ASIC identifies one case of bad financial advice in second half of 2011
One case of inappropriate financial advice was identified by the corporate regulator in the six-month period to December 2011.
According to the Australian Securities and Investments Commission's (ASIC's) latest market supervision report, some 23 matters were referred for investigation during the second half of 2011.
Insider trading was the most common event which raised red flags during this period, according to ASIC's deputy chairman Belinda Gibson.
A further four matters were identified during ASIC's participant surveillance visits, which related to one case of inappropriate financial advice, two possible breaches of market integrity rules, and misleading and deceptive conduct.
Gibson said there had been a significant reduction in time taken to commence investigations into suspicious market conduct.
"Of the 75 market matters referred for investigations…26 were made within 30 days of identifying the possible misconduct," Gibson said.
ASIC assumed responsibility for market supervision and real-time surveillance of trading from the Australian Securities Exchange on 1 August 2010, retaining its supervision of compliance with market integrity rules and the Corporations Act 2001.
AUTHOR
Milana Pokrajac
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