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ASIC increases surveillance efforts

ASIC increases surveillance efforts

Tim Stewart
— 1 minute read

The corporate regulator completed 1441 surveillance projects in 2015-2016, leading to 22 criminal convictions and 13 people jailed.

ASIC tabled its annual report to parliament yesterday, revealing it had completed 1441 "high-intensity" surveillance projects in the 12 months to 30 June 2016.

As a result of its surveillance efforts, ASIC completed 175 investigations and secured 22 convictions. Thirteen people were jailed due to ASIC's criminal prosecutions in 2015-2016.

ASIC also secured $210.5 million in compensation and remediation for investors and consumers, said the report.

The regulator accepted 22 enforceable actions in 2015-2016, and issued 109 infringement notices (the dollar value of which was $2.3 million).

ASIC chairman Greg Medcraft described 2015-2016 as a period of "significant achievement" for the regulator.

"ASIC is a law enforcement agency. We devote around 70 per cent of our regulatory resources to surveillance and enforcement," Mr Medcraft said.

"Importantly, where we detect instances of the law being broken, we make best use of our resources and powers to ensure there are meaningful consequences."

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ASIC increases surveillance efforts
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