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Articles on ASIC

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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…
The audit profession has been blamed for contributing to major corporate collapses, the global financial crisis and most recently, the Greek debt crisis. AAP

Europe considers tighter audit reins, but Australian experience indicates need to be wary

The audit profession has received consistently bad press in recent years. Audit independence, or rather the lack of it, has been blamed as a contributing factor in some of the major corporate collapses…
The proposed Volcker Rule, which will ban proprietary trading by commercial banks, has raised the ire of Wall Street. Bête à Bon-Dieu

Risks or rewards? What the Volcker Rule means for Wall Street

The agenda of the Australian Securities and Investments Commission Annual Summer School in Sydney was dominated by discussions on how to reduce systemic risk. The noted increase in the regulatory perimeter…
Founder of Storm Financial, Emmanuel Cassimatis, speaks before a parliamentary inquiry. AAP

Financial advice reform: have we learned enough from Storm?

When financial planning firm Storm Financial collapsed with $3 billion in investment losses, many of its investors were left destitute. A parliamentary joint committee inquiry into the company’s demise…
Insider trading detection in Australia has evolved, but ASIC still needs a win. AAP

Hanlong insider trading case will test ASIC’s resolve

Five senior executives of the Chinese-owned investor Hanlong Mining have had assets frozen after the Australian Securities and Investments Commission (ASIC) launched an investigation into alleged insider…

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