The Australian Securities and Investments Commission (ASIC) has outlined its position on dealing with investigation, advising those who breach rules to cooperate with the regulator.
Information Sheet 172 Cooperating with ASIC (INFO 172) explains the benefits of cooperating with investigations, and the factors that ASIC takes into account when assessing cooperation.
“Altogether this information increases the public’s understanding of how ASIC uses its enforcement powers to achieve its objective of penalising those who breach and deterring others from breaching, and what to expect if we knock on your door,’ ASIC deputy chairman Belinda Gibson said.
“A cooperative approach could also mean a quicker resolution of the action taken for the misconduct; time and cost savings for ASIC; and better outcomes for affected consumers.”
ASIC said that cooperation by a person or company will be taken into account when the regulator looks at the type of enforcement action or remedy it pursues.
It noted that in any proceedings commenced by ASIC, due credit will be given for any cooperation received from the person or company against whom the proceedings are brought.
Cooperation includes self-reporting misconduct, disclosing all information relevant to misconduct, providing voluntary assistance in the course of investigation, providing evidence that can be used in court or pleading guilty.
“When considering what remedy or combination of remedies to seek for individuals, we may take into account different factors to those relevant to companies,” ASIC said.
“We evaluate individual cooperation on the facts and circumstances of each particular case.”
