Australian Securities and Investments Commission

The Australian Securities and Investments Commission (ASIC) is Australia's corporate, markets, financial services, and consumer credit regulator. ASIC's remit includes:

Key Responsibilities

Regulation: ASIC regulates Australian corporations, financial markets, and financial services organizations. This includes entities involved in investments, superannuation, insurance, deposit-taking, and credit.
Enforcement: ASIC enforces laws to ensure market integrity and protect consumers and investors. This includes taking action against misconduct and breaches of the law.
Surveillance and Compliance: ASIC conducts surveillance and compliance activities to detect and prevent unlawful conduct.
Guidance and Education: ASIC provides guidance and education to help businesses and individuals comply with their legal obligations.

Investigations into Breaches of the Corporations Act

ASIC conducts investigations into breaches of the Corporations Act 2001, which governs corporate behaviour in Australia. These investigations can lead to various enforcement actions, including:

Criminal Prosecutions: For serious breaches, ASIC can pursue criminal charges.
Civil Penalties: ASIC can seek civil penalties for breaches of the law.
Administrative Actions: ASIC can take administrative actions, such as banning individuals from managing corporations.

Compulsory Information Gathering Powers

ASIC has the authority to use compulsory information gathering powers during investigations. This includes:

Notices to Produce Documents: Requiring individuals or entities to provide documents or information. See, for example, s 33 of the Australian Securities and Investments Commission Act 2001 (Cth).
Examinations: Compelling individuals to attend examinations and answer questions under oath. See, for example, s 19 of the Australian Securities and Investments Commission Act 2001 (Cth).
Search Warrants: Executing search warrants to seize evidence relevant to an investigation.

ASIC's approach to enforcement aims to detect, disrupt, and respond to unlawful conduct, thereby promoting trust and confidence in the financial system.

Our lawyers have specialised skills and direct experience in the use of these compulsory powers and the conduct of investigations.