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Louise Macaulay Australian Securities & Investments Commission Theme II – Session 1

The 6th Asian Roundtable on Corporate Governance - Implementation and Enforcement in Corporate Governance. Louise Macaulay Australian Securities & Investments Commission Theme II – Session 1 Stock Exchange Enforcement Seoul, Korea 2-3 November 2004

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Louise Macaulay Australian Securities & Investments Commission Theme II – Session 1

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  1. The 6th Asian Roundtable on Corporate Governance - Implementation and Enforcement in Corporate Governance Louise Macaulay Australian Securities & Investments Commission Theme II – Session 1 Stock Exchange Enforcement Seoul, Korea 2-3 November 2004 The views expressed in this paper are those of the author and do not necessarily represent the opinions of the OECD or its Member countries or the World Bank

  2. Australian Securities & Investments Commission (ASIC) What is ASIC? Independent Government body What ASIC regulates Financial markets, securities, futures, companies How ASIC is funded Australian Government funding Oversight of ASIC Courts, Parliament, administrative review

  3. Regulatory & enforcement bodies in Australia Australian Prudential Regulation Authority Australian Competition & Consumer Commission Australian Stock Exchange Limited

  4. How ASIC is organised Six Directorates 1,531 staff (Enforcement Directorate: 385 staff). Executive: 3 full-time Commissioners, including 1 Chairman Offices in each State & Territory of Australia

  5. Management of ASIC investigations • Sources of investigations • Complaints from public, employee whistleblowers, media, etc • Referrals from other regulators/enforcers • Auditors and liquidators • Other directorates within ASIC • How ASIC manages investigations • Information systems • Decision-making

  6. ASIC’s investigatory powers Compulsory production of documents Notices to produce Search warrants Compulsory inspection of financial documents Compulsory examinations of people

  7. ASIC’s remedies Criminal proceedings Prosecution decision made by Commonwealth Director of Public Prosecutions Civil proceedings “Civil penalty” proceedings Injunctions Winding up Damages and/or compensation

  8. ASIC’s remedies cont. • Administrative proceedings • Banning directions/licensees • Fines: breach of continuous disclosure • Often used in combination

  9. Recent ASIC enforcement actions HIH (listed insurance company) One.Tel (listed telecommunications company) Clifford Corporation (listed diversified group company)

  10. Key enforcement challenges for ASIC Volume of work and amount of resources available Measuring our success Should we be measured by the number of jail sentences imposed? Internationalisation Internet Cross-jurisdictional enforcement Relationships with overseas regulators and enforcers

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