ASIC forms market breaches panel
The Australian Securities and Investments Commission (ASIC) has established a Markets Disciplinary Panel that will deal with market breaches.
The establishment of the panel effectively signals ASIC’s readiness to take over market supervision from the Australian Securities Exchange (ASX).
Panel members have been selected from various companies in the financial services space. They include Richard Brasher of RBS Equities Australia, Ian Chambers of Morgan Stanley Australia, Leigh Conder of Commonwealth Bank, Geoffrey Louw of Bell Potter Securities, Simon Gray of Shaw Stockbroking, and Michael Manford and Russell McKimm of Patersons Securities.
The panel's chairperson is Lisa Gay, who is a member of ASIC’s Markets Supervision Advisory Panel. She will return to Goldman Sachs JB Were as policy and regulation advisory director later in the year after long service leave.
The role of the panel is to exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of the Market Integrity Rules, which take effect on 1 August, 2010.
As the panel members are employed in the industry, ASIC stated that they would not be involved in any cases where they have a conflict of interest. They will also sit on the ASX Disciplinary Tribunal.
AUTHOR
Caroline Munro
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
