The Treasury Laws Amendment Bill 2018 implements recommendations of the ASIC enforcement review taskforce and will allow the commission to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law.
The amendments strengthens existing penalties and introduces new one for those who have breached the corporate laws that protect Australian citizens.
The bill increases the prison penalties for serious offences to 15 years, including breaches of director’s duties and misleading disclosure or dishonest conduct.
Civil penalties for companies have increased to be capped at $525 million while civil penalties for individuals have increased to $1.05 million and can take into account profits made.
Civil penalties will also apply to a greater range of misconduct, including licensee’s failure to act efficiently, honestly and fairly as well as failure to report breaches and defective disclosure.
The amendments will impact the 2011 Corporations Act and ASIC Act as well as the National Consumer Credit Protection Act and Insurance Contracts Act.
ASIC deputy chair Daniel Crennan QC said the passing of the amendments was a significant step forward for ASIC’s enforcement regime.
“The legislation is the culmination of ASIC’s recommendations to government to increase penalties and provides the legislative reform to ensure breaches of the law are appropriately punished,” he said.
Mr Crennan said that aspects of the law lacked sufficient penalties but now that had changed.
“ASIC will now be in a stronger position to pursue harsh civil penalties and criminal sanctions against those who have breached the corporate laws of Australia,” said Mr Crennan.
Bet its not retrospective, banks etc have now sold off most of their possible liabilities.
ASIC, you already had plenty of powers to fine and pursue the Banks before these increases.
ASIC, you simply chose NOT to enforce the previous powers in any meaningful way to deter the Banks from Fraud and Dishonest conduct.
ASIC, don’t forget to ensure the Banks continue to write their own media releases when you have walloped them with the wet lettuce of your regulatory powers.
ASIC you are owned and run by the Banks for the Banks.
[i][b]ASIC[/b][/i] please send me $100K as i have now redesigned the Logo, not only is it [b]bold[/b] for strength but also [i]italics[/i] to look faster. 🙄
In future there will be no milk in the coffee and only one sugar per executive at bank meeting! That will send a strong message. OH and no biscuits!
here is a challenge for [b]ALL[/b][u][/u] Of the people who work at ASIC.
1. try and set up a business ON YOUR OWN ACCORD
2. put up your own capital and take commercial risk and prove your value to the market and earn a dime
3. and, make a profit
1000% GUARANTEED, NONE OF YOU WOULD BE ABLE TO MAKE IT WORK, 100% OF YOU WOULD LOSE YOUR CAPITAL, YOUR HOUSE, AND BE ON GEORGE STREET, BOURKE STREET with a begging bowl.
within 12 months, broke, bankrupt trying to leech of others. you scumbags, lazy, good for nothing blood sucking pieces of turds.
does any one of you turds have the guts to take up the challenge, no., not one single one of you turd heads could do it losers.
everyone hates you, bloodsucking retard, losers.
Not sure how any of this is relevant, but the personal bias really shows! Open-book material.
Parliament should NOT be giving this conflicted, biased organisation any more powers than it already has, in my opinion. They’ve already destroyed the lives of thousands of HONEST advisers with the powers they had.
It’s not interested in the truth and manufactures data to suit its own agenda in order to serve its own purpose. I can’t wait to see how this pans out….it’ll be yet another level of hypocrisy.
Says the person who has *clearly* worked at ASIC and knows how it works.
And for good measure, a big L-O-L at “honest” advisers. I’m sure the ones they busted are as honest as you right now!
PS – is this Don Nguyen behind a keyboard by any chance??
Very Funny,….as if… April fools….Yeah right…I don’t think so.
So the “credit insurance debacle” will now be prosecuted including former and current senior executives who “tempered their sense of justice” rather than reporting and rectifying a “breach of the best interests duty”. Fat chance, more important to fimnd another Terry, crush him and then play the media “look what we have done to help you” game.
Maybe now that ASIC has got it wanted (harsher penalties), it should now do what it is legislated to do – start taking entities and individuals to court for breaches of the 2001 Corporations Act and any other Acts that come within its power to prosecute. All regulators should act at arm’s length to all the entities that they regulate.
Really? And if they don’t act with Assad arms length then what?
Let’s start with a new $100k logo. That’ll fix things. Nigh night asic, back to sleep.
That sums ASIC up and for that matter most government agencies , waste the tax payer dollars on useless crap !!
Of course they are! That’s when they’re not being dined or given gifts by bank executives, as recently reported in the mainstream media!!!
Oh are you that easy to bribe? Wanna come over to mine for dinner tonight? Bring your car or a diamond ring or $100k cash, I’ll wine and dine you nicely, and include a tabloid snap for good measure 😉
“ASIC will now be in a stronger position to pursue harsh civil penalties and criminal sanctions against those who have breached the corporate laws of Australia,” said Mr Crennan.
So this is all of a sudden is going to change the culture within ASIC to one where they let the big banks get away with fraud but go after the small end of town. Pull the other one.
Should have read:
“ASIC will now be in a stronger position to pursue harsh civil penalties and criminal sanctions against those who have breached the corporate laws of Australia,” said Mr Crennan.
So this is all of a sudden is going to change the culture within ASIC to one where they prosecute the big banks and don’t just pursue the small end of town. Pull the other one.
Hey ASIC you twat, how about using terminology like ‘organisations’ or ‘institutions’ to widen the field that YOU SHOULD BE LOOKING AT, rather than specifically ‘banks’. Everyone is aware of your bias towards ISA funds and Union super board directors, not to mention backroom deals done and ‘gifts’ received in the past with those same banks you’re now supposedly getting tough on.
Better still, how about just getting on doing your job correctly in a totally unbiased, transparent, equal way across all areas of the finance industry without the political directives or media hype terminology?
Absolutely correct.. they only go for the easy targets..
Bravo!!! Well said…and exactly what we’re all thinking.