circumstances surrounding EB Private Equity’s takeover bid for David Jones were highly unusual. AAP

DJs takeover farce highlights issues surrounding continuous disclosure

It’s been an extraordinary week for upmarket retailer David Jones. Last Friday, the company announced that it had received a $1.65 billion takeover bid from UK firm EB Private Equity, and its shares rose…
ASIC has grabbed the international corporate regulatory spotlight - so why aren’t we celebrating? Flckr/Dan Brady

Why has ASIC’s turn on the global stage been ignored?

The election of Australia’s top corporate regulator Greg Medcraft to the chairmanship of the International Organisation of Securities Commissions has received nowhere near the prominence it deserves. Aside…
ASIC has scored a major victory with a High Court decision against James Hardie non-executive directors. AAP

The Hardie judgement: Muscling up ASIC

The Australian Securities and Investments Commission (ASIC) has secured a major victory in its ongoing battle to enforce the efficacy of the continuous disclosure regime here as well as its standing as…

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