Crackdown on illegal trading activities
Nick Sherry
The Federal Treasury has been asked to explore possible amendments to the Corporations Act capable of overcoming some of the issues surrounding the difficulties being experienced by Australian companies this year.
The Minister for Superannuation and Corporate Law, Nick Sherry, has received an initial assessment from the securities regulator on its examination into recent market irregularities and the appropriateness of the regulatory system.
Both the Australian Securities Exchange (ASX) and the Australian Securities and Investments Commission (ASIC) have provided Treasury with preliminary assessments, with the full report expected to be completed in the coming weeks.
“In response to these initial assessments, Treasury has been asked to explore our legislative options, including amendments to the Corporations Act that could potentially clear up some of these issues,” Sherry said.
“The Government is pleased that the regulators have also issued instructions to the market reminding participants of their obligations in relation to stock lending, short selling and false and misleading rumours.”
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